Hardy's PY-3 Back Online; to Hit Full Potential in First Quarter

Hardy Oil and Gas has recommenced production from the PY-3 field of the CY-OS 90/1 block in the Cauvery Basin, after completion of the repair job on the loading hose. Well PD-3S was opened for production at 13:05 hours (India time) on January 24, 2010 on a 8/64 inch choke and began flowing at a stable rate of 3,336 bbls/d on a 42/64 inch choke at 09:30 hours (India time) on January 25, 2010.

Hardy holds an 18% participating interest in the PY-3 field through its wholly owned subsidiary Hardy Exploration & Production (India) Inc., and is the operator of the block. The field was shut-in on July 5, 2009 pending repairs to the loading hose and the contract extension for the production facility, which has now been extended for one year up to January 24, 2011.

Yogeshwar Sharma, Chief Operating Officer of Hardy said, "We are pleased to resume production from the PY-3 field. We now plan to embark on the full field development of the PY-3 field to enhance production and realize the field's full potential, subject to partner approval, by the first quarter of 2011."


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