HYD Resources Begins Drilling in Louisiana
Hyperdynamics Corporation
Hyperdynamics Corporation announced the commencement of drilling operations for its new subsidiary HYD Resources Corporation. HYD Resources was formed in April. Long time oil field expert, Mr. Sam Spears, Jr., was named President and Geophysicist; Mr. Phillip Steven Ahlberg was named Vice President. HYD immediately commenced the acquisition and refurbishment of strategic oilfield drilling equipment in order to quickly build up its oil field service and drilling capabilities.
In July, HYD put its first workover rig into operation and has since provided contract workover services for oil well owners in Louisiana. HYD's primary focus is now shifting from workover services to drilling new wells. The company further reported that a second rig has been refurbished and has commenced drilling operations this week. It is expected that a third and fourth rig should be deployed before year end.
When asked to comment, Sam Spears, President of HYD Resources, stated, "During my 30 plus years in the oil patch, our opportunities have never been greater. We already have a 60 day backlog of jobs for our workover rig and jobs are lining up for our other rigs as they come on-line." Spears went on to say, "Our timing appears to be very good. It's good to be the Driller when everybody wants to drill."
Kent Watts, Chairman and CEO of Hyperdynamics, stated, "The business strategy for HYD is to optimize a dual revenue stream. First, there's a huge demand for our contract services. Secondly, as part of our compensation for drilling contracts, we have the opportunity to receive working interest on producing wells as part of our price for drilling. Furthermore, we can obtain oil and gas leases which we can drill for our own account. Having the ability to produce current service revenues while at the same time building long-term production revenues, will make us financially stronger and yield a solid forecast for steady growth."
In July, HYD put its first workover rig into operation and has since provided contract workover services for oil well owners in Louisiana. HYD's primary focus is now shifting from workover services to drilling new wells. The company further reported that a second rig has been refurbished and has commenced drilling operations this week. It is expected that a third and fourth rig should be deployed before year end.
When asked to comment, Sam Spears, President of HYD Resources, stated, "During my 30 plus years in the oil patch, our opportunities have never been greater. We already have a 60 day backlog of jobs for our workover rig and jobs are lining up for our other rigs as they come on-line." Spears went on to say, "Our timing appears to be very good. It's good to be the Driller when everybody wants to drill."
Kent Watts, Chairman and CEO of Hyperdynamics, stated, "The business strategy for HYD is to optimize a dual revenue stream. First, there's a huge demand for our contract services. Secondly, as part of our compensation for drilling contracts, we have the opportunity to receive working interest on producing wells as part of our price for drilling. Furthermore, we can obtain oil and gas leases which we can drill for our own account. Having the ability to produce current service revenues while at the same time building long-term production revenues, will make us financially stronger and yield a solid forecast for steady growth."
RELATED COMPANIES
Most Popular Articles
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally