Hyperdynamics Issues Tender for Deep Water 3-D Seismic Survey

HOUSTON, July 15, 2011 /PRNewswire/ -- Hyperdynamics Corporation (NYSE: HDY) announced today it has issued an Invitation to Tender for a 3-D seismic survey covering approximately 4,000 square kilometers on its exploration block offshore Republic of Guinea.  

Acquisition of the new 3-D survey was approved by the Guinea project's Petroleum Operations Management Committee during its recent semi-annual meeting in Conakry, Guinea.  The Committee also approved a revised budget of $95 million for 2011.  The revised budget includes the previously approved drilling of two exploration wells planned for the fourth quarter, as well as the new seismic survey.

The new deep water survey will be adjacent to Survey A, where Hyperdynamics acquired its initial 3,635-square-kilometer 3-D seismic survey in 2010.  The deep water survey will allow the Company to study Upper Cretaceous submarine fan structures along the Transform Margin trend of Guinea in Northwest Africa.    

The Company plans to award the contract in August and expects to begin the survey before the end of the year.  

"This deep water 3-D survey is the next logical step in the exploration of our large offshore block in the Republic of Guinea," said Ray Leonard, Hyperdynamics President and Chief Executive Officer.  "We have identified possible fans in our 2-D seismic data, and the 3-D survey will allow us to image these features in much more detail as potential drilling prospects."

This week's meeting of the Petroleum Operations Management Committee, which oversees the annual work program, was chaired by Mohammed Lamine Fofana, Minister of Mines, and was attended by Ray Leonard of Hyperdynamics, which holds a 77 percent interest and is the operator,  and by Jason White, Guinea Asset manager for Dana Petroleum, a subsidiary of KNOC, which holds the remaining  23 percent interest in the Guinea project.

"We continue to have an excellent working relationship with the Ministry of Mines and Geology," Leonard said.  "All parties are pleased with the progress of the project and are anticipating the drilling of the Sabu-1 and Baraka-1 exploration wells in the shallower water portion of the block in the fourth quarter of this year."

About Hyperdynamics

Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa.  To find out more, visit our website at www.hyperdynamics.com.

Forward Looking Statements

This news release and the Company's website referenced in this news release contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation's future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may result", "will result", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2010. The Company undertakes no obligation to publicly update these forward looking statements to reflect events or circumstances that occur after the issuance of this news release or to reflect any change in the Company's expectations with respect to these forward looking statements.

HDY-IR

SOURCE Hyperdynamics Corporation

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