Hyperdynamics to Issue Invitation to Tender to Drilling Companies

HOUSTON, Feb. 9, 2011 /PRNewswire/ -- Hyperdynamics Corporation (NYSE Amex: HDY) announced today that AGR Petroleum Services, its well management company, issued an Invitation to Tender to drilling companies as part of its exploration program offshore in the Republic of Guinea.  The tender covers the drilling of two wells plus an optional third well as agreed in the work program and budget between Hyperdynamics and Dana Petroleum last year. Dana holds a 23% interest in the project with Hyperdynamics holding the remaining 77% as operator.

The invitation to tender has gone to a shortlist of drilling contractors, which were selected after they responded to an initial rig inquiry.

"This is the next major step in the preparations for our 2011 drilling campaign," said Ray Leonard, Hyperdynamics President and Chief Executive Officer. "Tendering for a moored semisubmersible rig will allow us to test identified prospects in various water depths with a single rig, which will result in greater economic and operational efficiency."  

The closing date for tenders is February 23 and a contract is expected to be awarded by early April. Hyperdynamics expects to begin drilling the first well in the fourth quarter of 2011. 

AGR Petroleum Services has been providing well management support to Hyperdynamics since November 30, 2010.

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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