Hyperdynamics Settles Litigation with AGR - Hawaii News Now - KGMB and KHNL

Hyperdynamics Settles Litigation with AGR

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SOURCE Hyperdynamics

HOUSTON, May 16, 2014 /PRNewswire/ -- Hyperdynamics Corporation (NYSE: HDY) today announced the settlement of litigation in London involving AGR Well Management Ltd ("AGR").  AGR provided project management services for Hyperdynamics' subsidiary, SCS Corporation Ltd. ("SCS"), in connection with the drilling of the Sabu #1 well offshore Guinea in 2011-2012.  SCS will receive U.S. $17.7 million from the escrow account previously established by the parties.  The claims by SCS and the counterclaims of AGR will be released, and the litigation will be terminated.  The net proceeds to SCS will be approximately $15.6 million, after reconciliation of the joint interest account with Dana Petroleum, the other working interest holder during the drilling.

Ray Leonard, CEO and President of Hyperdynamics, commented, "We are pleased to settle this litigation and to have this matter resolved and behind us."

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 regarding Hyperdynamics Corporation's future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements that include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," 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. 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.

Contacts:

Dennard Lascar Associates


Jack Lascar, Managing Partner


(713) 529-6600


Anne Pearson, Sr. Vice President


(210) 408-6321

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