Hyperdynamics Resolves Certain Listing Deficiencies and Receives Extension to Regain Compliance With Remaining NYSE Amex Continu
13 October 2009 - 9:00PM
PR Newswire (US)
SUGAR LAND, Texas, Oct. 13 /PRNewswire-FirstCall/ -- Hyperdynamics
Corporation (NYSE Amex: HDY) today announced the receipt of a
letter from the NYSE Amex staff stating that the Company has
resolved the continued listing deficiencies with respect to
Sections 1003(a)(ii) and 1003(a)(iii) of the NYSE Amex LLC's
Company Guide, and it has received an extension to satisfy the
listing deficiency with respect to Section 1003(a)(iv) of the NYSE
Amex LLC's Company Guide. As previously announced, Hyperdynamics
received notice from the NYSE Amex staff on March 17, 2009
indicating that the Company was not in compliance with NYSE Amex
LLC Company Guide continued listing requirements as set forth in
Section 1003(a)(ii), which is related to stockholders' equity of
less than $4,000,000 and losses from continued operations and net
losses in three of the Company's four most recent fiscal years;
Section 1003(a)(iii), which is related to stockholders' equity of
less than $6,000,000 and losses from continued operations and net
losses in the Company's five most recent years; and Section
1003(a)(iv), which is related to losses that are so substantial in
relation to the Company's overall operations or existing financial
resources or financial condition are impaired that it appears
questionable, in the opinion of the NYSE Amex LLC, as to whether
the Company will be able to continue operations and/or meet its
obligations as they mature. The Company's Plan Period will remain
open until it has been able to demonstrate compliance with the
continued listing standards for two consecutive quarters concerning
Sections 1003(a)(ii) and 1003(a)(iii). If the Company does not
demonstrate compliance for two consecutive quarters and/or by the
end of the Plan Period, September 17, 2010, the Exchange staff may
initiate delisting procedures. The letter received on October 9,
2009 grants the Company an extension until March 17, 2010 to regain
compliance with standards in Section 1003(a)(iv). The exchange
stated that, "Based on publicly available information, as well as
conversations with the Company's representatives, the Exchange has
determined that, in accordance with Section 1009 of the Company
Guide, the Company made a reasonable demonstration of its ability
to regain compliance with Section 1003(a)(iv) of the Company Guide
by the end of the revised plan period." The Company received an
audit opinion for the fiscal year ended June 30, 2009 which
included an explanatory paragraph referencing Note 2 to the
consolidated financial statements of the Company's fiscal 2009
annual report which discusses substantial doubt about the Company's
ability to continue as a going concern. The Company does not have
revenue and, in addition, the world economic crisis, the depressed
price for oil and the depressed price of its stock have weakened
its ability to continue to raise new capital. Management's
immediate plans, as disclosed in its Annual Report on Form 10-K
filed with the U.S. Securities and Exchange Commission on September
30, 2009, are to focus primarily on obtaining well capitalized
joint venture partners to help it monetize a portion of its Guinea
concession. Management is currently also evaluating how to raise
additional capital to further its business operations. About
Hyperdynamics Hyperdynamics is committed to providing energy for
the future by exploring internationally for new sources of oil and
gas. It holds the largest exploration and production license in
West Africa in the Republic of Guinea. To find out more, visit the
corporate website at http://www.hyperdynamics.com/. Forward Looking
Statements This news release and the Company's website referenced
in this news release contain forward looking statements as defined
by the U.S. Securities and Exchange Commission regarding
Hyperdynamics Corporation's future plans and expected performance
that are based on assumptions the Company believes to be
reasonable. 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. HDY-IR Contacts: Dennard Rupp Gray & Easterly, LLC
Ken Dennard, Managing Partner Jack Lascar, Partner (713) 529-6600
Anne Pearson, Sr. Vice President (210) 408-6321 DATASOURCE:
Hyperdynamics Corporation CONTACT: Ken Dennard, Managing Partner,
or Jack Lascar, Partner, +1-713-529-6600, or Anne Pearson, Sr. Vice
President, +1-210-408-6321, all of Dennard Rupp Gray &
Easterly, LLC, for Hyperdynamics Corporation Web Site:
http://www.hyperdynamics.com/
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