Hyperdynamics Receives Going Concern Qualification From Auditors

Provides Update on Warrant Exercises

Oct 26, 2010, 16:05 ET from Hyperdynamics Corporation

HOUSTON, Oct. 26 /PRNewswire/ -- Hyperdynamics Corporation (NYSE Amex: HDY) announced that its audited financial statements for the fiscal year ended June 30, 2010 included in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 28, 2010, contained a going concern qualification from its independent registered public accounting firm, GBH CPAS, PC.  

This announcement is required by NYSE Amex Company Guide Section 610(b), which requires separate disclosure of receipt of an audit opinion containing a going concern qualification.  This announcement does not represent any change or amendment to the Company's financial statements or to its Annual Report on Form 10-K for the fiscal year ended June 30, 2010.

Warrant Exercises

Certain warrant holders from the December 2009 and April 2010 registered direct offerings have exercised their warrants during the current fiscal year.  From July 1, 2010 to the date of this announcement, 5,048,076 warrants have been exercised into common shares for net proceeds of $4,962,783.  This represents approximately 72% of the total warrants issued in conjunction with those two capital raises.

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

Contacts:

DRG&L

Ken Dennard, Managing Partner

Jack Lascar, Partner

(713) 529-6600

Anne Pearson, Senior Vice President

(210) 408-6321

SOURCE Hyperdynamics Corporation



RELATED LINKS

http://www.hyperdynamics.com