HOUSTON, April 25, 2014 /PRNewswire/ -- Hyperdynamics
Corporation (NYSE: HDY) today announced that the New York Stock
Exchange ("NYSE"), notified the Company on April 24, 2014, that the Company had fallen below
the NYSE's continued listing standards because the Company's
average global market capitalization has been less than
$50 million over a consecutive 30
trading-day period and its stockholders' equity is less than
$50 million.
In accordance with NYSE procedures, the Company has notified the
NYSE that it will submit a business plan within 45 days from
receipt of the NYSE notice that demonstrates the Company's ability
to regain compliance within 18 months. Upon receipt of the
plan, the NYSE has 45 days to review and determine whether the
Company has made a reasonable demonstration of an ability to come
into conformity with the relevant standards within the 18-month
period. The NYSE will either accept the plan, at which time
the Company will be subject to ongoing monitoring for compliance
with this plan, or the NYSE will not accept the plan and the
Company will be subject to suspension and delisting
proceedings. If the NYSE accepts the plan, the Company's
shares would continue to be listed and traded on the NYSE during
the 18-month cure period, subject to compliance with other NYSE
continued listing standards, including common stock price
criteria.
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
|
SOURCE Hyperdynamics