Hyperdynamics Corporation (AMEX:HDY) Falls After Termination of Letter of Intent

Hyperdynamics Corporation (AMEX:HDY) tumbled 21.99% or $1.26 and is currently trading at $4.47 after the company said that non-binding letter of intent signed with a "large independent oil and gas company" for exclusive negotiations on its interest in an offshore Guinea concession was terminated. Shares of the oil and gas exploration company with market capitalization of $558.57 million are trading with higher volume of 7.60 million shares compared to the daily average volume of 2.58 million shares. The stock has 52 week trading range of $0.65-$7.78. It opened at $3.95 and touched the range of $3.75-$4.70. Today, the company announced that the termination of non-binding Letter of Intent with a large independent oil and gas company. It announced the letter of intent on December 16, 2010. Ray Leonard, Hyperdynamics President and CEO said “We are pleased with the quality of the processed 3D seismic data from the recently acquired 3,635-square-kilometer survey by PGS in our offshore Guinea concession,” and then provided an update about its plan to integrate the new data into their technical interpretation within the next several weeks and to then submit it to Netherland Sewell and Associates for an independent update of the concession’s resource estimate. He added that the company is still preparing with AGR for the rig tender in connection with the scheduled commencement of drilling in the fourth quarter of 2011. The Company also announced that it will hold its Annual Meeting of Stockholders on Thursday, Feb. 17, 2011 at 9:00 a.m. Central Time.  The meeting will be held in Houston at the InterContinental Hotel, Legends VI Ballroom, located at 2222 West Loop South in the Galleria area. Hyperdynamics Corporation (Hyperdynamics), incorporated in March 1996, is an exploration-stage company. The Company, through its wholly owned subsidiary, SCS Corporation (SCS) possesses contract rights for and engage in the exploration and exploitation of oil and gas in an approximately 9,650 square mile concession off the coast of the Republic of Guinea in West Africa. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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