Hyperdynamics Corporation today announced that it has been informed by one of its affiliate shareholders that its holdings of Hyperdynamics' securities have been separated into five separate trusts. DJX Ltd was set up together with a trust benefiting the grandchildren of Ernest M. Watts, the father of Hyperdynamics' Chief Executive Officer, Kent Watts.
The trust assets, which consist of 2,725 shares of Hyperdynamics Series B preferred stock, are being split into five separate domestic entities to each house a portion of the securities formerly held by affiliate DJX Ltd based on the percentage that each beneficiary was granted in trust in 2001. The beneficiaries and their percentages have not changed.
The appropriate forms 3, 4, 13D and 13G are being filed with the U.S. Securities and Exchange Commission over the next 10 days.
About Hyperdynamics
Hyperdynamics Corporation provides energy for the future by exploring and producing sources of energy worldwide. The company's internationally active oil and gas subsidiary, SCS Corporation, owns rights to explore and exploit significant acreage offshore the Republic of Guinea, West Africa. HYD Resources Corporation focuses on domestic production in proven areas. To find out more about Hyperdynamics Corporation, visit our Website at http://www.hypd.com .
Forward Looking Statements
Statements in this news release are "forward looking" as defined by the U.S. Securities and Exchange Commission and are based on expectations, beliefs or projections that are subject to numerous risks and uncertainties. Investors are cautioned that these statements are not guarantees of future performance, and actual results could differ materially. Please refer to "Risk Factors" in the company's Form 10-K filed with the SEC.
Contacts: DRG&E
Ken Dennard, Managing Partner
(713) 529-6600
Anne Vincent, Senior Vice President
(210) 408-6321
Roher Public Relations
Phillip Bergman, Vice President
(914) 238-2200, ext 302
Source: Hyperdynamics Corporation
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