Hyperdynamics Corp., an operator of an independent oil and gas exploration company with prospects in offshore Republic of Guinea, northwest Africa, has announced that it will be transferring the listing of its common stock to the New York Stock Exchange (NYSE) from the NYSE Amex. The Company expects to commence trading on the NYSE on or about Monday, July 11, with its current ticker symbol “HDY.”
“Our move to the New York Stock Exchange is an important next step in our progress as a company and in our drive to build shareholder value for the long term,” said Ray Leonard, Hyperdynamics President and Chief Executive Officer. “We expect this transition to benefit our growing slate of both institutional and retail shareholders through increased liquidity and visibility, not only in North America, but also Europe and across the globe.”
“The NYSE is one of the world’s premier exchanges and home to many other oil and gas exploration and production companies. We are very proud to be joining those companies in trading on the world’s largest stock market. We enjoyed the service and support while listed on the NYSE Amex platform,” Leonard added.
“We are pleased to welcome Hyperdynamics to the New York Stock Exchange,” said Scott Cutler, Executive Vice President of NYSE Euronext. “This move within the NYSE Euronext family is an important milestone, and we congratulate this emerging independent E&P company on its accomplishment. HDY should expect to benefit from the exceptional global visibility and superior market quality and services that a listing on an NYSE Euronext market provides.”
Hyperdynamics has notified the NYSE Amex that it will be voluntarily delisting its common stock from that exchange. The last day of trading on the NYSE Amex is expected to be on July 8, 2011.
The Company also appointed Paul C. Reinbolt as its new Chief Financial Officer and Executive Vice President, who will be joining the company effective August 8.
Reinbolt is retiring from Marathon Oil Corporation after more than 30 years with the company, as he most recently served as Vice President-Finance and Treasurer. In this position, he was responsible for completing the financing and financial restructuring for Marathon’s spin-ff of its downstream operation from the production and exploration businesses on June 30.
“We are delighted that Paul has agreed to join the Hyperdynamics team,” said Ray Leonard, Hyperdynamics President and Chief Executive Officer. “As we continue to grow as a company, his extensive experience in the E&P business across a broad range of financial disciplines – including corporate and project finance, M&A, accounting, budgeting, forecasting and tax – will be invaluable.
“Following Marathon’s separation from U.S. Steel Corporation at the end of 2001, Paul successfully recruited and trained a finance organization to support Marathon’s global oil and gas operations. We will look to him to build the financial capabilities that Hyperdynamics will need for its future growth,” Leonard added.
Hyperdynamic’s Vice President-Finance Jason Davis and Controller David Wesson will be reporting to Reinbolt.
For more information on the Company, visit their website: www.hyperdynamics.com