Bloomberg News

Hyperdynamics Rebounds From Intraday Drop of 26%: Houston Mover

January 23, 2012

Jan. 23 (Bloomberg) -- Hyperdynamics Corp., an oil and natural gas producer based in Houston, rebounded from an intraday decline of 26 percent to close little changed. The shares fell after the company said it suspended drilling at a well off the coast of Guinea.

Hyperdynamics rose 1 cent to $3.41 at 4:15 p.m. on the New York Stock Exchange after touching $2.52. The shares have declined 38 percent in the past year.

The company said the suspension for equipment repair would probably last a week. The well was drilled to a depth of 2,304 meters (7,559 feet), the company said.

Hyperdynamics is expected to release second-quarter earnings on Feb. 14.

--Editors: Charlotte Porter, Margot Habiby

To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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