Hyperdynamics Severs History with USOil
Share prices for Hyperdynamics Corporation (AMEX: HDY) skyrocketed just over 14 percent today after the company announced that its wholly owned subsidiary, SCS Corporation, has “realized a positive disposition of its lawsuit” against petroleum-marketing firm USOil Corporation. The case, which was filed on July 25, 2005, was dropped after USOil made admissions before the court regarding the old – and now defunct – 2002 Production Sharing Agreement. According to the press release, these admissions “effectively sever any and all ties Hyperdynamics once had with USOil in conjunction with the old agreement that Hyperdynamics once operated under for oil and gas…