NEWSHyperion Exploration Corp. Announces Filing of Business Acquisition Report in Respect of Previously Completed Garrington Acquisition
CALGARY, ALBERTA, Apr 4, 2011 (Marketwire via COMTEX News Network) --
Hyperion Exploration Corp. ("Hyperion" or the "Company") (TSX VENTURE:HYX) announces that, in connection with the previously completed acquisition of certain assets located in the Garrington region of west central Alberta (the "Assets") for total consideration of $22.0 million with an effective date of January 1, 2011, and in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), GLJ Petroleum Consultants Ltd. ("GLJ") prepared a report dated March 21, 2011, and effective December 31, 2010, evaluating the crude oil, natural gas liquids and natural gas reserves attributable to the Assets (the "GLJ Report"). For a detailed description of the estimated reserves, related future net revenue, estimated oil and gas production volumes and other oil and gas information in respect of the Assets please see the Business Acquisition Report of Hyperion dated April 4, 2011, filed under Hyperion's sedar profile at www.sedar.com. Based on the GLJ Report, the Total Proven plus Probable reserves associated with the Assets are 1,014 MBOE. Total Proven reserves of 708 MBOE are fully developed and are currently on production and none of the reserves have common working interest with assets currently owned by Hyperion. Based on the acquisition price of $22.0 million, Hyperion acquired Total Proved plus Probable reserves at a cost of approximately $22/BOE including undeveloped land.
Hyperion is a publically traded, high growth junior oil and gas company resulting from the recapitalization of Triple 8 Energy Ltd. in July 2010. Hyperion's business strategy is to grow through acquisitions which lead to lower risk, scalable and repeatable development drilling projects. Currently Hyperion has identified 81 net drilling locations (71 oil, 10 natural gas), including 43 Cardium horizontal light oil prospects. The common shares of the Company trade on the TSX Venture Exchange under the trading symbol "HYX".
Forward Looking and Cautionary Statements
Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil is based on an energy conversion method primarily applicable at the burner tip and is not intended to represent a value equivalency at the wellhead. All boe conversions in this press release are derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil. Certain financial amounts are presented on a per boe basis, such measurements may not be consistent with those used by other companies.
SOURCE: Hyperion Exploration Corp.
Hyperion Exploration Corp. Trevor Spagrud President and CEO (403) 930-0701 tspagrud@hyperionexploration.com Hyperion Exploration Corp. Doug Bailey CFO (403) 930-0703 dbailey@hyperionexploration.com Hyperion Exploration Corp. Suite 2010, Calgary Place II 355 - 4th Avenue SW Calgary, Alberta T2P 0J1
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