Hyperdynamics Corporation Decides to Make Additional Reductions in Workforce; Jason Davis to End His Employment with Hyperdynamics Corporation as Vice President of Finance and Treasurer on November 26, 2014
In an effort to continue to reduce its cost structure, the Board of Directors of the company decided to make additional reductions in workforce. This reduction will begin in mid-November 2014 and continue through December 31, 2014 and is expected to reduce their current staff from 17 employees to 11 employees. The employees will be paid a severance in accordance with stated policy that should cost approximately $0.7 million. This reduction is expected to reduce fiscal year 2015 costs by approximately $0.8 million.