HyperDynamics Corp. (OTCQX: HDYN) is engaged as an offshore oil & gas exploration and development company. The company primarily operates off the coast of Guinea. Shares of the offshore oil & gas company are gaining 10.43%, through afternoon trading on Tuesday, June 13, 2017. Over the past month, HyperDynamics Corp. has seen average daily volume of 31,983 shares. However, volume of 21,576 shares or dollar volume of $38,599, has already exchanged hands on Tuesday.
Shares of HyperDynamics Corp. are rallying today, after the company filed an 8-K detailing of a management shake up. According to the filing, the company’s former CFO, Sergey Alekseev, will now serve as President of the SCS Corporation, Ltd. subsidiary. Jason D. Davis has been appointed as interim CFO. Here is the full press release detailing of the management shake up:
HyperDynamics Corp. 8-K Filing:
|Item 5.02||Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.|
On June 6, 2017, the Board of Directors of Hyperdynamics Corporation, a Delaware corporation (the “Company,” “we,” “us” or “our”) appointed Jason D. Davis as the Company’s Interim Chief Financial Officer, replacing Sergey Alekseev, who will transition to the position of President of the Company’s subsidiary SCS Corporation Ltd., which holds the rights under the Company’s Hydrocarbon Production Sharing Contract to explore for hydrocarbons offshore the Republic of Guinea.
Jason D. Davis, 45, is rejoining the Company as Interim Chief Financial Officer and Corporate Secretary. Mr. Davis first joined the Company in June 2009 as the Chief Financial Officer and subsequently held the position of Vice President of Finance and Treasurer from August 2010 to December 2014. Mr. Davis is a licensed certified public accountant and has served in various financial positions for several companies, including as the Chief Financial Officer of CASA Exploration from May 2015 to May 2017, Assistant Controller at Isolagen, Inc. from March 2004 to August 2005, the Manager of SEC Reporting at Texas Genco, LLC from August 2005 to June 2006, and the Controller at Particle Drilling Technologies, Inc. from June 2006 to June 2009. Mr. Davis also served as the interim Chief Financial Officer for Particle Drilling Technologies, Inc. from January 2009 to June 2009. Mr. Davis began his career with Deloitte & Touche LLP after obtaining his BBA in Accountancy and Taxation from the University of Houston in 1997 until 2003.
Mr. Davis will receive a $275,000 base salary, subject to an annual review, and will be eligible to participate in our annual discretionary cash bonus program with a bonus target of 50% of base salary with a maximum of 100% of base salary. In addition, he will be granted stock options under our 2010 Equity Incentive Plan to purchase 40,000 shares of our common stock, with an exercise price $1.64 per share, vesting as to 20,000 shares on December 31, 2017, and as to the remaining 20,000 shares on June 6, 2018. Mr. Davis will also be eligible to participate in the Company’s other employee benefits arrangements.
Here is the link to the full 8-K filing: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12125124