Shares of Hyperdynamics Corporation (HDY) rose Monday despite reporting Q1 results Friday that missed expectations.
For the quarter ended March 31, 2014, the independent oil and gas company reported a net loss of $8.2 million, or $0.39 per share, compared to a net loss of $2.8 million, or $0.13 per share in Q1 2013. Analysts were expecting the company to report a net loss of $0.21 per share.
According to the company’s quarterly filing, HDY did not generate any revenues in the first three months of 2013 and 2014.
HDY said, “We have no source of operating revenue and there is no assurance when we will, if ever. On March 31, 2014, we had $26.1 million in cash and $19.2 million in restricted cash, which is held in escrow in connection with our drilling contract with AGR Peak Well Management.” In addition, the company said it has liabilities totalling $25.7 million.
HDY shares rose 3.9% in early trading Monday to $2.9 per share. The stock is trading within the 52-week range of $1.13 and $7.0.
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