UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

[X]      Quarterly  report  pursuant  to Section  13 or 15(d) of the  Securities
         Exchange Act of 1934.  For the quarterly  period  ended:  September 30,
         1997

                                                    or

[ ]      Transition report pursuant to Section 13 or 15(d) of the Securities 
         Exchange Act of 1934.  For the transition period from _____ to _______

                        Commission file number: 000-25496


                            HYPERDYNAMICS CORPORATION
             (Exact name of registrant as specified in its charter)


          Delaware                                            82-0400335
 (State or other jurisdiction of                            (IRS Employer
 incorporation or organization)                          Identification No.)

                         2656 South Loop West, Suite 103
                              Houston, Texas 77054
          (Address of principal executive offices, including zip code)

                             RAM-Z ENTERPRISES, INC.
                           (Registrant's former name)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.
Yes X    No  ___

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         As of October 31, 1997,  5,596,989  shares of common stock,  $0.001 par
value, were outstanding.

         Transitional Small Business Disclosure Format(check one):Yes[ ] No [X]





<PAGE>



                            HYPERDYNAMICS CORPORATION

CONTENTS
<TABLE>
<CAPTION>

PART I.           FINANCIAL INFORMATION                                                   Page
<S>                                                                                       <C>    

         Item 1. Financial Statements

                  Balance Sheet at September 30, 1997(unaudited)                            3

                  Consolidated Income Statements for the three
                           months ended September 30, 1997 and 1996
                           (both unaudited)                                                 4

                  Consolidated Statements of Stockholders' Equity
                           for the three months ended September 30,
                           1997 and 1996 (both unaudited)                                   5
  
                  Consolidated Statements of Cash Flows for the three
                           months ended September 30, 1997 and 1996
                           (both unaudited)                                                 6

                  Notes to Consolidated Financial Statements                                8

         Item 2. Management's Discussion and Analysis of Financial
                           Condition and Results of Operations                              8

PART II.          OTHER INFORMATION

         Item 6. Exhibits and Reports on Form 8-K                                          10

SIGNATURE                                                                                  10
</TABLE>



















                                       2

<PAGE>





PART 1.           FINANCIAL INFORMATION

Item 1.           Financial Statements

                       HYPERDYNAMICS CORPORATION (Formerly
                            RAM-Z Enterprises, Inc.)
                                  Balance Sheet
                               September 30, 1997

                                     ASSETS
<TABLE>
<S>                                                                                    <C>    
CURRENT ASSETS
   Cash                                                                          $      21,105
   Certificate of deposit (restricted)                                                  70,000
   Accounts Receivable                                                                  63,086
   Due from officers                                                                     8,058
   Revenue interest current portion                                                     35,970
   Other                                                                                15,736
                                                                                  ------------
                  TOTAL CURRENT ASSETS                                                 213,955

PROPERTY AND EQUIPMENT                                                                  45,744
REVENUE INTEREST                                                                       136,185
OTHER ASSETS                                                                             3,348
                                                                                   ------------
                                                                                  $    399,232

                  LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
   Convertible notes payable                                                      $    200,000
   Convertible notes payable to stockholders                                            37,500
   Bank credit line                                                                     70,000
   Accounts payable                                                                    124,044
   Accrued expenses                                                                     37,699
                                                                                 --------------
                  TOTAL CURRENT LIABILITIES                                            469,243

STOCKHOLDERS' EQUITY
   Common stock, par value $0.001; 50,000,000 shares
      authorized; 5,596,989 shares issued and outstanding                                5,597
   Additional paid-in capital                                                          696,111
   Retained (deficit)                                                                ( 771,719)
                                                                                 -------------

                  TOTAL STOCKHOLDERS' EQUITY                                         ( 70,011)
                                                                                 --------------
                                                                                 $    399,232
</TABLE>

                       See notes to financial statements.



                                       3
<PAGE>





                       HYPERDYNAMICS CORPORATION (Formerly
                            RAM-Z Enterprises, Inc.)
                         Consolidated Income Statements
                   3 Months Ended September 30, 1997 and 1996


<TABLE>
<CAPTION>


                                                                                         1997          1996
<S>                                                                                       <C>          <C>    
                                                                                    -------------  --------

REVENUES                                                                            $  156,003    $  430,878
COST OF REVENUES                                                                       147,738       373,963
                                                                                    -----------   ----------

                  GROSS MARGIN                                                           8,265        56,915
                                                                                    -----------   ----------

OPERATING EXPENSES
   Selling                                                                                 603         8,192
   General and administrative                                                          130,997       116,518
   Interest                                                                              1,340           999
   Depreciation                                                                          4,177         9,350
                                                                                     -----------   -----------
      Total operating expenses                                                         137,117       135,059
                                                                                     -----------   ---------

                  OPERATING LOSS                                                     ( 128,852)     ( 78,144)

OTHER INCOME (EXPENSE)
   Miscellaneous other income                                                                            550
   Loss from discontinued operations                                                                (  2,369)
                                                                                     -----------   -----------

                  NET LOSS BEFORE INCOME TAXES                                       ( 128,852)     ( 79,963)

INCOME TAX (BENEFIT)                                                                                ( 19,991)
                                                                                     -----------   -----------

                  NET LOSS                                                          $( 128,852)    $(  59,972)
                                                                                     ==========    ===========

NET LOSS PER COMMON SHARE                                                               $(0.02)        $(0.01)
                                                                                         ======         ======

Weighted average shares outstanding                                                  5,596,989      6,284,667

</TABLE>


                                    See notes to financial statements.






                                       4
<PAGE>





                            HYPERDYNAMICS CORPORATION
                       (Formerly RAM-Z Enterprises, Inc.)
                 Consolidated Statements of Stockholders' Equity
                   3 Months Ended September 30, 1997 and 1996

<TABLE>
<CAPTION>

                                                                  - -Common Stock - -Paid-in       Retained
                                                        Shares        Amount       Capital         (Deficit)        Totals
<S>                                                        <C>         <C>           <C>            <C>             <C>    
AS RESTATED
   Balances, June 30, 1996                               804,000    $    804       $ 107,242    $(    9,058)      $ 98,988

Issuance of stock for merger with:
   Houston Creative Connections, Inc.                  2,102,000       2,102      (    2,102)       216,487        216,487
   RAM-Z Enterprises, Inc.                               480,175         480     (       480)

Common stock issued for cash                              59,000          59          37,941                        38,000

Common stock issued for services                       3,130,000       3,130          26,770                        29,900

Net (loss)                                                                                        (  59,972)     (  59,972)
                                                ---------------- ------------ ----------------   ----------     ----------

Balances, September 30, 1996                           6,575,175     $ 6,575       $ 169,371      $ 147,457       $323,403
                                                       =========     =======       =========      =========       ========





Balances, June 30, 1997                                5,596,989     $ 5,597       $ 696,111      $(642,867)     $  58,841

Net (loss)                                                                                         (128,852)      (128,852)
                                                ---------------- ------------ ----------------    ---------      ---------

Balances, September 30, 1997                           5,596,989     $ 5,597       $ 696,111      $(771,719)     $( 70,011)
                                                       =========     =======       =========      =========      =========

</TABLE>






                                            See notes to financial statements.






                                       5
<PAGE>





<TABLE>
<CAPTION>

                                                                                    1997              1996
                                                                              ---------------    ---------
<S>                                                                                   <C>            <C>   
CASH FLOWS FROM OPERATING ACTIVITIES
     Net (loss)                                                                 $  ( 128,852)      $ (   59,972)
     Adjustments to reconcile net income to cash
        provided from operating activities
         Depreciation and amortization                                                 4,177             26,911
         Common stock issued for services                                                                29,900
         Changes in:
              Accounts receivable                                                  (  23,314)        (   86,211)
              Due from officers                                                    (   3,192)
              Other assets                                                            27,242         (      8,060)
              Accounts payable                                                   (    67,618)        (   74,743)
              Accrued expenses                                                         6,737             34,572
              Deferred revenue                                                                           76,373
              Deferred income taxes                                                                  (   19,991)
                                                                          ------------------       ------------
NET CASH USED FOR OPERATING ACTIVITIES                                            (  184,820)        (   81,221)
                                                                                 -----------       ------------

CASH FLOWS FROM INVESTING ACTIVITIES
     Organizational costs incurred                                                                   (   58,251)
     Increase in other assets                                                                        (    1,599)
     Collection of revenue interest                                                    4,845
     Purchase of vehicles                                                                            (   84,173)
     Purchase of equipment                                                       (    28,988)        (    5,736)
                                                                                ------------      -------------
NET CASH USED FOR INVESTING ACTIVITIES                                           (    24,143)        (  149,759)
                                                                                ------------        -----------

CASH FLOWS FROM FINANCING ACTIVITIES
     Sale of common stock                                                                                38,000
     Net increase under line of credit                                                                    4,000
     Net increase of short-term notes payable                                                            30,000
     Net increase of short-term notes payable to related party                                           40,484
     Net increase in long-term debt                                                                      84,173
     Increase in short-term convertible notes                                        200,000
     Reduction in notes payable                                                                      (   44,264)
                                                                                ------------       ------------
NET CASH PROVIDED FROM FINANCING ACTIVITIES                                          200,000            152,393
                                                                                ------------       ------------

                  NET DECREASE IN CASH                                           (     8,963)       (    78,587)
</TABLE>

                       See notes to financial statements.



                                       6
<PAGE>





                       HYPERDYNAMICS CORPORATION (Formerly
                            RAM-Z Enterprises, Inc.)
                      Consolidated Statement of Cash Flows
                   3 Months Ended September 30, 1997 and 1996
<TABLE>
<CAPTION>


                                                                                    1997              1996
                                                                              ---------------    ---------
<S>                                                                                  <C>              <C>   
                  NET DECREASE IN CASH
                      (from previous page)                                      $(     8,963)      $(    78,587)

                  CASH AT BEGINNING OF PERIOD                                         30,068            153,462
                                                                               -------------       ------------

                  CASH AT END OF PERIOD                                         $     21,105        $    74,875
                                                                                ============       ============

SUPPLEMENTAL INFORMATION
     Interest paid                                                              $        496        $     7,521

</TABLE>

                       See notes to financial statements.



























                                       7
<PAGE>







                            HYPERDYNAMICS CORPORATION
                          NOTES TO FINANCIAL STATEMENTS


1.       The unaudited  condensed  consolidated  financial  statements have been
         prepared in accordance with generally  accepted  accounting  principles
         for interim financial  information.  The financial statements contained
         herein  should  be read  in  conjunction  with  the  audited  financial
         statements of the Company. Accordingly, footnote disclosure which would
         substantially  duplicate the  disclosure in those  statements  has been
         omitted.

2.       The Company  received  $220,000  from  Emerald Bay  Interests,  Ltd. as
         convertible debt. Interest accrues daily at a 10% annual interest rate.
         The debt matured  August 31, 1997 and may be converted  into  7,333,334
         shares of common stock at $0.03 per share at any time.  Emerald Bay has
         contributed  $20,000  of this to offset  certain  acquisition  activity
         costs  of the  Company.  Management  is  currently  in the  process  of
         negotiating new terms for the remaining balance owing of $200,000.

3.       Options  for  336,000  shares  at $1.25  were  issued  to  professional
         consultants  for services during July 1997.  Management  believes $1.25
         represents the fair market value of the stock on the date of grant.

Item 2. Management's Discussion and Analysis of Financial Condition and Results 
        of Operations

General Discussion

HyperDynamics  Corporation  is an  information  systems  services  company  that
provides  integrated  voice,  video  and data  technology  that  maximizes  it's
customers return on their technology  investment.  The Company has spent most of
this past  quarter to focus it's  business  plan on  redefined  and  rejuvenated
operations for MicroData Systems,  Inc. and to put these operating strategies in
place while  providing for adequate  capitalization  through  bridge funding and
related acquisition plans.

In a subsequent  event,  and as  discussed  in the most recent Form 10-KSB,  the
Company has successfully retrofitted it's facility for significantly enhanced PC
integration  services and custom  system sales and service,  the new web-site at
"www.hyd.net"  has been  successfully  established,  and two key asset purchases
have  been  accomplished  to  establish  it's new  subsidiary  Wired &  Wireless
Corporation.  Mr.  Ted  Tarver  and Mr.  Joseph  Barris  have been  hired by the
Company,  with over thirty five (35) years of collective  experience in the MMDS
wireless  communications  industry,  to operate  Wired and  Wireless.  Wired and
Wireless has shipped $160,000 of it's initial $240,000 order to date.



                                       8
<PAGE>



Results of Operations

As a result of the re-focus and the significant  changes,  revenues decreased to
$156,000 for the three months ended  September  30, 1997,  from $430,878 for the
same period in 1996.  The  decrease was a result of the re-focus of the Company,
the retrofit of the MicroData  facility,  and the investment activity focused to
establish the new Wired & Wireless subsidiary.

Cost of Revenues decreased,  correspondingly to the sales decrease,  to $147,738
in the period, from $373,963 for the same period in 1996.

Selling,  General and Administrative expenses increased to $137,117 in the three
month period, as compared to $135,059 for the same period in 1996.

Net Loss.  The net loss of the Company was $(128,852) for the three months ended
September  30,  1997,  or ($.02) per share.  As stated  above,  this loss can be
primarily  attributed to the significant  operational changes made by management
which are expected to significantly  improve the results of operations in future
quarters.

Liquidity and Capital Resources

As a subsequent  event,  the bridge  financing  obtained by the Company has been
negotiated  by the  President  of the  Company  to be  increased  to as  much as
$500,000 on October 20, 1997.  The current  bridge  funding to date is $325,000.
The  President  of the  Company  is  currently  renegotiating  the  terms of the
financing. It is expected that the loan will be converted sometime in the second
quarter  to an  equity  position  based  on  these  negotiations.  The  goal  of
management  is to obtain  additional  equity  funding to help  close  additional
viable acquisitions.

In  addition to the above,  the  Company is in a position  to obtain  additional
capital upon the exercise of previously-issued  warrants and outstanding options
for common stock.

Prospective Information

The  Company  has  positioned  itself to support  and  sustain  the  anticipated
significant   revenue  growth  over  the  remainder  of  the  fiscal  year.  The
retrofitted  MicroData facility is capable of handling multiples of sales volume
compared to prior years.  With the  diversification  of the new Wired & Wireless
subsidiary,   revenues  and  gross  profit  margins  are  expected  to  increase
substantially.  Coupled with other business the Company is currently negotiating
and the fundamental fact of maintaining low corporate  overhead,  operations are
expected to show a profit by the third quarter of this fiscal year.

PART II.      OTHER INFORMATION








                                       9
<PAGE>


         Item 6.      Exhibits and Reports on Form 8-K

              (a)     Exhibits

                      The  following  exhibits  are filed  with  this  Quarterly
                      Report or are incorporated herein by reference:

                      Exhibit Number                    Description

                          27                            Financial Data Schedule

              (b)     Reports on Form 8-K

                                       None



SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                    HYPERDYNAMICS CORPORATION
                                          (Registrant)


                                    By:   /s/ Kent Watts

                                    Kent Watts, Chairman of the Board, Chief 
                                    Executive Officer and Chief Accounting 
                                    Officer

Dated: November 14, 1997
                                       10