| x | Quarterly      report pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934: For the quarterly period ended September 30,  2010 |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| o | Transition      report pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934: For the transition period from _______ to _________  |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Delaware                                                            | 87-0400335                             |
|---------------------------------------------------------------------|----------------------------------------|
| (State      or other jurisdiction of incorporation or organization) | (IRS      Employer Identification No.) |

| Large      accelerated filer   ̈ |   | Accelerated      filer   ̈ |   | Non-accelerated      filer   ̈ |   | Smaller      reporting company  þ |
|------------------------------------------------|--------|------------------------------------------|--------|----------------------------------------------|--------|--------------------------------------------------|

----

| Part      I. Financial Information                                                                                                                                                                                       |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
| Item      1.      Financial Statements                                                                                                                                                     |   |   |   |
|                                                                                                                                                                                                                     |   |   |   |
| Consolidated      Balance Sheets (unaudited) at September  30, 2010 and June 30,      2010                                                                                                                     |   |   | 3      |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Consolidated      Statements of Operations (unaudited) for the Three Months Ended September      30, 2010 and 2009, and for the period from inception of the Exploration      Stage (July 1, 2009) to September 30, 2010 |   |   | 4      |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Consolidated      Statement of Shareholders’ Equity (unaudited) for the period from July 1,      2009 (inception of the Exploration Stage) to September 30,      2010                                              |   |   | 5      |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Consolidated      Statements of Cash Flows (unaudited) for the Three Months Ended September      30, 2010 and 2009, and for the period from inception of the Exploration      Stage (July 1, 2009) to September 30, 2010 |   |   | 6      |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Notes      to Consolidated Financial Statements (unaudited)                                                                                                                                                              |   |   | 8      |   |
|                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Item      2.     Management’s Discussion and Analysis of      Financial Condition and Results of Operations                                                                               |   |   | 21     |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Item      3.     Quantitative and Qualitative Disclosures      about Market Risks                                                                                                               |   |   | 23     |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Item      4T.     Controls and Procedures                                                                                                                                                       |   |   | 24     |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Part      II. Other Information                                                                                                                                                                                          |   |   |   |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Item      1.      Legal Proceedings                                                                                                                                                        |   |   | 24     |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Item      6.     Exhibits                                                                                                                                                                       |   |   | 24     |   |
|                                                                                                                                                                                                                     |   |   |   |   |
| Signatures                                                                                                                                                                                                               |   |   | 28     |   |

----

|                                                                                                                                                                            |   | September 30,2010 |         |   | June 30,2010 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------------|--------|-------------------|--------|
| ASSETS                                                                                                                                                                          |   |                   |         |   |              |   |
| Current      assets:                                                                                                                                                            |   |                   |         |   |              |   |
| Cash      and cash equivalents                                                                                                                                                  |   | $                      | 1,199        |   |              | $      | 26,040 |   |
| Restricted      cash                                                                                                                                                            |   |                   | 19,713       |   |              |   | - |   |
| Accounts      receivable – joint interest                                                                                                                                 |   |                   | 4,147        |   |              |   | 150 |   |
| Prepaid      expenses and other current assets                                                                                                                                  |   |                   | 235          |   |              |   | 205 |   |
| Total      current assets                                                                                                                                                       |   |                   | 25,294       |   |              |   | 26,395 |   |
| Property      and equipment, net of accumulated depreciation of $515 and      $445                                                                                              |   |                   | 732          |   |              |   | 664 |   |
| Oil      and gas properties, using full cost method:                                                                                                                            |   |                   |         |   |              |   |   |   |
| Unevaluated      properties excluded from amortization                                                                                                                          |   |                   | 14,546       |   |              |   | 92 |   |
| Restricted      cash                                                                                                                                                            |   |                   | 100          |   |              |   | - |   |
| Deposits                                                                                                                                                                        |   |                   | 98           |   |              |   | 69 |   |
| Total      assets                                                                                                                                                               |   | $                      | 40,770       |   |              | $      | 27,220 |   |
|                                                                                                                                                                            |   |                   |         |   |              |   |   |   |
| LIABILITIES      AND SHAREHOLDERS' EQUITY                                                                                                                                       |   |                   |         |   |              |   |   |   |
| Current      liabilities:                                                                                                                                                       |   |                   |         |   |              |   |   |   |
| Accounts      payable and accrued expenses                                                                                                                                      |   | $                      | 18,736       |   |              | $      | 3,859 |   |
| Accounts      payable - seismic data                                                                                                                                            |   |                   | 650          |   |              |   | 650 |   |
| Dividends      payable                                                                                                                                                          |   |                   | 372          |   |              |   | 372 |   |
| Short-term      notes payable                                                                                                                                                   |   |                   | 106          |   |              |   | 160 |   |
| Total      current liabilities                                                                                                                                                  |   |                   | 19,      864 |   |              |   | 5,041 |   |
|                                                                                                                                                                            |   |                   |         |   |              |   |   |   |
| Warrant      derivative liability                                                                                                                                               |   |                   | 649          |   |              |   | 583 |   |
| Deferred      rent                                                                                                                                                              |   |                   | 122          |   |              |   | 70 |   |
| Total      liabilities                                                                                                                                                          |   |                   | 20,635       |   |              |   | 5,694 |   |
|                                                                                                                                                                            |   |                   |         |   |              |   |   |   |
| Commitments      and contingencies (Note 10)                                                                                                                                    |   |                   |         |   |              |   |   |   |
|                                                                                                                                                                            |   |                   |         |   |              |   |   |   |
| Shareholders'      equity:                                                                                                                                                      |   |                   |         |   |              |   |   |   |
| Convertible      preferred stock, par value $0.001; stated value $1,000; 20,000,000      authorized Series A – 3,000 shares issued and 1,945 shares      outstanding |   |                   | -            |   |              |   | - |   |
| Common      stock, $0.001 par value, 250,000,000 shares authorized; 105,065,439 and      104,227,199 shares issued and outstanding                                              |   |                   | 105          |   |              |   | 104 |   |
| Additional      paid-in capital                                                                                                                                                 |   |                   | 98,537       |   |              |   | 97,046 |   |
| Accumulated      deficit                                                                                                                                                        |   |                   | (67,615      | )      |              |   | (67,615 | ) |
| Deficit      accumulated after reentering exploration stage                                                                                                                     |   |                   | (10,892      | )      |              |   | (8,009 | ) |
| Total      shareholders' equity                                                                                                                                                 |   |                   | 20,135       |   |              |   | 21,526 |   |
| Total      liabilities and shareholders' equity                                                                                                                                 |   | $                      | 40,770       |   |              | $      | 27,220 |   |

----

|                                                                |   | Three      months ended September      30, |        |   | Inception      of exploration stage (July 1, 2009) through   September      30, |   |
|---------------------------------------------------------------------|--------|--------------------------------------------|-------------|--------|------------------------------------------------------------------------------------------------|--------|
|                                                                |   | 2010                                       |        |   | 2009                                                                                           |   |   | 2010 |   |
| Costs      and expenses:                                            |   |                                       |        |   |                                                                                           |   |   |   |   |
| Depreciation                                                        |   | $                                          | 70          |   |                                                                                           | $      | 30 |   |   | $ | 226 |   |
| Selling,      general and administrative                            |   |                                       | 2,049       |   |                                                                                           |   | 2,388 |   |   |   | 12,896 |   |
| Total      costs and expenses                                       |   |                                       | 2,119       |   |                                                                                           |   | 2,418 |   |   |   | 13,122 |   |
| Loss      from operations                                           |   |                                       | (2,119      | )      |                                                                                           |   | (2,418 | ) |   |   | (13,122 | ) |
| Other      income (expense):                                        |   |                                       |        |   |                                                                                           |   |   |   |   |   |   |   |
| Gain      on sale of interest in unevaluated oil and gas properties |   |                                       | -           |   |                                                                                           |   | - |   |   |   | 2,955 |   |
| Loss      on warrant derivative liability                           |   |                                       | (771        | )      |                                                                                           |   | (55 | ) |   |   | (492 | ) |
| Interest      income (expense), net                                 |   |                                       | 7           |   |                                                                                           |   | (215 | ) |   |   | (700 | ) |
| Loss      on settlement of debt                                     |   |                                       | -           |   |                                                                                           |   | - |   |   |   | (298 | ) |
| Total      other income (expense)                                   |   |                                       | (764        | )      |                                                                                           |   | (270 | ) |   |   | 1,465 |   |
| Loss      from continuing operations                                |   |                                       | (2,883      | )      |                                                                                           |   | (2,688 | ) |   |   | (11,657 | ) |
| Gain      on sale of discontinued operations                        |   |                                       | -           |   |                                                                                           |   | 768 |   |   |   | 765 |   |
| Net      loss                                                       |   |                                       | (2,883      | )      |                                                                                           |   | (1,920 | ) |   |   | (10,892 | ) |
| Preferred      stock dividend to related party                      |   |                                       | -           |   |                                                                                           |   | (24 | ) |   |   | - |   |
| Net      loss attributable to common shareholders                   |   | $                                          | (2,883      | )      |                                                                                           | $      | (1,944 | ) |   | $ | (10,892 | ) |
| Basic      and diluted income (loss) per share                      |   |                                       |        |   |                                                                                           |   |   |   |   |   |   |   |
| From      continuing operations                                     |   | $                                          | (0.03       | )      |                                                                                           | $      | $(0.04 | ) |   |   |   |   |
| From      discontinued operations                                   |   |                                       | (0.00       | )      |                                                                                           |   | 0.01 |   |   |   |   |   |
| Net      loss per share attributable to common shareholders         |   | $                                          | (0.03       | )      |                                                                                           | $      | $(0.03 | ) |   |   |   |   |
|                                                                |   |                                       |        |   |                                                                                           |   |   |   |   |   |   |   |
| Weighted      average shares outstanding – basic and diluted  |   |                                       | 104,288,205 |   |                                                                                           |   | 64,668,989 |   |   |   |   |   |

----

|                                                          |   | Series      A Preferred |              |   | Series      B Preferred |   |                 | Common      Stock |   |   | Additional      Paid-in |   |   | Accumulated |   |   | Deficit      Accumulated after reentering Exploration |   |                    |    |   |
|---------------------------------------------------------------|--------|-------------------------|-------------------|--------|-------------------------|--------|----------------------|-------------------|--------|--------|-------------------------|--------|--------|-------------|--------|--------|-------------------------------------------------------|--------|-------------------------|---------|--------|
|                                                          |   | Shares                  |              |   | Amount                  |   |                 | Shares            |   |   | Amount                  |   |   | Shares      |   |   | Amount                                                |   |                    | Capital |   |   | Deficit |   |   | Stage |   |   | Total |   |
| Balance      at July 1, 2009, as adjusted                     |   |                    | 1,945             |   |                    |   | -                    |              |   |   | 2,406                   |   |   |        | -      |   |                                                  |   | 64,162,813              |    |   |   | 64 |   |   |   | 70,220 |   |   |   | (67,615 | ) |   |   | - |   |   |   | 2,669 |   |
| Common      stock issued for:                                 |   |                    |              |   |                    |   |                 |              |   |   |                    |   |   |        |   |   |                                                  |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Services                                                      |   |                    | -                 |   |                    |   |        -   |              |   |   | -                  |   |   |        | -      |   |                                                  |   |        442,049     |    |   |   | - |   |   |   | 324 |   |   |   | - |   |   |   | - |   |   |   | 324 |   |
| Conversion      of Series B Preferred Stock                   |   |                    | -                 |   |                    |   | -                    |              |   |   | (2,406                  | )      |   |        | -      |   |                                                  |   | 15,822,222              |    |   |   | 16 |   |   |   | (16 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Conversion      of debentures                                 |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | 1,949,411               |    |   |   | 2 |   |   |   | 1,294 |   |   |   | - |   |   |   | - |   |   |   | 1,296 |   |
| Cash                                                          |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | 16,878,096              |    |   |   | 17 |   |   |   | 17,183 |   |   |   | - |   |   |   | - |   |   |   | 17,200 |   |
| Exercise      of warrants                                     |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | 4,646,465               |    |   |   | 5 |   |   |   | 4,409 |   |   |   | - |   |   |   | - |   |   |   | 4,414 |   |
| Cashless      Exercise of options                             |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | 124,653                 |    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Cashless      Exercise of warrants classified as a derivative |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | 201,490                 |    |   |   | - |   |   |   | 723 |   |   |   | - |   |   |   | - |   |   |   | 723 |   |
| Amortization      of fair value of stock options              |   |                    | -                 |   |                    |   |        -   |              |   |   | -                  |   |   |        | -      |   |                                                  |   |        -           |    |   |   | - |   |   |   | 1,579 |   |   |   | - |   |   |   | - |   |   |   | 1,579 |   |
| Discount      related to modification of convertible debt     |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | -                       |    |   |   | - |   |   |   | 1,172 |   |   |   | - |   |   |   | - |   |   |   | 1,172 |   |
| Warrant      repricing charged to interest expense            |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | -                       |    |   |   | - |   |   |   | 158 |   |   |   | - |   |   |   | - |   |   |   | 158 |   |
| Warrant      repricing                                        |   |                    |              |   |                    |   |                 |              |   |   |                    |   |   |        |   |   |                                                  |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deemed      dividend                                          |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | -                       |    |   |   | - |   |   |   | 322 |   |   |   | - |   |   |   | - |   |   |   | 322 |   |
| Deemed      dividend                                          |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | -                       |    |   |   | - |   |   |   | (322 | ) |   |   | - |   |   |   | - |   |   |   | (322 | ) |
| Net      loss                                                 |   |                    | -                 |   |                    |   |        -   |              |   |   | -                  |   |   |        | -      |   |                                                  |   |        -           |    |   |   |        - |   |   |   |        - |   |   |   |        - |   |   |   | (8,009 | ) |   |   | (8,009 | ) |
| Balance,      June 30, 2010                                   |   |                    | 1,945             |   |                    | $      | -                    |              |   |   | -                  |   |   | $           | -      |   |                                                  |   |  104,227,199       |    |   | $ | 104 |   |   | $ | 97,046 |   |   | $ | (67,615 | ) |   | $ | (8,009 | ) |   | $ | 21,526 |   |
| Common      stock issued for:                                 |   |                    |              |   |                    |   |                 |              |   |   |                    |   |   |        |   |   |                                                  |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercise      of warrants                                     |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | 575,000                 |    |   |   | 1 |   |   |   | 563 |   |   |   | - |   |   |   | - |   |   |   | 564 |   |
| Exercise      of options                                      |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | 40,000                  |    |   |   | - |   |   |   | 28 |   |   |   | - |   |   |   | - |   |   |   | 28 |   |
| Cashless      exercise of warrants classified as a derivative |   |                    | -                 |   |                    |   | -                    |              |   |   | -                       |   |   |        | -      |   |                                                  |   | 223,240                 |    |   |   | - |   |   |   | 705 |   |   |   | - |   |   |   | - |   |   |   | 705 |   |
| Amortization      of fair value of stock options              |   |                    | -            |   |                    |   | -               |              |   |   | -                  |   |   |        |   |   |                                                  |   |        -           |    |   |   | - |   |   |   | 195 |   |   |   | - |   |   |   | - |   |   |   | 195 |   |
| Net      loss                                                 |   |                    | -            |   |                    |   | -               |              |   |   | -                  |   |   |        | -      |   |                                                  |   |        -      |    |   |   | -          |   |   |   | - |   |   |   |        - |   |   |   | (2,883 | ) |   |   | (2,883 | ) |
| Balance,      September 30, 2010                              |   |                    | 1,945        |   |                    | $      | -                    |              |   |   | -                  |   |   | $           | -      |   |                                                  |   |  105,065,439  |    |   | $ | 105          $ |   |   |   | 98,537 |   |   | $ | (67,615 | ) |   | $ | (10,892 | ) |   | $ | 20,135 |   |

----

|                                                                                                |   | Three      Months Ended September      30, |                |   | Inception      of Exploration Stage (July 1, 2009) throughSeptember      30, |   |
|-----------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|---------------------|--------|------------------------------------------------------------------------------|--------|
|                                                                                                |   | 2010                                            |                |   | 2009                                                                         |   |   | 2010 |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES:                                                          |   |                                            |                |   |                                                                         |   |   |   |   |
| Net      loss                                                                                       |   | $                                               | (2,883              | )      |                                                                         | $      | (1,920 | ) |   | $ | (10,892 | ) |
| Income      from discontinued operations                                                            |   |                                            |        -       |   |                                                                         |   | (768 | )  |   |   | (765 | ) |
| Adjustments      to reconcile net loss to net cash provided by (used in) operating      activities: |   |                                            |                |   |                                                                         |   |   |   |   |   |   |   |
| Depreciation,      depletion and amortization                                                       |   |                                            |        70      |   |                                                                         |   |        30 |   |   |   | 226 |   |
| Common      stock issued for services                                                               |   |                                            |        -       |   |                                                                         |   |        80 |   |   |   | 143 |   |
| Employee      stock options                                                                         |   |                                            |        195     |   |                                                                         |   |        1,161 |   |   |   | 1,775 |   |
| Variable      share issuance obligation                                                             |   |                                            |        -       |   |                                                                         |   |        (375 | )        |   |   | (374 | ) |
| Loss      on settlement of debt                                                                     |   |                                            |        -       |   |                                                                         |   |        - |   |   |   | 298 |   |
| Gain      on sale of oil and gas properties                                                         |   |                                            |        -       |   |                                                                         |   |        - |   |   |   | (2,955 | ) |
| Loss      on derivative liability                                                                   |   |                                            | 771                 |   |                                                                         |   | 55 |   |   |   | 492 |   |
| Interest      accreted to debt principal                                                            |   |                                            | -                   |   |                                                                         |   | - |   |   |   | 342 |   |
| Repricing      of warrants                                                                          |   |                                            | -                   |   |                                                                         |   | - |   |   |   | 158 |   |
| Loss      on disposition of assets                                                                  |   |                                            | -                   |   |                                                                         |   | - |   |   |   | 32 |   |
| Amortization      of discount and financing costs on debt                                           |   |                                            |        -       |   |                                                                         |   |        79 |   |   |   | 144 |   |
| Changes      in operating assets and liabilities:                                                   |   |                                            |                |   |                                                                         |   |   |   |   |   |   |   |
| Advances      to joint interest partner                                                             |   |                                            |        (3,997  | )      |                                                                         |   |        - |   |   |   | (3,997 | ) |
| Accounts      receivable                                                                            |   |                                            | -                   |   |                                                                         |   | - |   |   |   | (150 | ) |
| Prepaid      expenses                                                                               |   |                                            |        (30     | )      |                                                                         |   |        6 |   |   |   | 92 |   |
| Other      assets                                                                                   |   |                                            | (29                 | )      |                                                                         |   | - |   |   |   | (87 | ) |
| Accounts      payable and accrued expenses                                                          |   |                                            |        2,164   |   |                                                                         |   |        2,387 |   |   |   | 4,878 |   |
| Deferred      rent                                                                                  |   |                                            |        52      |   |                                                                         |   |        (4 | ) |   |   | 66 |   |
| Cash      provided by (used in) operating activities – continuing      operations             |   |                                            |        (3,687  | )      |                                                                         |   |        731 |   |   |   | (10,574 | ) |
| Cash      used in operating activities – discontinued operations                              |   |                                            |        -       |   |                                                                         |   |        (76 | ) |   |   | (76 | ) |
| Net      cash provided by (used in) operating activities                                            |   |                                            | (3,687              | )      |                                                                         |   |        655 |   |   |   | (10,650 | ) |
|                                                                                                |   |                                            |                |   |                                                                         |   |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                                                          |   |                                            |                |   |                                                                         |   |   |   |   |   |   |   |
| Purchase      of property and equipment                                                             |   |                                            |        (138    | )      |                                                                         |   |        - |   |   |   | (789 | ) |
| Investment      in oil and gas properties                                                           |   |                                            |        (1,741  | )      |                                                                         |   |        (1,717 | ) |   |   | (15,782 | ) |
| Increase      in restricted cash                                                                    |   |                                            | (19,813             | )      |                                                                         |   | - |   |   |   | (19,813 | ) |
| Proceeds      from sale of interest in unevaluated oil and gasproperties                            |   |                                            | -                   |   |                                                                         |   | - |   |   |   | 25,001 |   |
| Cash      used in investing activities – continuing operations                                |   |                                            |        (21,692 | )      |                                                                         |   |        (1,717 | ) |   |   | (11,383 | ) |
| Cash      provided by investing activities – discontinued operations                          |   |                                            |        -       |   |                                                                         |   |        884 |   |   |   | 881 |   |
| Net      cash used in investing activities                                                          |   |                                            |        (21,692 | )      |                                                                         |   |        (833 | ) |   |   | (10,502 | ) |
|                                                                                                |   |                                            |                |   |                                                                         |   |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                                                          |   |                                            |                |   |                                                                         |   |   |   |   |   |   |   |
| Proceeds      from issuance of stock and warrants, net of offering costs of      $1,285             |   |                                            | -                   |   |                                                                         |   | - |   |   |   | 17,200 |   |
| Proceeds      from exercise of stock options                                                        |   |                                            | 28                  |   |                                                                         |   | - |   |   |   | 28 |   |
| Proceeds      from exercise of warrants                                                             |   |                                            | 564                 |   |                                                                         |   | - |   |   |   | 4,977 |   |
| Payments      of dividends payable – related party                                            |   |                                            |        -       |   |                                                                         |   | - |   |   |   | (430 | ) |
| Payments      on notes payable and installment debt                                                 |   |                                            |        (54     | )      |                                                                         |   | (40 | ) |   |   | (784 | ) |
| Cash      provided by (used in) financing activities – continuing      operations             |   |                                            |        538     |   |                                                                         |   | (40 | )        |   |   | 20,991 |   |
| Cash      used in financing activities – discontinued operations                              |   |                                            |        -       |   |                                                                         |   | - |   |   |   | - |   |
| Net      cash provided by (used in) financing  activities                                 |   |                                            |        538     |   |                                                                         |   | (40 | )        |   |   | 20,991 |   |
|                                                                                                |   |                                            |                |   |                                                                         |   |   |   |   |   |   |   |
| DECREASE      IN CASH AND CASH EQUIVALENTS                                                          |   |                                            |        (24,841 | )      |                                                                         |   |        (218 | ) |   |   | (161 | ) |
| CASH      AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                               |   |                                            |        26,040  |   |                                                                         |   |        1,360 |   |   |   | 1,360 |   |
| CASH      AND CASH EQUIVALENTS AT END OF PERIOD                                                     |   | $                                               | 1,199               |   |                                                                         | $      | 1,142 |   |   | $ | 1,199 |   |

----

|                                                                                                        |   | Three      Months Ended September      30, |               |   | Inception      of Exploration Stage (July 1, 2009) through September      30, |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|--------------------|--------|-------------------------------------------------------------------------------|--------|
|                                                                                                        |   | 2010                                       |               |   | 2009                                                                          |   |   | 2010 |   |
|  SUPPLEMENTAL      DISCLOSURES:                                                                        |   |                                       |               |   |                                                                     |   |   |   |   |
| Interest      paid in cash                                                                                  |   | $                                          | 1                  |   |                                                                          | $      | - |   |   | $ | 70 |   |
| Income      taxes paid in cash                                                                              |   |                                       |        -      |   |                                                                          |   | - |   |   |   |        - |   |
|                                                                                                        |   |                                       |               |   |                                                                          |   |   |   |   |   |   |   |
| NON-CASH      INVESTING and FINANCING TRANSACTIONS:                                                         |   |                                       |               |   |                                                                          |   |   |   |   |   |   |   |
|                                                                                                        |   |                                       |               |   |                                                                          |   |   |   |   |   |   |   |
| Common      stock issued to settle variable share obligation                                                |   | $                                          | -                  |   |                                                                          | $      | 179 |   |   | $ | 181 |   |
| Deemed      dividend attributable to repriced warrants originally issued with purchase      of common stock |   |                                       |        -      |   |                                                                          |   | - |   |   |   |        322 |   |
| Asset      retirement obligation transferred as part of sale ofassets                                       |   |                                       | -                  |   |                                                                          |   | 18 |   |   |   | 18 |   |
| Accounts      payable for oil and gas property                                                              |   |                                       |        12,713 |   |                                                                          |   | - |   |   |   |        12,713 |   |
| Accrued      and unpaid stock dividend to related parties                                                   |   |                                       |        -      |   |                                                                          |   | 24 |   |   |   |        - |   |
| Conversion      of debt, net of discount of $1,116                                                          |   |                                       | -                  |   |                                                                          |   | - |   |   |   | 1,294 |   |
| Conversion      of Series B Preferred Stock into Common Stock                                               |   |                                       | -                  |   |                                                                          |   | 16 |   |   |   | 16 |   |
| Fair      value of warrant modifications                                                                    |   |                                       | -                  |   |                                                                          |   | - |   |   |   | 480 |   |
| Relative      fair value of warrants issued in connection with equity      offerings                        |   |                                       | -                  |   |                                                                          |   | - |   |   |   | 3,839 |   |
| Note      payable for prepaid insurance                                                                     |   |                                       | -                  |   |                                                                          |   | 115 |   |   |   | 275 |   |
| Discount      of convertible debt modification                                                              |   |                                       | -                  |   |                                                                          |   | - |   |   |   | 1,172 |   |
| Exercise      of warrants classified as a derivative                                                        |   |                                       | 705                |   |                                                                          |   | - |   |   |   | 1,428 |   |
| Reclassification      of warrants as a derivative under ASC 815                                             |   |                                       | -                  |   |                                                                          |   | - |   |   |   | 1,585 |   |

----

----

|  | · | Level      1 - inputs to the valuation methodology are quoted prices (unadjusted) for      identical assets or liabilities in active  markets. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Level      2 - inputs to the valuation methodology include quoted prices for similar      assets and liabilities in active markets, and inputs that are observable      for the asset or liability, either directly or indirectly, for      substantially the full term of the financial  instrument. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Level      3 - inputs to the valuation methodology are unobservable and significant      to the fair value measurement. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------|

----

|                               |   | CarryingValue      atSeptember      30, |   |   | Fair Value Measurement at September 30, 2010 |   |
|------------------------------------|--------|-----------------------------------------|--------|--------|----------------------------------------------|--------|
| (in      thousands)                |   | 2010                                    |   |   | Level 1                                      |   |   | Level 2 |   |   | Level 3 |   |
| Derivative      warrants liability |   | $                                       | 649    |   |                                         | $      | - |   |   |   $ |       - |   |   |    $ |   649 |   |

| Beginning      balance – July 1, 2010                                                               |   | $      | 583  |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|------|--------|
|    Reduced      for warrants exercised and reclassified to additional paid-in      capital |   |   | (705 | )      |
|    Change      in fair value of derivative liability                                       |   |   | 771  |   |
| At  September      30, 2010                                                                     |   | $      | 649  |   |

|                                                          |   | September      30,2010 |   |   | June      30,2010 |   |
|---------------------------------------------------------------|--------|------------------------|--------|--------|-------------------|--------|
| Geological      and Geophysical Cost                          |   | $                      | 14,546 |   |              | $      | 92 |   |
| Unevaluated      Properties not Subject to Amortization  |   | $                      | 14,546 |   |              | $      | 92 |   |

----

|                                                             |   | September 30,      2010 |   |   | June 30,      2010 |   |
|------------------------------------------------------------------|--------|------------------------------|--------|--------|-------------------------|--------|
|                                                             |   | (in      thousands)          |   |
| Accounts      payable – oil and gas exploration activities |   | $                            | 17,744 |   |                    | $      | 2,061 |   |
| Accrued      payroll and bonus                                   |   |                         | 543    |   |                    |   | 1,362 |   |
| Accrued      – Other                                       |   |                         | 449    |   |                    |   | 436 |   |
|                                                             |   | $                            | 18,736 |   |                    | $      | 3,859 |   |

|                                  |   | September 30,      2010 |   |   | June 30,      2010 |   |
|---------------------------------------|--------|------------------------------|--------|--------|-------------------------|--------|
|                                  |   | (in      thousands)          |   |
| Installment      notes payable        |   | $                            | 106    |   |                    | $      | 160 |   |
| Less:  current      portion |   |                         | (106   | )      |                    |   | (160 | ) |
| Long      term notes payable          |   | $                            | -      |   |                    | $      | - |   |

----

|                                              |   | September 30,      2010 |   |   | June 30,      2010 |   |
|---------------------------------------------------|--------|------------------------------|--------|--------|-------------------------|--------|
| Annual      dividend yield                        |   |                         | 0.00   |   |                    |   | 0.00 |   |
| Expected      life (years)                        |   |                         | 2.36   |   |                    |   | 2.61 |   |
| Risk-free      interest rate                      |   |                         | 0.84   | %      |                    |   | 1.45 | %  |
| Expected      volatility                          |   |                         | 134    | %      |                    |   | 133 | % |
| Probability      of below exercise price issuance |   |                         | 10     | %      |                    |   | 10 | % |

----

----

----

| ·   | In      September 2010, we granted options to purchase 75,000 shares of common      stock, 25,000 shares each to three employees. The options have an exercise      price of $1.22 per share and a term of ten years and vest upon achieving a      trading share price for our common stock of $3.00 per      share.  These options had an estimated fair value of      $43,000. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                     |   | 2010   |    |   | 2009   |   |
|------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Number      of options granted                                                           |   |   | 75,000  |   |   |   | 4,840,000 |   |
| Compensation      expense recognized as selling, general and administrative      expense |   | $      | 195,000 |   |   | $      | 1,161,000 |   |
| Compensation      cost capitalized                                                       |   |   | -       |   |   |   | - |   |
| Weighted      average fair value of options                                              |   | $      | 0.57    |   |   | $      | 0.24 |   |

|                         |   | 2010   |   |    | 2009   |   |
|------------------------------|--------|--------|--------|---------|--------|--------|
| Risk-free      interest rate |   |   | 2.68   |  % |   |   | 0.54-3.30 |  % |
| Dividend      yield          |   |   | 0      |  % |   |   | 0 |  % |
| Volatility      factor       |   |   | 127    |  % |   |   | 115-129 |  % |
| Expected      life (years)   |   |   | 0.92   |    |   |   | 1.0      - 7.5 |   |

|                                         |   | Options |      |    | Weighted      Average Share Price |    |   | Weighted      average remaining contractual term (years) |   |   | Aggregate      intrinsic value |   |
|----------------------------------------------|--------|---------|-----------|---------|-----------------------------------|---------|--------|----------------------------------------------------------|--------|--------|--------------------------------|--------|
| Outstanding      at year ended June 30, 2010 |   |    | 7,948,760 |    |                              |  $ | 0.91   |                                                     |   |   |                           |   |   |   |   |   |
| Granted                                      |   |    | 75,000    |    |                              |    | 1.22   |                                                     |   |   |                           |   |   |   |   |   |
| Exercised                                    |   |    | (40,000   | )  |                              |    | 0.70   |                                                     |   |   |                           |   |   |   |   |   |
| Forfeited                                    |   |    | (50,000   | )       |                              |    | 1.13   |                                                     |   |   |                           |   |   |   |   |   |
| Expired                                      |   |    | (343,760  | )       |                              |    | 2.17   |                                                     |   |   |                           |   |   |   |   |   |
| Outstanding      at September 30, 2010       |   |    | 7,590,000 |    |                              | $       | 0.85   |                                                     |   |   | 6.25                           |   |   | $ | 11,470,980 |   |

|   | Options      outstanding and exercisable as of September 30, 2010 |                   |
|--------|-------------------------------------------------------------------|------------------------|
|   | Exercise      Price                                               |                   |   | Outstanding      Number of Shares |   | Remaining      Life |   | Exercisable      Number of Shares |   |
|   | $                                                                 | 0.01      – 0.49 |   |   |   | 60,000 |   | 1      year or less |   |   | 60,000 |   |
|   | $                                                                 | 0.01      – 0.49 |   |   |   | 85,000 |   |  2      years |   |   | 85,000 |   |
|   | $                                                                 | 0.01      – 0.49 |   |   |   | 3,650,000 |   |  4      years |   |   | 850,000 |   |
|   | $                                                                 | 0.50      – 1.00 |   |   |   | 50,000 |   | 1      year or less |   |   | 50,000 |   |
|   | $                                                                 | 0.50      – 1.00 |   |   |   | 40,000 |   |  2      years |   |   | 40,000 |   |
|   | $                                                                 | 0.50      – 1.00 |   |   |   | 90,000 |   | 3      years |   |   | 30,000 |   |
|   | $                                                                 | 0.50      – 1.00 |   |   |   | 700,000 |   | 4      years |   |   | - |   |
|   | $                                                                 | 1.00      – 1.49 |   |   |   | 15,000 |   | 1      year or less |   |   | 15,000 |   |
|   | $                                                                 | 1.00      – 1.49 |   |   |   | 800,000 |   |  4      years |   |   | 800,000 |   |
|   | $                                                                 | 1.00      – 1.49 |   |   |   | 120,000 |   | 5      years |   |   | - |   |
|   | $                                                                 | 1.00      – 1.49 |   |   |   | 1,099,000 |   | 9      years |   |   | - |   |
|   | $                                                                 | 1.50      – 1.99 |   |   |   | 611,000 |   | 4      years |   |   | 50,000 |   |
|   | $                                                                 | 2.00      - 2.49       |   |   |   | 170,000 |   | 1      year or less |   |   | 170,000 |   |
|   | $                                                                 | 2.00      - 2.49       |   |   |   | 60,000 |   |  2      years |   |   | 60,000 |   |
|   | $                                                                 | 2.50      - 2.99       |   |   |   | 40,000 |   | 1      year or less |   |   | 40,000 |   |
|   |                                                              |                   |   |   |   | 7,590,000 |   |   |   |   | 2,250,000 |   |

----

|                                         |   | Warrants |       |   | Weighted      Average Share Price |   |
|----------------------------------------------|--------|----------|------------|--------|-----------------------------------|--------|
| Outstanding      at year ended June 30, 2010 |   |     | 11,065,128 |   |                              | $      | 1.25 |   |
| Granted                                      |   |     | -          |   |                              |   | - |   |
| Exercised                                    |   |     | (1,043,611 | )      |                              |   | 0.94 |   |
| Cancelled                                    |   |     | -          |   |                              |   | - |   |
| Expired                                      |   |     | -          |   |                              |   | - |   |
| Outstanding      at September 30, 2010       |   |     | 10,021,517 |   |                              | $      | 1.28 |   |

|   | Warrants      outstanding and exercisable as of September 30, 2010 |   |
|--------|--------------------------------------------------------------------|--------|
|   | Exercise      Price                                                |   |   | Outstanding      Number of Shares |   | Remaining      Life |   | Exercisable      Number of Shares |   |
|   | $                                                                  | 0.90   |   |   |   | 233,611 |   | 2      years |   |   | 233,611 |   |
|   | $                                                                  | 0.90   |   |   |   | 3,480,000 |   | 3      years |   |   | 3,480,000 |   |
|   | $                                                                  | 0.98   |   |   |   | 2,819,444 |   | 3      years |   |   | 2,819,444 |   |
|   | $                                                                  | 1.58   |   |   |   | 807,693 |   | 1      years |   |   | - |   |
|   | $                                                                  | 1.58   |   |   |   | 2,180,769 |   | 5      years |   |   | - |   |
|   | $                                                                  | 4.00   |   |   |   | 500,000 |   | 3      years |   |   | 500,000 |   |
|   |                                                               |   |   |   |   | 10,021,517 |   |   |   |   | 7,033,055 |   |

----

----

| Years      ending June 30:(in      thousands) |   |   |   |
|-----------------------------------------------|--------|--------|--------|
| 2011                                          |   | $      | 72     |   |
| 2012                                          |   |   | 221    |   |
| 2013                                          |   |   | 241    |   |
| 2014                                          |   |   | 268    |   |
| 2015                                          |   |   | 194    |   |
| Total      minimum payments required          |   | $      | 996    |   |

----

| ·   | On      October 8, 2010, YA Global exercised its remaining 233,611 warrants with a      strike price of $0.90 per share as further described in Note 7      above.  This cashless exercise resulted in a net issuance of      161,608 shares of our common stock and eliminated the remaining derivative      liability associated with thesewarrants. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In      October 2010, 2,597,000 warrants with a strike price of $0.98 were      exercised for proceeds of$2,545,822. |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| ·   | In      October and November 2010, 1,269,230 warrants with a strike price of $1.58      were exercised for proceeds of$2,005,383. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·   | On      October 7, 2010, 6,849 stock options with a strike price of $1.20 were      exercised on a cashless basis for a net issuance of 3,759 shares of our      common stock. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On      November 2, 2010, 50,000 stock options with a strike price of $0.24 were      exercised on a cashless basis for a net issuance of 45,455 shares of our      common stock. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | On      October 14, 2010, 30,000 stock options with a strike price of $1.61 were      exercised for proceeds of $48,300. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| ·   | On      November 3, 2010, 60,000 stock options with a strike price ranging from      $0.31to $1.13 were exercised for proceeds of  $36,158. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On      November 4, 2010, 25,000 stock options with a strike price of $1.22 were      exercised for proceeds of $30,500. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| ·   | On      November 9, 2010, 5,000 stock options with a strike price ranging      of  $1.20 were exercised for proceeds of  $6,000. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 380,000      stock options granted under the 2010 Plan for certain of our employees      with strike prices ranging from $2.36 to $3.43, having a ten year      life. The 380,000 options vest as follows; 100,000 ratably over three      years, 180,000 options vested immediately upon grant, 50,000 options      vested in October upon achieving a $3.00 stock price for 5 consecutive      days, while the remaining 50,000 will vest upon achieving a $3.00 stock      price for 5 consecutive days. These options had an estimated value of      $866,000. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 440,000      stock options for certain employees were forfeited, cancelled or      expired. |
|--------------------|---------------------------------------------------------------------------------------------|

----

----

| ·    | Obtaining      funds and completing technical work and planning with Dana Petroleum      (E&P) Limited (“Dana”) and prospective participants in our concession      to drill offshore Guinea in late 2011.                                                                  |
|--------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                        |
| ·    | Acquiring,      processing and interpreting the 3D seismic survey which began in August      2010. This will allow for identification of one or more proposed drilling      locations.                                                                                                      |
|                     |                                                                                                                                                                                                                                                                                        |
| ·    | Adding      one or more additional PSC participants to help fund our search for oil      and gas deposits on our Guinea Concession. We expect that adding a PSC      participant will include the assignment of a portion of our interest in      the Guinea Concession to suchparticipant. |

----

----

Based upon thatevaluation, our principal executive and principal financial officers concludedthat our disclosure controls and procedures were effective at September 30,2010.

| ExhibitNumber |   | Description                                                                                      |
|---------------|--------|--------------------------------------------------------------------------------------------------|
| 3.1.1         |   | Certificate      of Incorporation (1)                                                            |
|          |   |                                                                                             |
| 3.1.2         |   | Certificate      of Amendment of Certificate of Incorporation, dated January 21, 1997      (1)   |
|          |   |                                                                                             |
| 3.1.3         |   | Certificate      of Amendment of Certificate of Incorporation, dated September 20, 1999      (1) |
|          |   |                                                                                             |
| 3.1.4         |   | Certificate      of Amendment of Certificate of Incorporation, dated December 22, 2003      (1)  |
|          |   |                                                                                             |
| 3.1.5         |   | Series      A Certificate of Designation (6)                                                     |
|          |   |                                                                                             |
| 3.1.6         |   | Series      B Certificate of Designation (8)                                                     |
|          |   |                                                                                             |
| 3.2           |   | By-laws      (1)                                                                                 |
|          |   |                                                                                             |
| 3.3           |   | Amendment      to Bylaws (2)                                                                     |
|          |   |                                                                                             |
| 4.1           |   | Form      of Common Stock Certificate (3)                                                        |

----

| 4.2    |   | Form      of Warrant (4)                                                                                                                                                        |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                            |
| 4.3    |   | Warrant      issued to YA Global Investments, L.P. on February 6, 2008    (4)                                                                                                   |
|   |   |                                                                                                                                                                            |
| 4.4    |   | Form      of Common Stock Purchase Warrant (5)                                                                                                                                  |
|   |   |                                                                                                                                                                            |
| 4.5    |   | Form      of Series A Preferred Stock Certificate (6)                                                                                                                           |
|   |   |                                                                                                                                                                            |
| 4.6    |   | Warrant      issued to Trendsetter Investors, LLC on June 12, 2007  (7)                                                                                                         |
|   |   |                                                                                                                                                                            |
| 4.7    |   | Form      of Series A and Series B Common Stock Purchase Warrant  (9)                                                                                                           |
|   |   |                                                                                                                                                                            |
| 10.1   |   | Hydrocarbon      Production Sharing Contract (PSA) between SCS Corporation and the Republic      of Guinea, dated September 22, 2006 (10)                                       |
|   |   |                                                                                                                                                                            |
| 10.2   |   | Amendment      No. 1 to the Hydrocarbons Production Sharing Contract between SCS      Corporation and the Republic of Guinea, dated March 25, 2010      (15)                    |
|   |   |                                                                                                                                                                            |
| 10.3   |   | Intentionally      omitted.                                                                                                                                                     |
|   |   |                                                                                                                                                                            |
| 10.4*  |   | Employment      Agreement between Hyperdynamics and Jason D. Davis, dated June 17, 2009      (12)                                                                               |
|   |   |                                                                                                                                                                            |
| 10.5*  |   | Amendment      No. 1 to the Employment Agreement between Hyperdynamics Corporation and      Jason D. Davis, dated October 16, 2009 (26)                                         |
|   |   |                                                                                                                                                                            |
| 10.6*  |   | Employment      Agreement between Hyperdynamics and Ray Leonard, dated July 22, 2009      (13)                                                                                  |
|   |   |                                                                                                                                                                            |
| 10.7*  |   | Amendment      No. 1 to Employment Agreement between Hyperdynamics Corporation and Ray      Leonard, dated December 11, 2009 (19)                                               |
|   |   |                                                                                                                                                                            |
| 10.8   |   | Sale      and Purchase Agreement between Hyperdynamics Corporation and Dana      Petroleum (E&P) Limited, effective as of  December 4, 2009      (16)             |
|   |   |                                                                                                                                                                            |
| 10.9   |   | Letter      Agreement between Hyperdynamics Corporation and Dana Petroleum (E&P)      Limited, dated December 2, 2009 (16)                                                  |
|   |   |                                                                                                                                                                            |
| 10.10  |   | Intentionally      Omitted.                                                                                                                                                     |
|   |   |                                                                                                                                                                            |
| 10.11  |   | Operating      Agreement between SCS Corporation and Dana Petroleum (E&P) Limited,      dated January 28, 2010 (20)                                                         |
|   |   |                                                                                                                                                                            |
| 10.12  |   | Lease      Agreement between Hyperdynamics Corporation and Parkway Properties LP,      dated December 29, 2009 (21)                                                             |
|   |   |                                                                                                                                                                            |
| 10.13  |   | Memorandum      of Understanding between the Government of the Republic of Guinea and SCS      Corporation, dated September 11, 2009 (English translation)      (11)            |
|   |   |                                                                                                                                                                            |
| 10.14  |   | Lock-up      Agreement among Hyperdynamics and certain Stockholders, dated July 21,      2010 (17)                                                                              |
|   |   |                                                                                                                                                                            |
| 10.15  |   | Lock-up      Agreement among Hyperdynamics and TWJ Navigation, Inc., dated July 21,      2010 (17)                                                                              |
|   |   |                                                                                                                                                                            |
| 10.16  |   | Marine      2D Seismic Data Acquisition Services Agreement between Hyperdynamics      Corporation and Bergen Oilfield Services AS of Norway, dated September 29,      2009 (22) |
|   |   |                                                                                                                                                                            |
| 10.17  |   | 3D      Seismic Contract between PGS Geophysical AS, Norway and Hyperdynamics      Corporation, dated June 11, 2010 (27)                                                        |
|   |   |                                                                                                                                                                            |
| 10.18  |   | Intentionally      Omitted.                                                                                                                                                     |
|   |   |                                                                                                                                                                            |
| 10.19  |   | Intentionally      Omitted.                                                                                                                                                     |

----

| 10.20* |   | 2010      Equity Incentive Plan (14)                                                                                                                                                                                                                                                 |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                 |
| 10.21* |   | Form      of Incentive Stock Option Agreement (14)                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                 |
| 10.22* |   | Form      of Non-Qualified Stock Option Agreement (14)                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                 |
| 10.23* |   | Form      of Restricted Stock Agreement (14)                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                 |
| 10.24  |   | Agreement      for Exclusive Dealing and Letter of Intent between Hyperdynamics      Corporation and Repsol Exploración, S.A., dated November 26, 2009      (24)                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                 |
| 10.25  |   | Amendment      to Agreement for Exclusive Dealing and Letter of Intent between      Hyperdynamics Corporation, SCS Corporation and Repsol Exploración, S.A.,      dated January 29, 2010 (25)                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                 |
| 10.26  |   | Master      Service Agreement for Geophysical Data Processing Services between SCS      Corporation and PGS Data Processing, Inc., dated July 2, 2010      (27)                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                 |
| 10.27  |   | Supplemental      Agreement No. 1 to Master Service Agreement between SCS Corporation and      PGS Data Processing, Inc., dated July 2, 2010    (27)                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                 |
| 10.28  |   | Form      of Stock Purchase Agreement, dated November 3, 2010 among Hyperdynamics      Corporation and the Investors (28)                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                 |
| 10.29  |   | Form      of Registration Rights Agreement, dated November 3, 2010 among      Hyperdynamics Corporation and the Investors (28).                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                 |
| 14.1   |   | Code      of Ethics (1)                                                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                 |
| 16.1   |   | Letter      from Malone & Bailey, P.C. regarding change in certifying accountant      (18)                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                 |
| 31.1** |   | Certification      of Chief Executive Officer of Hyperdynamics Corporation required by Rule      13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of      2002                                  |
|   |   |                                                                                                                                                                                                                                                                                 |
| 31.2** |   | Certification      of Chief Financial Officer and Principal Accounting Officer of      Hyperdynamics Corporation required by Rule 13a-14(1) or Rule 15d-14(a) of      the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of      the Sarbanes-Oxley Act of 2002 |
|   |   |                                                                                                                                                                                                                                                                                 |
| 32.1   |   | Certification      of Chief Executive Officer of Hyperdynamics Corporation pursuant to      Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18      U.S.C. 63 (21)                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                 |
| 32.2   |   | Certification      of Principal Financial Officer and Principal Accounting Officer of      Hyperdynamics Corporation pursuant to Section 906 of the Sarbanes-Oxley      Act of 2002 and Section 1350 of 18 U.S.C. 63.  (21)                                                          |

----

| *      | Management      contracts or compensatory plans or arrangements.                  |
|--------|-----------------------------------------------------------------------------------|
|   |                                                                              |
| **     | Filed      herewith.                                                              |
|   |                                                                              |
| (1)    | Incorporated      by reference to Form 10-KSB/A filed May 16, 2005.               |
|   |                                                                              |
| (2)    | Incorporated      by reference to Form 8-K filed March 9, 2009.                   |
|   |                                                                              |
| (3)    | Incorporated      by reference to Form S-1 filed January 12, 2006, as    amended. |
|   |                                                                              |
| (4)    | Incorporated      by reference to Form 8-K filed February 8, 2008.                |
|   |                                                                              |
| (5)    | Incorporated      by reference to Form 8-K filed May 12, 2008.                    |
|   |                                                                              |
| (6)    | Incorporated      by reference to Form SB-2 filed February 25, 2000.              |
|   |                                                                              |
| (7)    | Incorporated      by reference to Form 8-K filed June 18, 2007.                   |
|   |                                                                              |
| (8)    | Incorporated      by reference to Form 8-K filed June 15, 2001.                   |
|   |                                                                              |
| (9)    | Incorporated      by reference to Form 8-K filed September 2, 2008.               |
|   |                                                                              |
| (10)   | Incorporated      by reference to Form 8-K filed September 28, 2006.              |
|   |                                                                              |
| (11)   | Incorporated      by reference to Form 8-K filed September 15, 2009.              |
|   |                                                                              |
| (12)   | Incorporated      by reference to Form 8-K filed July 6, 2009.                    |
|   |                                                                              |
| (13)   | Incorporated      by reference to Form 8-K filed July 23,2009.                    |

----

| (14)   | Incorporated      by reference to Form S-8 filed June 14, 2010.         |
|--------|-------------------------------------------------------------------------|
|   |                                                                    |
| (15)   | Incorporated      by reference to Form 8-K/A, dated March 31, 2010.     |
|   |                                                                    |
| (16)   | Incorporated      by reference to Form 8-K/A, filed December 7, 2009.   |
|   |                                                                    |
| (17)   | Incorporated      by reference to Form 8-K filed July 27, 2010.         |
|   |                                                                    |
| (18)   | Incorporated      by reference to Form 8-K/A, filed December 22, 2008.  |
|   |                                                                    |
| (19)   | Incorporated      by reference to Form 8-K/A, dated December 11, 2009.  |
|   |                                                                    |
| (20)   | Incorporated      by reference to Form 8-K/A, dated January 29, 2010.   |
|   |                                                                    |
| (21)   | Incorporated      by reference to Form 8-K/A, dated January 6, 2010.    |
|   |                                                                    |
| (22)   | Incorporated      by reference to Form 8-K filed October 2, 2009.       |
|   |                                                                    |
| (23)   | Incorporated      by reference to Form 8-K filed May 14, 2010.          |
|   |                                                                    |
| (24)   | Incorporated      by reference to Form 8-K filed December 1, 2009.      |
|   |                                                                    |
| (25)   | Incorporated      by reference to Form 8-K filed February 1, 2010.      |
|   |                                                                    |
| (26)   | Incorporated      by reference to Form 10-K filed on October 16, 2009.  |
|   |                                                                    |
| (27)   | Incorporated      by reference to Form 10-K filed on September 28,2010. |
|   |                                                                    |
| (28)   | Incorporated      by reference to Form 8-K filed on November 4,  2010.  |

----

|                          | Hyperdynamics      Corporation(Registrant) |                         |
|-------------------------------|--------------------------------------------|------------------------------|
|                          |                                       |                         |   |
| Dated:      November 15, 2010 | By:                                        | /s/ Ray Leonard              |   |
|                          |                                       | Ray      Leonard             |   |
|                          |                                       | Chief      Executive Officer |   |

| Dated:      November 15, 2010 | By:    | /s/ Jason Davis                   |   |
|-------------------------------|--------|-----------------------------------|--------|
|                          |   | Jason      Davis                  |   |
|                          |   | Principal      Financial Officer  |   |
|                          |   | Principal      Accounting Officer |   |

----

| ExhibitNumber |   | Description                                                                                      |
|---------------|--------|--------------------------------------------------------------------------------------------------|
| 3.1.1         |   | Certificate      of Incorporation (1)                                                            |
|          |   |                                                                                             |
| 3.1.2         |   | Certificate      of Amendment of Certificate of Incorporation, dated January 21, 1997      (1)   |
|          |   |                                                                                             |
| 3.1.3         |   | Certificate      of Amendment of Certificate of Incorporation, dated September 20, 1999      (1) |
|          |   |                                                                                             |
| 3.1.4         |   | Certificate      of Amendment of Certificate of Incorporation, dated December 22, 2003      (1)  |
|          |   |                                                                                             |
|  3.1.5   |   |        Series A Certificate of Designation (6)                                              |
|          |   |                                                                                             |
|  3.1.6   |   |        Series B Certificate of Designation (8)                                              |
|          |   |                                                                                             |
| 3.2           |   | By-laws      (1)                                                                                 |
|          |   |                                                                                             |
| 3.3           |   | Amendment      to Bylaws (2)                                                                     |
|          |   |                                                                                             |
| 4.1           |   | Form      of Common Stock Certificate (3)                                                        |
|          |   |                                                                                             |
| 4.2           |   | Form      of Warrant (4)                                                                         |
|          |   |                                                                                             |
| 4.3           |   | Warrant      issued to YA Global Investments, L.P. on February 6, 2008    (4)                    |
|          |   |                                                                                             |
| 4.4           |   | Form      of Common Stock Purchase Warrant (5)                                                   |
|          |   |                                                                                             |
| 4.5           |   | Form      of Series A Preferred Stock Certificate(6)                                             |

| 4.6    |   | Warrant      issued to Trendsetter Investors, LLC on June 12, 2007  (8)                                                                                      |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                         |
| 4.7    |   | Form      of Series A and Series B Common Stock Purchase Warrant  (9)                                                                                        |
|   |   |                                                                                                                                                         |
| 10.1   |   | Hydrocarbon      Production Sharing Contract (PSA) between SCS Corporation and the Republic      of Guinea, Dated September 22, 2006 (9)                     |
|   |   |                                                                                                                                                         |
| 10.2   |   | Amendment      No. 1 to the Hydrocarbons Production Sharing Contract between SCS      Corporation and the Republic of Guinea, dated March 25, 2010      (15) |
|   |   |                                                                                                                                                         |
| 10.3   |   | Employment      Agreement between Hyperdynamics and Williaam Young, dated November 24,2009      (28)                                                         |
|   |   |                                                                                                                                                         |
| 10.4*  |   | Employment      Agreement between Hyperdynamics Corporation and Jason Davis, dated June      17,, 2009 (12)                                                  |
|   |   |                                                                                                                                                         |
| 10.5*  |   | Amendment      No. 1 to Employment Agreement  between Hyperdynamics Corporation      and Jason Davis, dated October 16, 2009 (26)                  |
|   |   |                                                                                                                                                         |
| 10.6*  |   | Employment      Agreement  between Hyperdynamics Corporation and Ray Leonard,      dated July 22, 2009 (13)                                        |

| 10.7* |   | Amendment      No. 1 to Employment Agreement  between Hyperdynamics Corporation      and Ray Leonard, effective December 11, 2009  (19) |
|-------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.8   |   | Sale      and Purchase Agreement, effective as of December 4, 2009, between      Hyperdynamics Corporation and Dana Petroleum (E&P) Limited      (16)                                          |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                               |
| 10.9   |   | Letter      Agreement between Hyperdynamics Corporation and Dana Petroleum (E&P)      Limited, dated December 2, 2009 (16)                                                                     |
|   |   |                                                                                                                                                                                               |
| 10.9   |   | Letter      Agreement between Hyperdynamics Corporation and Parkway Properties LP,      dated December 29, 2009 (16)                                                                               |
|   |   |                                                                                                                                                                                               |
| 10.10  |   | Intentionally      omitted.                                                                                                                                                                        |
|   |   |                                                                                                                                                                                               |
| 10.11  |   | operating      Agreement between SCS Corporation and Dana Petroleum (E&P) Limited,      dated January 28, 2010 (20)                                                                            |
|   |   |                                                                                                                                                                                               |
| 10.12  |   | Lease      Agreement between Hyperdynamics Corporation and Parkway Properties LP,      dated December 29, 2009 (21)                                                                                |
|   |   |                                                                                                                                                                                               |
| 10.13  |   | Memorandum      of Understanding between the Government of the Rpublic of Guinea and SCS      Corporation, dated September 11, 2009 (English translation)      (11)                                |
|   |   |                                                                                                                                                                                               |
| 10.14  |   | Lock-up      Agreement among Hyperdynamics and certain Stockholders, dated July 21,      2010 (17)                                                                                                 |
|   |   |                                                                                                                                                                                               |
| 10.15  |   | Lock-up      Agreement among Hyperdynamics and TWJ Navigation, Inc., dated July 21,      2010 (17)                                                                                                 |
|   |   |                                                                                                                                                                                               |
| 10.16  |   | Marine      2D Seismic Data Acquisition Services Agreement between Hyperdynamics      Corporation and Bergen Oilfield Services AS of Norway, dated September 29,      2009 (22)                    |
|   |   |                                                                                                                                                                                               |
| 10.17  |   | 3D      Seismic Contract between PGS Geophysical AS, Norway and Hyperdynamics      Corporation, dated June 11, 2010 (27)                                                                           |
|   |   |                                                                                                                                                                                               |
| 10.18  |   | Intentionally      omitted.                                                                                                                                                                        |
|   |   |                                                                                                                                                                                               |
| 10.19  |   | Intentionally      omitted.                                                                                                                                                                        |
|   |   |                                                                                                                                                                                               |
| 10.20* |   | 2010      Equity Incentive Plan (14)                                                                                                                                                               |
|   |   |                                                                                                                                                                                               |
| 10.21* |   | Form      of Incentive Stock Option Agreement (14)                                                                                                                                                 |
|   |   |                                                                                                                                                                                               |
| 10.22* |   | Form      of Non-Qualified Stock Option Agreement (14)                                                                                                                                             |
|   |   |                                                                                                                                                                                               |
| 10.23* |   | Form      of Restricted Stock Agreement (14)                                                                                                                                                       |
|   |   |                                                                                                                                                                                               |
| 10.24  |   | Agreement      for Exclusive Dealing and Letter of Intent between Hyperdynamics      Corporation and Repsol Exploración, S.A., dated November 26, 2009      (24)                              |
|   |   |                                                                                                                                                                                               |
| 10.25  |   | Amendment      to Agreement for Exclusive Dealing and Letter of Intent between      Hyperdynamics Corporation, SCS Corporation and Repsol Exploración, S.A.,      dated January 29, 2010 (25) |
|   |   |                                                                                                                                                                                               |
| 10.26  |   | Master      Service Agreement for Geophysical Data Processing Services between SCS      Corporation and PGS Data Processing, Inc., dated July 2, 2010      (27)                                    |
|   |   |                                                                                                                                                                                               |
| 10.27  |   | Supplemental      Agreement No. 1 to Master Service Agreement between SCS Corporation and      PGS Data Processing, Inc., dated July 2, 2010    (27)                                     |

| 14.1   |   | Code      of Ethics (1)                                                                        |
|--------|--------|------------------------------------------------------------------------------------------------|
|   |   |                                                                                           |
| 16.1   |   | Letter      from Malone & Bailey, P.C. regarding change in certifying accountant      (18) |

----

| 31.1** |   | Certification      of Chief Executive Officer of Hyperdynamics Corporation required by Rule      13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of      2002 |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2** |   | Certification      of Chief Financial Officer and Principal Accounting Officer of      Hyperdynamics Corporation required by Rule 13a-14(1) or Rule 15d-14(a) of      the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of      the Sarbanes-Oxley Act of 2002 |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                 |
| 32.1** |   | Certification      of Chief Executive Officer of Hyperdynamics Corporation pursuant to      Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18      U.S.C. 63                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                 |
| 32.2** |   | Certification      of Principal Financial Officer and Principal Accounting Officer of      Hyperdynamics Corporation pursuant to Section 906 of the Sarbanes-Oxley      Act of 2002 and Section 1350 of 18 U.S.C. 63.                                                                |
|   |   |                                                                                                                                                                                                                                                                                 |
| 99.1   |   | Presidential      Decree (English Version) (23)                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                 |
| 99.2   |   | Presidential      Decree (Original French Version) (23)                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                 |
| 99.3   |   | Arrêté      (English Version) (23)                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                 |
| 99.4   |   | Arrêté      (Original French Version) (23)                                                                                                                                                                                                                                 |

----

| *      | Management      contracts or compensatory plans or arrangements.                  |
|--------|-----------------------------------------------------------------------------------|
|   |                                                                              |
| **     | Filed      herewith.                                                              |
|   |                                                                              |
| (1)    | Incorporated      by reference to Form 10-KSB/A filed May 16, 2005.               |
|   |                                                                              |
| (2)    | Incorporated      by reference to Form 8-K filed March 9, 2009.                   |
|   |                                                                              |
| (3)    | Incorporated      by reference to Form S-1 filed January 12, 2006, as    amended. |
|   |                                                                              |
| (4)    | Incorporated      by reference to Form 8-K filed February 8, 2008.                |
|   |                                                                              |
| (5)    | Incorporated      by reference to Form 8-K filed May 12, 2008.                    |
|   |                                                                              |
| (6)    | Incorporated      by reference to Form SB-2 filed February 25, 2000.              |
|   |                                                                              |
| (7)    | Incorporated      by reference to Form 8-K filed June 18, 2007.                   |
|   |                                                                              |
| (8)    | Incorporated      by reference to Form 8-K filed June 15, 2001.                   |
|   |                                                                              |
| (9)    | Incorporated      by reference to Form 8-K filed September 2, 2008.               |
|   |                                                                              |
| (10)   | Incorporated      by reference to Form 8-K filed September 28, 2006.              |
|   |                                                                              |
| (11)   | Incorporated      by reference to Form 8-K filed September 15, 2009.              |
|   |                                                                              |
| (12)   | Incorporated      by reference to Form 8-K filed July 6, 2009.                    |
|   |                                                                              |
| (13)   | Incorporated      by reference to Form 8-K filed July 23, 2009.                   |
|   |                                                                              |
| (14)   | Incorporated      by reference to Form S-8 filed June 14, 2010.                   |
|   |                                                                              |
| (15)   | Incorporated      by reference to Form 8-Kfiled March31, 2010.                    |
|   |                                                                              |
| (16)   | Incorporated      by reference to Form 8-K filed December 7, 2009.                |
|   |                                                                              |
| (17)   | Incorporated      by reference to Form 8-K filed July 27, 2010.                   |
|   |                                                                              |
| (18)   | Incorporated      by reference to Form 8-K/A filed December 22, 2008.             |
|   |                                                                              |
| (19)   | Incorporated      by reference to Form 8-K filed December 11, 2009.               |
|   |                                                                              |
| (20)   | Incorporated      by reference to Form 8-K filed January 29, 2010.                |
|   |                                                                              |
| (21)   | Incorporated      by reference to Form 8-K filed January 6, 2010.                 |
|   |                                                                              |
| (22)   | Incorporated      by reference to Form 8-K filed October 2, 2009.                 |
|   |                                                                              |
| (23)   | Incorporated      by reference to Form 8-K filed May 14, 2010.                    |
|   |                                                                              |
| (24)   | Incorporated      by reference to Form 8-K filed December 1, 2009.                |
|   |                                                                              |
| (25)   | Incorporated      by reference to Form 8-K filed February 1, 2010.                |
|   |                                                                              |
| (26)   | Incorporated      by reference to Form 8-K filed October 16, 2009.                |
|   |                                                                              |
| (27)   | Incorporated      by reference to Form 10-K filed September 28, 2010.             |
|   |                                                                              |
| (28)   | Incorporated      by reference to Form 8-K filed November 4,2010.                 |

----