Document:

ex10_46.htm

    
      

    

    
      
        EXHIBIT
10.46

      

      
        

      

      
        EXTENSION TO EMPLOYMENT
AGREEMENT

      

      
        

      

      
        This
Extension to Employment Agreement (this "Extension") is made as of April 1, 2008
between PETROSEARCH ENERGY
CORPORATION, a Nevada corporation ("Company") and WAYNE BENINGER
("Employee").

      

      
        

      

      
        RECITALS:

      

      
        

      

      
        
          	
                	
                  A.

                	
                  Company
      and Employee entered into a certain Employment Agreement dated May l, 2007
      providing for a one (i) year
term.

                

        

      

      
        

      

      
        
          	
                	
                  B.

                	
                  Company
      and Employee mutually desire to extend the term of employment for an
      additional one (1) year term.

                

        

      

      
        

      

      
        TERMS
OF AMENDMENT:

      

      
        

      

      
        NOW,
THEREFORE, FOR VALUE RECEIVED, Company and Employee agree as
follows:

      

      
        

      

      
        
          	
                	
                  1.

                	
                  Ratification of
      Agreement. Except as modified hereby, Company and Employee hereby
      ratify and confirm the Employment Agreement and its provisions, including
      any amendments thereto.

                

        

      

      
        

      

      
        
          	
                	
                  2.

                	
                  Extension of
      Term. Paragraph 1 of the Employment Agreement hereby extends the
      Term from one (1) year to two (2) years, such that the expiration of the
      Term shall be April 30, 2009.

                

        

      

      
        

      

      
        
          	
                	
                  3.

                	
                  Binding upon
      Successors and Assigns. This Extension shall inure to and be
      binding upon the undersigned and their respective heirs, representatives,
      successors and assigns.

                

        

      

      
        

      

      
        EXECUTED
as of the date set forth first above.

      

      

      
        	 
      	
                PETROSEARCH
      ENERGY CORPORATION

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      Richard D. Dole

              
	 
      	 
      	
                 
      Richard D. Dole, President and CEO

              
	 	 	 
	 
      	 
      	 
      
	 
      	
                /s/
      Wayne Beninger

              
	 
      	
                WAYNE
      BENINGERex10_47.htm

    
      

    

    
      Exhibit 10.47

       

      EXTENSION TO EMPLOYMENT
AGREEMENT

      

      This
Extension to Employment Agreement (this "Extension") is made as of April 1, 2008
between PETROSEARCH ENERGY CORPORATION, a
Nevada corporation ("Company") and DAVID
COLLINS ("Employee").

      

      RECITALS:

      

      
        	
                 
      

              	
                A.

              	
                Company
      and Employee entered into a certain Employment Agreement dated May 1,
      2007, providing for a one (i) year
term.

              

      

      

      
        	
                 
      

              	
                B.

              	
                Company
      and Employee mutually desire to extend the term of employment for an
      additional one (1) year term.

              

      

      

      TERMS
OF AMENDMENT:

      

      NOW,
THEREFORE, FOR VALUE RECEIVED, Company and Employee agree as
follows:

      

      
        	
                 
      

              	
                1.

              	
                Ratification of
      Agreement. Except as modified hereby, Company and Employee hereby
      ratify and confirm the Employment Agreement and its provisions, including
      any amendments thereto.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Extension of
      Term. Paragraph 1 of the Employment Agreement hereby extends the
      Term from one (1) year to two (2) years, such that the expiration of the
      Term shall be April 30, 2009.

              

      

      

      
        	
                 
      

              	
                3.

              	
                Binding Upon Successors and
      Assigns. This Extension shall inure to and be binding upon the
      undersigned and their respective heirs, representatives, successors and
      assigns.

              

      

      

      EXECUTED
as of the date set forth first above.

      

      
        	 
      	
                PETROSEARCH
      ENERGY CORPORATION

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      Richard D. Dole

              
	 
      	 
      	
                 
      Richard D. Dole, President and CEO

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                /s/
      David J. Collins

              
	 
      	
                DAVID
      J. COLLINSex10_1.htm

    
      

    

    
      Exhibit
10.1 ----- Letter Agreement with Yorkville

       

      
        
          YA
GLOBAL INVESTMENTS, L.P.

        

        
          101
HUDSON STREET, SUITE
3700

        

        
          JERSEY CITY, NJ
07302

        

        
          

           

          May 20,
2008

        

        
           

          Hyperdynamics
Corporation

        

        
          One Sugar
Creek Center Boulevard, Suite 125

        

        
          Sugar
Land, Texas 77478

        

        
          Attention:       Kent
P. Watts

        

        
           

          
            	
                    Re:

                  	
                    Warrant
      to purchase 550,000 shares of common stock issued by Hyperdynamics
      Corporation ("Company") to
      YA Global Investments, L.P. (“YA
      Global”)
      on February 6, 2008 (the “Warrant”)
      and the Secured Notes issued by the Company to YA Global on February 6,
      2008 and February 29, 2008 the “Notes”)
      in the original principal amount of
  $2,000,000.

                  

          

        

        
          

          Dear Mr.
Watts:

        

        
          

          This
letter agreement shall confirm our understanding regarding the adjustments to
the Warrant and Note resulting from the Company's issuance of shares of Common
Stock in connection with the offering described in its Form 424b(5) prospectus
supplement with SEC File Number 333-148287 for a shelf offering take down (the
“Offering”). All capitalized
terms not defined herein shall have the meaning ascribed to them in the Warrant
or the Notes. The parties hereto agree as follows:

        

        
           

          
            	
                    A.

                  	
                    Adjustment
      to Warrant Exercise Price and Warrant Shares. As a result of the Company's
      issuance of Common Stock at a price of $1.65 per share pursuant to the
      Offering, pursuant to Section 8(a) of the Warrant, the Warrant Exercise
      Price shall be reduced from $2.00 per share to $1.65 per share.
      Furthermore, the number of Warrant Shares issuable upon exercise of the
      Warrant shall be increased from 550,000 to 666,666 shares of Common
      Stock.

                  

          

        

        
           

          
            	
                    B.

                  	
                    Exercise
      of Warrant on Cash Basis, Pursuant to the Warrant, YA Global shall have
      the option of a Cashless Exercise if at the time of exercise the Warrant
      Shares are not subject to an effective registration statement. YA Global
      agrees to promptly exercise the Warrant on a Cash Basis provided that
      Warrant Shares issued to YA Global are issued pursuant to, and in
      accordance with the Company's effective shelf registration statement and
      such shares are admitted for listing on the American Stock Exchange. YA
      Global shall execute the Exercise Notice attached hereto as "Exhibit A" and
      simultaneously upon the issuance of the Warrant Shares without restrictive
      legends, shall pay to the Company the Warrant Exercise Price by wire
      transfer of immediately available funds. The Company covenants and agrees
      that the Warrant Shares shall be freely tradable shares, shall not contain
      any restrictive legends, and shall be free of any transfer
      restrictions.

                  

          

        

        
           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          Hyperdynamics
Corporation 

          May 20,
2008 

          Page 2 of
3

        

        
          

           

          
            	
                    C.

                  	
                    Adjustment
      to Fixed Conversion Price. As a result of the Company's issuance of Common
      Stock at a price of $1.65 per share pursuant to the Offering, pursuant to
      Section 5(a) of the Note, the fixed portion of the Conversion Price shall
      initially be reduced from $2.00 per share to $1.65 per share. Furthermore,
      the Company shall provide YA Global with information indicating the value
      associated with the issuance of warrants in connection with the Offering.
      Upon receipt of such information, a further adjustment may be made to the
      conversion price in accordance with Section 5(a)(iv)of the
      Note.

                  

          

        

        
           

          
            	
                    D.

                  	
                    The
      issuance of the shares of common stock in this transaction are subject to
      approval by the American Stock Exchange. YA Global is under no obligation
      to exercise until such approval from the American Stock Exchange
      occurs.

                  

          

        

        
          

          If the
foregoing accurately reflects our understanding regarding this matter, please
indicate your agreement and acceptance by signing in the space provided below
and returning an executed copy of this letter to us.

        

        
          

           

        

        
          	 
      	
                  Sincerely
      yours,

                
	 	 
	 
      	
                  YA Global
      Investments, L.P.

                
	 
      	
                  By:

                	
                  Yorkville
      Advisors, LLC

                
	 
      	
                  Its:

                	
                  Investment
      Manager

                
	 	 	 
	 	 	 
	 	By:	 

        

        
           

           

          
            
              	
                      AGREED
      AND ACCEPTED:

                    	 
      
	
                      Hyperdynamics
      Corporation

                    	 
      
	 
      	 
      	 
      
	
                      By:

                    	 
      	 
      

            

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          EXHIBIT A TO
WARRANT

        

        
           

          EXERCISE
NOTICE

        

        
           

          TO
BE EXECUTED 

          BY
THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

        

        
          

           

          The
undersigned Holder hereby exercises the right to purchase 666,666 of the shares
of Common Stock (“Warrant Shares”) of Hyperdynamics
Corporation (the “Company”), evidenced by
the attached Warrant (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Warrant.

        

        
           

          (a) Payment of Warrant Exercise
Price. The Holder shall pay the Aggregate Exercise Price of $1,100,000 to the
Company in accordance with the terms of the Warrant.

        

        
          

          (b) Delivery of Warrant
Shares. The Company shall deliver to the Holder 666,666 Warrant
Shares in accordance with the terms of the Warrant.

        

         

        

        
          	
                  Date:
      May 20, 2008

                	 
      
	 
      	 
      	 
      
	
                  Name
      of Registered Holder

                	 
      
	 
      	 
      	 
      
	
                  YA
      Global Investments, L.P.

                	 
      
	
                  By:

                	
                  Yorkville
      Advisors, LLC

                	 
      
	
                  Its:

                	
                  Investment
      Manager

                	 
      
	 
      	 
      	 
      
	
                  By:

                	 
      	 
      
	
                  Name:

                	
                  Matt
      Beckman

                	 
      
	
                  Title:

                	
                  Managing
      Member

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