Document:

Exhbit 4.4-Third Warrant

                                     WARRANT
                                     -------

THE  SECURITIES  REPRESENTED  BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES  ACT  OF  1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE
SECURITIES  HAVE  BEEN  ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE,
SOLD,  TRANSFERRED  OR  ASSIGNED  IN  THE  ABSENCE  OF AN EFFECTIVE REGISTRATION
STATEMENT  FOR  THE  SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE  STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY
SATISFACTORY  TO  THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
APPLICABLE  STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID
ACT.  NOTWITHSTANDING  THE  FOREGOING, THIS WARRANT MAY BE PLEDGED IN CONNECTION
WITH  A  BONA  FIDE  MARGIN  ACCOUNT.

                            HYPERDYNAMICS CORPORATION

                        WARRANT TO PURCHASE COMMON STOCK

Warrant No.: CCP-003                     Number of Shares:            430,000
                                         Warrant Exercise Price:       $4.00
                                         Expiration Date:          JUNE 19, 2011

Date of Issuance: June 19, 2006

Hyperdynamics  Corporation,  a  Delaware  corporation  (the  "Company"),  hereby
                                                              -------
certifies that, for good and valuable consideration, the receipt and sufficiency
of  which  are hereby acknowledged, CORNELL CAPITAL PARTNERS, LP (the "Holder"),
                                                                       ------
the  registered  holder hereof or its permitted assigns, is entitled, subject to
the  terms  set forth below, to purchase from the Company upon surrender of this
Warrant,  at  any time or times on or after the date hereof, but not after 11:59
P.M.  Eastern Time on the Expiration Date (as defined herein) 430,000 fully paid
and nonassessable shares of Common Stock (as defined herein) of the Company (the
"Warrant Shares") at the exercise price per share provided in Section 1(b) below
 --------------
or  as  subsequently  adjusted;  provided,  however,  that in no event shall the
holder  be  entitled  to  exercise  this  Warrant  or be forced to exercise this
Warrant  for  a  number  of  Warrant  Shares in excess of that number of Warrant
Shares  which,  upon  giving  effect to such exercise, would cause the aggregate
number  of  shares  of  Common  Stock  beneficially  owned by the holder and its
affiliates  to  exceed  4.99%  of  the  outstanding  shares  of the Common Stock
following  such  exercise,  except within sixty (60) days of the Expiration Date
(however,  such  restriction  may be waived by Holder (but only as to itself and
not  to  any  other  holder)  upon  not  less  than  65 days prior notice to the
Company).  For purposes of the foregoing proviso, the aggregate number of shares
of  Common  Stock  beneficially  owned  by  the  holder and its affiliates shall
include  the  number  of  shares  of Common Stock issuable upon exercise of this
Warrant  with  respect to which the determination of such proviso is being made,
but  shall  exclude  shares  of  Common  Stock  which would be issuable upon (i)
exercise of the remaining, unexercised Warrants beneficially owned by the holder
and  its

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affiliates  and  (ii)  exercise  or conversion of the unexercised or unconverted
portion  of any other securities of the Company beneficially owned by the holder
and  its  affiliates  (including,  without  limitation, any convertible notes or
preferred  stock) subject to a limitation on conversion or exercise analogous to
the limitation contained herein.  Except as set forth in the preceding sentence,
for  purposes  of  this  paragraph,  beneficial ownership shall be calculated in
accordance  with  Section  13(d)  of  the  Securities  Exchange  Act of 1934, as
amended.  For purposes of this Warrant, in determining the number of outstanding
shares  of Common Stock a holder may rely on the number of outstanding shares of
Common  Stock  as reflected in (1) the Company's most recent Form 10-QSB or Form
10-KSB, as the case may be, (2) a more recent public announcement by the Company
or  (3)  any other notice by the Company or its transfer agent setting forth the
number  of  shares of Common Stock outstanding.  Upon the written request of any
holder,  the Company shall promptly, but in no event later than one (1) Business
Day  following the receipt of such notice, confirm in writing to any such holder
the  number of shares of Common Stock then outstanding.  In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to
the  exercise  of  Warrants (as defined below) by such holder and its affiliates
since the date as of which such number of outstanding shares of Common Stock was
reported.

     Section  1.

          (a)     This  Warrant  is  the  common  stock  purchase  warrant  (the
"Warrant")  issued  pursuant  to  the Securities Purchase Agreement ("Securities
 -------                                                              ----------
Purchase Agreement")  dated the date hereof between the Company and the Holder.
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          (b)     Definitions.  The  following  words  and terms as used in this
                  -----------
Warrant  shall  have  the  following  meanings:

               (i)     "Approved  Stock  Plan"  means  any employee benefit plan
                        ---------------------
which  has  been  approved by the Board of Directors of the Company, pursuant to
which  the  Company's  securities  may  be  issued  to  any employee, officer or
director  for  services  provided  to  the  Company.

               (ii)     "Business Day" means any day other than Saturday, Sunday
                         ------------
or other day on which commercial banks in the City of New York are authorized or
required  by  law  to  remain  closed.

               (iii)     "Closing  Bid  Price"  means  the  closing bid price of
                          -------------------
Common  Stock  as  quoted  on  the  Principal  Market  (as reported by Bloomberg
Financial Markets ("Bloomberg") through its "Volume at Price" function).
                    ---------

               (iv)     "Common Stock" means (i) the Company's common stock, par
                         ------------
value  $0.001 per share, and (ii) any capital stock into which such Common Stock
shall  have  been changed or any capital stock resulting from a reclassification
of  such  Common  Stock.

               (v)     "Event  of  Default"  means an event of default under the
                        ------------------
Convertible  Debentures  issued  in  connection  with  the  Securities  Purchase
Agreement.

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               (vi)     "Excluded  Securities"  means, provided such security is
                         --------------------
issued  at a price (or booked at such price for securities issued for other than
cash  consideration) which is greater than or equal to the arithmetic average of
the  Closing Bid Prices of the Common Stock for the ten (10) consecutive trading
days  immediately  preceding the date of issuance, any of the following: (a) any
issuance by the Company of securities in connection with a strategic partnership
or  a  joint  venture  (the  primary  purpose  of  which  is not to raise equity
capital),  (b)  any issuance by the Company of securities as consideration for a
merger  or  consolidation or the acquisition of a business, product, license, or
other  assets  of another person or entity and (c) options to purchase shares of
Common  Stock,  provided  (I)  such  options  are  issued after the date of this
Warrant  to  employees of the Company within thirty (30) days of such employee's
starting  his  employment  with the Company, or, up to 300,000 shares per 90 day
period  issued at any time as compensation to employees or consultants, and (II)
the exercise price of such options is not less than the Closing Bid Price of the
Common Stock on the date of issuance of such option.  The above notwithstanding,
Excluded Securities also means securities issued in connection with equity lines
of credit entered into with Dutchess Private Equities Fund II, LP in August 2005
or any shares issued to the Holder in any transaction at any time.

               (vii)     "Expiration  Date"  means  June  19,  2011.
                          ----------------

               (viii)    "Issuance  Date"  means  the  date  hereof.
                          --------------

               (ix)     "Options"  means  any  rights,  warrants  or  options to
                         -------
subscribe  for  or  purchase  Common  Stock  or  Convertible  Securities.

               (x)     "Other  Securities"  means (i) those options and warrants
                        -----------------
of  the  Company  issued prior to, and outstanding on, the Issuance Date of this
Warrant,  (ii)  the  shares of Common Stock issuable on exercise of such options
and  warrants,  provided  such  options  and  warrants are not amended after the
Issuance Date of this Warrant and (iii) the shares of Common Stock issuable upon
exercise  of  this  Warrant.

               (xi)     "Person"  means  an  individual,  a  limited  liability
                         ------
company,  a  partnership,  a  joint  venture,  a  corporation,  a  trust,  an
unincorporated  organization  and  a  government  or  any  department  or agency
thereof.

               (xii)     "Principal  Market"  means the New York Stock Exchange,
                          -----------------
the  American  Stock  Exchange,  the Nasdaq National Market, the Nasdaq SmallCap
Market,  whichever  is  at the time the principal trading exchange or market for
such  security,  or the over-the-counter market on the electronic bulletin board
for  such security as reported by Bloomberg or, if no bid or sale information is
reported  for  such security by Bloomberg, then the average of the bid prices of
each  of the market makers for such security as reported in the "pink sheets" by
the  National  Quotation  Bureau,  Inc.

               (xiii)     "Securities  Act" means the Securities Act of 1933, as
                           ---------------
amended.

               (xiv)     "Warrant" means this Warrant and all Warrants issued in
                          -------
exchange, transfer or replacement thereof.

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               (xv)     "Warrant  Exercise  Price"  shall  be  $4.00  or  as
                         ------------------------
subsequently adjusted as provided in Section 8 hereof.

               (xvi)     "Warrant  Shares"  means  the  shares  of  Common Stock
                          ---------------
issuable at any time upon exercise of this Warrant.

          (c)     Other  Definitional  Provisions.

               (i)     Except  as  otherwise  specified  herein,  all references
herein  (A)  to  the Company shall be deemed to include the Company's successors
and  (B)  to  any  applicable  law defined or referred to herein shall be deemed
references to such applicable law as the same may have been or may be amended or
supplemented  from  time  to  time.

               (ii)     When used in this Warrant, the words "herein", "hereof",
                                                              ------    ------
and  "hereunder"  and  words of similar import, shall refer to this Warrant as a
      ---------
whole  and  not  to  any  provision  of  this  Warrant, and the words "Section",
                                                                       -------
"Schedule", and "Exhibit" shall refer to Sections of, and Schedules and Exhibits
 --------        -------
to, this Warrant unless otherwise specified.

               (iii)     Whenever  the  context  so  requires, the neuter gender
includes the masculine or feminine, and the singular number includes the plural,
and  vice  versa.

     Section  2.     Exercise  of  Warrant.
                     ---------------------

          (a)     Subject  to  the terms and conditions hereof, this Warrant may
be  exercised  by the holder hereof then registered on the books of the Company,
pro  rata  as  hereinafter provided, at any time on any Business Day on or after
the  opening  of  business  on  such Business Day, commencing with the first day
after  the  date  hereof, and prior to 11:59 P.M. Eastern Time on the Expiration
Date (i) by delivery of a written notice, in the form of the subscription notice
attached  as Exhibit A hereto (the "Exercise Notice"), of such holder's election
             ---------              ---------------
to  exercise  this  Warrant,  which  notice  shall specify the number of Warrant
Shares to be purchased, payment to the Company of an amount equal to the Warrant
Exercise  Price(s)  applicable to the Warrant Shares being purchased, multiplied
by the number of Warrant Shares (at the applicable Warrant Exercise Price) as to
which  this  Warrant  is  being exercised (plus any applicable issue or transfer
taxes)  (the "Aggregate Exercise Price") in cash or wire transfer of immediately
              ------------------------
available  funds  and  the  surrender  of  this  Warrant  (or an indemnification
undertaking  with  respect  to  this  Warrant  in the case of its loss, theft or
destruction)  to  a common carrier for overnight delivery to the Company as soon
as practicable following such date ("Cash Basis") or (ii) if an Event of Default
                                     ----------
has  occurred,  or  if  at  the  time of exercise, one year has elapsed from the
Issuance  Date  and  the  Warrant  Shares  are  not  subject  to  an  effective
registration  statement , by delivering an Exercise Notice and in lieu of making
payment  of the Aggregate Exercise Price in cash or wire transfer, elect instead
to  receive  upon  such  exercise  the  "Net  Number"  of shares of Common Stock
determined  according  to  the  following  formula  (the  "Cashless  Exercise"):
                                                           ------------------

     Net Number = (A x B) - (A x C)
                  -----------------
                          B

          For purposes of the foregoing formula:

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          A  =  the  total  number  of Warrant Shares with respect to which this
          Warrant  is  then  being  exercised.

          B  = the Closing Bid Price of the Common Stock on the date of exercise
          of  the  Warrant.

          C  =  the  Warrant  Exercise  Price  then in effect for the applicable
          Warrant  Shares  at  the  time  of  such  exercise.

     In  the  event of any exercise of the rights represented by this Warrant in
compliance  with  this Section 2, the Company shall on or before the fifth (5th)
Business Day following the date of receipt of the Exercise Notice, the Aggregate
Exercise  Price and this Warrant (or an indemnification undertaking with respect
to  this  Warrant in the case of its loss, theft or destruction) and the receipt
of the representations of the holder specified in Section 6 hereof, if requested
by  the  Company (the "Exercise Delivery Documents"), and if the Common Stock is
                       ---------------------------
DTC  eligible,  credit  such aggregate number of shares of Common Stock to which
the  holder  shall be entitled to the holder's or its designee's balance account
with  The  Depository  Trust  Company;  provided,  however,  if  the  holder who
submitted  the  Exercise Notice requested physical delivery of any or all of the
Warrant  Shares,  or,  if the Common Stock is not DTC eligible  then the Company
shall,  on  or  before  the  fifth  (5th)  Business Day following receipt of the
Exercise  Delivery  Documents,  issue  and  surrender  to  a  common carrier for
overnight  delivery  to  the  address  specified  in  the  Exercise  Notice,  a
certificate,  registered  in the name of the holder, for the number of shares of
Common  Stock  to  which  the holder shall be entitled pursuant to such request.
Upon delivery of the Exercise Notice and Aggregate Exercise Price referred to in
clause  (i)  or  (ii)  above  the holder of this Warrant shall be deemed for all
corporate  purposes  to  have  become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised.  In the case of a dispute
as  to the determination of the Warrant Exercise Price, the Closing Bid Price or
the  arithmetic  calculation  of  the Warrant Shares, the Company shall promptly
issue  to the holder the number of Warrant Shares that is not disputed and shall
submit  the disputed determinations or arithmetic calculations to the holder via
facsimile  within  one  (1)  Business  Day  of  receipt of the holder's Exercise
Notice.

          (b)     If  the  holder  and  the Company are unable to agree upon the
determination  of  the  Warrant  Exercise Price or arithmetic calculation of the
Warrant  Shares  within one (1) day of such disputed determination or arithmetic
calculation  being  submitted  to the holder, then the Company shall immediately
submit  via  facsimile  (i)  the  disputed determination of the Warrant Exercise
Price  or  the Closing Bid Price to an independent, reputable investment banking
firm  or  (ii)  the disputed arithmetic calculation of the Warrant Shares to its
independent, outside accountant.  The Company shall cause the investment banking
firm  or  the  accountant,  as the case may be, to perform the determinations or
calculations  and notify the Company and the holder of the results no later than
forty-eight  (48) hours from the time it receives the disputed determinations or
calculations.  Such  investment  banking firm's or accountant's determination or
calculation,  as  the  case  may  be, shall be deemed conclusive absent manifest
error.

          (c)     Unless  the  rights  represented  by  this  Warrant shall have
expired  or  shall  have  been  fully  exercised,  the Company shall, as soon as
practicable and in no event later than five (5) Business Days after any exercise
and  at  its  own  expense,  issue  a  new  Warrant  identical  in  all

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respects  to this Warrant exercised except it shall represent rights to purchase
the  number  of  Warrant  Shares  purchasable immediately prior to such exercise
under  this Warrant exercised, less the number of Warrant Shares with respect to
which  such  Warrant  is  exercised.

          (d)     No  fractional  Warrant  Shares  are to be issued upon any pro
rata  exercise  of  this Warrant, but rather the number of Warrant Shares issued
upon  such  exercise  of this Warrant shall be rounded up or down to the nearest
whole  number.

          (e)     If the Company or its Transfer Agent shall fail for any reason
or  for  no reason to issue to the holder within ten (10) days of receipt of the
Exercise  Delivery  Documents, a certificate for the number of Warrant Shares to
which  the holder is entitled or to credit the holder's balance account with The
Depository  Trust  Company for such number of Warrant Shares to which the holder
is  entitled  upon  the holder's exercise of this Warrant, the Company shall, in
addition  to  any  other  remedies  under  this  Warrant  or the Placement Agent
Agreement  or  otherwise  available to such holder, pay as additional damages in
cash  to  such  holder  on each day the issuance of such certificate for Warrant
Shares  is  not  timely effected an amount equal to 0.025% of the product of (A)
the  sum  of  the  number of Warrant Shares not issued to the holder on a timely
basis  and to which the holder is entitled, and (B) the Closing Bid Price of the
Common  Stock  for  the trading day immediately preceding the last possible date
which  the  Company  could  have  issued such Common Stock to the holder without
violating  this  Section  2.

          (f)     If  within  ten  (10)  days after the Company's receipt of the
Exercise  Delivery  Documents, the Company fails to deliver a new Warrant to the
holder  for  the  number  of  Warrant  Shares  to  which such holder is entitled
pursuant  to Section 2 hereof, then, in addition to any other available remedies
under this Warrant, or otherwise available to such holder, the Company shall pay
as additional damages in cash to such holder on each day after such tenth (10th)
day  that  such delivery of such new Warrant is not timely effected in an amount
equal to 0.25% of the product of (A) the number of Warrant Shares represented by
the portion of this Warrant which is not being exercised and (B) the Closing Bid
Price  of  the  Common  Stock for the trading day immediately preceding the last
possible  date  which  the  Company could have issued such Warrant to the holder
without  violating  this  Section  2.

          (g)     The  Company  shall  have  the  option  to force the Holder to
exercise  this  Warrant  provided  that  (i) the closing bid price of the Common
Stock  exceeds  $9.00 for twenty consecutive Trading Days, (ii) the Registration
Statement  relating  to  the resale of the shares issuable upon exercise of this
Warrant  is  effective, and (iii) the Company delivers notice in the form of the
forced  exercise  notice  attached  as  Exhibit  B  hereto (the "Forced Exercise
                                        ----------               ---------------
Notice").  The  number  of shares that the Company can force Cornell to exercise
in  any  twenty  Trading  Days  shall be (i) limited to one fifth of the trading
volume  for  the  Common  Stock  during  the  twenty  consecutive  Trading  Days
immediately prior to such forced exercise date, and (ii) reduced share for share
by  any  shares exercised by the Holder (either voluntarily or forced) under any
class  of  Warrants  issued  to the Holder during the previous ten Trading Days.

     Section  3.     Covenants as to Common Stock.  The Company hereby covenants
                     ----------------------------
and  agrees  as  follows:

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          (a)     This  Warrant  is, and any Warrants issued in substitution for
or  replacement  of  this  Warrant  will  upon  issuance be, duly authorized and
validly  issued.

          (b)     All  Warrant  Shares  which may be issued upon the exercise of
the  rights  represented by this Warrant will, upon issuance, be validly issued,
fully  paid  and  nonassessable  and free from all taxes, liens and charges with
respect  to  the  issue  thereof.

          (c)     During  the period within which the rights represented by this
Warrant  may  be  exercised,  the  Company will at all times have authorized and
reserved  at  least one hundred percent (100%) of the number of shares of Common
Stock  needed to provide for the exercise of the rights then represented by this
Warrant and the par value of said shares will at all times be less than or equal
to  the  applicable Warrant Exercise Price.  If at any time the Company does not
have  a  sufficient  number  of shares of Common Stock authorized and available,
then  the  Company  shall  call  and  hold a special meeting of its stockholders
within  sixty  (60)  days  of  that  time for the sole purpose of increasing the
number  of  authorized  shares  of  Common  Stock.

          (d)     If  at any time after the date hereof the Company shall file a
registration statement, the Company shall include the Warrant Shares issuable to
the holder, pursuant to the terms of this Warrant and shall maintain, so long as
any other shares of Common Stock shall be so listed, such listing of all Warrant
Shares  from  time  to  time issuable upon the exercise of this Warrant; and the
Company  shall  so  list  on  each  national  securities  exchange  or automated
quotation  system,  as  the case may be, and shall maintain such listing of, any
other  shares of capital stock of the Company issuable upon the exercise of this
Warrant  if  and so long as any shares of the same class shall be listed on such
national  securities  exchange  or  automated  quotation  system.

          (e)     The  Company  will  not,  by  amendment  of  its  Articles  of
Incorporation  or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action,
avoid  or  seek to avoid the observance or performance of any of the terms to be
observed  or  performed  by  it  hereunder,  but will at all times in good faith
assist  in  the  carrying  out  of all the provisions of this Warrant and in the
taking  of  all such action as may reasonably be requested by the holder of this
Warrant in order to protect the exercise privilege of the holder of this Warrant
against  dilution  or other impairment, consistent with the tenor and purpose of
this  Warrant.  The  Company  will  not  increase the par value of any shares of
Common  Stock  receivable  upon  the  exercise of this Warrant above the Warrant
Exercise  Price  then  in  effect, and (ii) will take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue
fully  paid  and  nonassessable shares of Common Stock upon the exercise of this
Warrant.

          (f)     This Warrant will be binding upon any entity succeeding to the
Company  by  merger, consolidation or acquisition of all or substantially all of
the  Company's  assets.

     Section  4.     Taxes.  The Company shall pay any and all taxes, except any
                     -----
applicable  withholding,  which  may be payable with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant.

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     Section  5.     Warrant  Holder  Not  Deemed  a  Stockholder.  Except  as
                     --------------------------------------------
otherwise  specifically  provided  herein,  no  holder, as such, of this Warrant
shall be entitled to vote or receive dividends or be deemed the holder of shares
of capital stock of the Company for any purpose, nor shall anything contained in
this  Warrant be construed to confer upon the holder hereof, as such, any of the
rights  of  a  stockholder of the Company or any right to vote, give or withhold
consent  to  any  corporate  action (whether any reorganization, issue of stock,
reclassification  of  stock,  consolidation,  merger,  conveyance or otherwise),
receive  notice  of  meetings,  receive  dividends  or  subscription  rights, or
otherwise,  prior  to  the issuance to the holder of this Warrant of the Warrant
Shares which he or she is then entitled to receive upon the due exercise of this
Warrant.  In  addition,  nothing contained in this Warrant shall be construed as
imposing  any  liabilities  on  such  holder  to  purchase  any securities (upon
exercise  of  this  Warrant  or  otherwise)  or as a stockholder of the Company,
whether  such  liabilities  are  asserted  by the Company or by creditors of the
Company.  Notwithstanding this Section 5, the Company will provide the holder of
this  Warrant with copies of the same notices and other information given to the
stockholders of the Company generally, contemporaneously with the giving thereof
to  the  stockholders.

     Section  6.     Representations  of Holder.  The holder of this Warrant, by
                     --------------------------
the  acceptance  hereof,  represents  that  it is acquiring this Warrant and the
Warrant  Shares  for  its  own  account  for investment only and not with a view
towards,  or  for  resale in connection with, the public sale or distribution of
this  Warrant  or  the  Warrant  Shares,  except pursuant to sales registered or
exempted  under  the  Securities  Act;  provided,  however,  that  by making the
representations herein, the holder does not agree to hold this Warrant or any of
the Warrant Shares for any minimum or other specific term and reserves the right
to dispose of this Warrant and the Warrant Shares at any time in accordance with
or  pursuant  to  a  registration statement or an exemption under the Securities
Act.  The holder of this Warrant further represents, by acceptance hereof, that,
as of this date, such holder is an "accredited investor" as such term is defined
in  Rule  501(a)(1)  of  Regulation D promulgated by the Securities and Exchange
Commission  under  the Securities Act (an "Accredited Investor").  Upon exercise
                                           -------------------
of  this  Warrant  the  holder  shall,  if  requested by the Company, confirm in
writing,  in  a  form  satisfactory  to  the Company, that the Warrant Shares so
purchased  are  being  acquired solely for the holder's own account and not as a
nominee  for  any  other  party,  for  investment,  and  not  with a view toward
distribution  or resale and that such holder is an Accredited Investor.  If such
holder  cannot  make  such  representations  because  they  would  be  factually
incorrect,  it  shall  be  a condition to such holder's exercise of this Warrant
that  the  Company  receive  such other representations as the Company considers
reasonably  necessary  to assure the Company that the issuance of its securities
upon  exercise  of  this  Warrant  shall  not violate any United States or state
securities  laws.

     Section  7.     Ownership  and  Transfer.
                     ------------------------

          (a)     The  Company shall maintain at its principal executive offices
(or  such other office or agency of the Company as it may designate by notice to
the  holder  hereof),  a  register  for this Warrant, in which the Company shall
record  the  name  and address of the person in whose name this Warrant has been
issued,  as  well  as  the name and address of each transferee.  The Company may
treat  the person in whose name any Warrant is registered on the register as the
owner  and  holder  thereof  for all purposes, notwithstanding any notice to the
contrary,  but  in  all events recognizing any transfers made in accordance with
the  terms  of  this  Warrant.

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<PAGE>
     Section  8.     Adjustment  of Warrant Exercise Price and Number of Shares.
                     ----------------------------------------------------------
The  Warrant  Exercise  Price  and the number of shares of Common Stock issuable
upon  exercise  of  this Warrant shall be adjusted from time to time as follows:

          (a)     Adjustment of Warrant Exercise Price and Number of Shares upon
                  --------------------------------------------------------------
Issuance of Common Stock.  If and whenever on or after the Issuance Date of this
------------------------
Warrant,  the  Company issues or sells, or is deemed to have issued or sold, any
shares  of  Common  Stock  (other  than  (i) Excluded Securities, (ii) shares of
Common  Stock  which  are issued or deemed to have been issued by the Company in
connection  with  an  Approved  Stock Plan, or (iii) the Other Securities) for a
consideration  per share less than a price (the "Applicable Price") equal to the
                                                 ----------------
Warrant  Exercise  Price  in  effect immediately prior to such issuance or sale,
then  immediately  after  such  issue or sale the Warrant Exercise Price then in
effect  shall  be  reduced  to  an amount equal to such consideration per share.
Upon each such adjustment of the Warrant Exercise Price hereunder, the number of
Warrant  Shares  issuable upon exercise of this Warrant shall be adjusted to the
number  of shares determined by multiplying the Warrant Exercise Price in effect
immediately  prior  to  such adjustment by the number of Warrant Shares issuable
upon  exercise of this Warrant immediately prior to such adjustment and dividing
the  product  thereof  by  the  Warrant  Exercise  Price  resulting  from  such
adjustment.

          (b)     Effect  on  Warrant  Exercise  Price  of  Certain Events.  For
                  --------------------------------------------------------
purposes  of  determining the adjusted Warrant Exercise Price under Section 8(a)
above,  the  following  shall  be  applicable:

               (i)     Issuance  of  Options.  If  after  the  date  hereof, the
                       ---------------------
Company  in any manner grants any Options (except as to Excluded Securities) and
the  lowest price per share for which one share of Common Stock is issuable upon
the  exercise  of  any  such  Option  or  upon  conversion  or  exchange  of any
convertible  securities  issuable  upon exercise of any such Option is less than
the  Applicable  Price,  then  such  share of Common Stock shall be deemed to be
outstanding  and  to have been issued and sold by the Company at the time of the
granting  or sale of such Option for such price per share.  For purposes of this
Section  8(b)(i), the lowest price per share for which one share of Common Stock
is issuable upon exercise of such Options or upon conversion or exchange of such
Convertible  Securities  shall  be  equal  to  the  sum of the lowest amounts of
consideration (if any) received or receivable by the Company with respect to any
one share of Common Stock upon the granting or sale of the Option, upon exercise
of  the  Option  or  upon  conversion  or  exchange  of any convertible security
issuable  upon  exercise  of  such Option.  No further adjustment of the Warrant
Exercise Price shall be made upon the actual issuance of such Common Stock or of
such convertible securities upon the exercise of such Options or upon the actual
issuance  of  such  Common Stock upon conversion or exchange of such convertible
securities.

               (ii)     Issuance  of  Convertible Securities.  If the Company in
                        ------------------------------------
any  manner  issues  or  sells any convertible securities (except as to Excluded
Securities)  and  the lowest price per share for which one share of Common Stock
is  issuable upon the conversion or exchange thereof is less than the Applicable
Price,  then such share of Common Stock shall be deemed to be outstanding and to
have  been issued and sold by the Company at the time of the issuance or sale of
such  convertible securities for such price per share.  For the purposes of this
Section 8(b)(ii), the lowest price per share for which one share of Common Stock
is  issuable

                                        9
<PAGE>
upon such conversion or exchange shall be equal to the sum of the lowest amounts
of  consideration (if any) received or receivable by the Company with respect to
one  share of Common Stock upon the issuance or sale of the convertible security
and  upon  conversion  or  exchange  of  such  convertible security.  No further
adjustment  of the Warrant Exercise Price shall be made upon the actual issuance
of such Common Stock upon conversion or exchange of such convertible securities,
and  if  any  such  issue  or  sale  of such convertible securities is made upon
exercise  of  any Options for which adjustment of the Warrant Exercise Price had
been  or  are  to  be made pursuant to other provisions of this Section 8(b), no
further adjustment of the Warrant Exercise Price shall be made by reason of such
issue  or  sale.

               (iii)     Change  in  Option Price or Rate of Conversion.  If the
                         -----------------------------------------------
purchase  price  provided for in any Options (except as to Excluded Securities),
the  additional  consideration,  if  any,  payable upon the issue, conversion or
exchange  of  any  convertible  securities, or the rate at which any convertible
securities  are convertible into or exchangeable for Common Stock changes at any
time,  the  Warrant Exercise Price in effect at the time of such change shall be
adjusted  to  the Warrant Exercise Price which would have been in effect at such
time  had  such  Options  or  convertible  securities  provided for such changed
purchase price, additional consideration or changed conversion rate, as the case
may  be, at the time initially granted, issued or sold and the number of Warrant
Shares  issuable  upon  exercise  of  this  Warrant  shall  be  correspondingly
readjusted.  For  purposes of this Section 8(b)(iii), if the terms of any Option
or  convertible  security  that  was outstanding as of the Issuance Date of this
Warrant  are  changed  in  the  manner  described  in  the immediately preceding
sentence,  then  such Option or convertible security and the Common Stock deemed
issuable  upon  exercise, conversion or exchange thereof shall be deemed to have
been  issued  as  of  the  date  of such change.  No adjustment pursuant to this
Section 8(b) shall be made if such adjustment would result in an increase of the
Warrant  Exercise  Price  then  in  effect.

          (c)     Effect  on  Warrant  Exercise  Price  of  Certain Events.  For
                  --------------------------------------------------------
purposes  of determining the adjusted Warrant Exercise Price under Sections 8(a)
and  8(b),  the  following  shall  be  applicable:

               (i)     Calculation  of  Consideration  Received.  If  any Common
                       ----------------------------------------
Stock,  Options  or  convertible securities are issued or sold or deemed to have
been  issued  or  sold  for  cash,  the consideration received therefore will be
deemed  to  be  the net amount received by the Company therefore.  If any Common
Stock,  Options or convertible securities are issued or sold for a consideration
other  than  cash, the amount of such consideration received by the Company will
be  the  fair  value  of  such  consideration,  except  where such consideration
consists  of  marketable  securities,  in which case the amount of consideration
received  by the Company will be the market price of such securities on the date
of  receipt  of  such  securities.  If  any Common Stock, Options or convertible
securities  are  issued  to the owners of the non-surviving entity in connection
with  any  merger  in  which  the Company is the surviving entity, the amount of
consideration  therefore  will be deemed to be the fair value of such portion of
the  net  assets  and business of the non-surviving entity as is attributable to
such  Common  Stock, Options or convertible securities, as the case may be.  The
fair value of any consideration other than cash or securities will be determined
jointly  by  the  Company  and  the  holders  of  Warrants representing at least
two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants then
outstanding.  If such parties are unable to reach agreement within ten (10) days
after  the

                                       10
<PAGE>
occurrence  of  an  event  requiring valuation (the "Valuation Event"), the fair
                                                     ---------------
value  of  such  consideration  will be determined within five (5) Business Days
after  the  tenth  (10th)  day  following the Valuation Event by an independent,
reputable  appraiser jointly selected by the Company and the holders of Warrants
representing  at  least  two-thirds  (b)  of  the  Warrant  Shares issuable upon
exercise  of the Warrants then outstanding.  The determination of such appraiser
shall  be  final  and binding upon all parties and the fees and expenses of such
appraiser  shall  be  borne  jointly by the Company and the holders of Warrants.

               (ii)     Integrated  Transactions.  In  case any Option is issued
                        ------------------------
in  connection  with  the  issue  or  sale  of  other securities of the Company,
together  comprising  one  integrated  transaction  in  which  no  specific
consideration  is  allocated to such Options by the parties thereto, the Options
will be deemed to have been issued for a consideration of $.01.

               (iii)     Treasury  Shares.  The number of shares of Common Stock
                         ----------------
outstanding  at  any  given time does not include shares owned or held by or for
the  account  of the Company, and the disposition of any shares so owned or held
will be considered an issue or sale of Common Stock.

               (iv)     Record  Date.  If  the  Company  takes  a  record of the
                        ------------
holders  of  Common  Stock  for  the  purpose of entitling them (1) to receive a
dividend  or  other  distribution  payable  in  Common  Stock,  Options  or  in
convertible securities or (2) to subscribe for or purchase Common Stock, Options
or  convertible  securities, then such record date will be deemed to be the date
of the issue or sale of the shares of Common Stock deemed to have been issued or
sold  upon  the  declaration  of  such  dividend  or  the  making  of such other
distribution  or  the  date  of  the  granting  of such right of subscription or
purchase,  as  the  case  may  be.

          (d)     Adjustment  of  Warrant  Exercise  Price  upon  Subdivision or
                  --------------------------------------------------------------
Combination  of  Common  Stock.  If  the  Company  at any time after the date of
------------------------------
issuance  of  this  Warrant  subdivides  (by  any  stock  split, stock dividend,
recapitalization  or otherwise) one or more classes of its outstanding shares of
Common  Stock  into  a  greater  number of shares, any Warrant Exercise Price in
effect immediately prior to such subdivision will be proportionately reduced and
the  number  of  shares of Common Stock obtainable upon exercise of this Warrant
will be proportionately increased.  If the Company at any time after the date of
issuance  of  this  Warrant  combines  (by  combination,  reverse stock split or
otherwise)  one or more classes of its outstanding shares of Common Stock into a
smaller number of shares, any Warrant Exercise Price in effect immediately prior
to  such combination will be proportionately increased and the number of Warrant
Shares issuable upon exercise of this Warrant will be proportionately decreased.
Any  adjustment  under  this Section 8(d) shall become effective at the close of
business  on  the  date  the  subdivision  or  combination  becomes  effective.

          (e)     Distribution  of Assets.  If the Company shall declare or make
                  -----------------------
any  dividend  or  other  distribution  of  its assets (or rights to acquire its
assets)  to  holders  of  Common Stock, by way of return of capital or otherwise
(including,  without  limitation,  any  distribution  of  cash,  stock  or other
securities,  property  or  options  by  way  of  a  dividend,  spin  off,
reclassification,  corporate  rearrangement  or  other  similar  transaction) (a
"Distribution"),  at  any time after the issuance of this Warrant, then, in each
 ------------
such  case:

                                       11
<PAGE>
               (i)     any Warrant Exercise Price in effect immediately prior to
the  close of business on the record date fixed for the determination of holders
of  Common Stock entitledto receive the Distribution shall be reduced, effective
as  of  the  close  of  business  on  such record date, to a price determined by
multiplying such Warrant Exercise Price by a fraction of which (A) the numerator
shall  be  the  Closing  Sale  Price  of  the  Common  Stock  on the trading day
immediately  preceding  such record date minus the value of the Distribution (as
determined  in good faith by the Company's Board of Directors) applicable to one
share  of  Common Stock, and (B) the denominator shall be the Closing Sale Price
of  the  Common Stock on the trading day immediately preceding such record date;
and

               (ii)     either  (A) the number of Warrant Shares obtainable upon
exercise  of  this Warrant shall be increased to a number of shares equal to the
number  of  shares  of Common Stock obtainable immediately prior to the close of
business  on  the  record  date fixed for the determination of holders of Common
Stock  entitled  to receive the Distribution multiplied by the reciprocal of the
fraction  set forth in the immediately preceding clause (i), or (B) in the event
that  the  Distribution  is  of  common stock of a company whose common stock is
traded  on  a  national  securities  exchange  or a national automated quotation
system,  then  the holder of this Warrant shall receive an additional warrant to
purchase  Common  Stock,  the terms of which shall be identical to those of this
Warrant,  except  that  such warrant shall be exercisable into the amount of the
assets  that  would  have been payable to the holder of this Warrant pursuant to
the Distribution had the holder exercised this Warrant immediately prior to such
record date and with an exercise price equal to the amount by which the exercise
price of this Warrant was decreased with respect to the Distribution pursuant to
the  terms  of  the  immediately  preceding  clause  (i).

          (f)     Certain  Events.  If any event occurs of the type contemplated
                  ---------------
by  the  provisions  of  this  Section  8 but not expressly provided for by such
provisions  (including,  without  limitation, the granting of stock appreciation
rights,  phantom  stock  rights  or other rights with equity features), then the
Company's  Board of Directors will make an appropriate adjustment in the Warrant
Exercise Price and the number of shares of Common Stock obtainable upon exercise
of  this  Warrant  so  as  to protect the rights of the holders of the Warrants;
provided,  except  as set forth in section 8(d),that no such adjustment pursuant
to  this  Section  8(f) will increase the Warrant Exercise Price or decrease the
number  of shares of Common Stock obtainable as otherwise determined pursuant to
this  Section  8.

          (g)     Notices.
                  -------

               (i)     Immediately  upon  any adjustment of the Warrant Exercise
Price,  the  Company  will  give  written  notice  thereof to the holder of this
Warrant,  setting forth in reasonable detail, and certifying, the calculation of
such  adjustment.

               (ii)     The  Company  will  give written notice to the holder of
this  Warrant  at  least  ten  (10)  days prior to the date on which the Company
closes  its  books  or  takes  a  record  (A)  with  respect  to any dividend or
distribution  upon  the  Common  Stock,  (B)  with  respect  to  any  pro  rata
subscription  offer  to holders of Common Stock or (C) for determining rights to
vote  with  respect  to  any  Organic  Change (as defined below), dissolution or
liquidation,  provided  that  such

                                       12
<PAGE>
information  shall  be  made known to the public prior to or in conjunction with
such  notice  being  provided  to  such  holder.

               (iii)     The Company will also give written notice to the holder
of  this  Warrant  at least ten (10) days prior to the date on which any Organic
Change,  dissolution  or  liquidation  will  take  place,  provided  that  such
information  shall  be  made known to the public prior to or in conjunction with
such  notice  being  provided  to  such  holder.

          (h)     Limitations.  Notwithstanding  the  above  provisions  of this
                  -----------
Section  8,  the number of shares of Common Stock issuable upon exercise of this
Warrant  shall  in  no  event  be  increased  to  an  amount such that the Total
Transaction  Shares  shall  be greater than 9,215,406 shares (which no more than
19.99%  of  the 46,308,573 outstanding shares of Common  Stock as of the date of
Securities  Purchase  Agreement),  until  the  Company's  shareholders  approve
(without  the  vote  of  any  shares  acquired  in  this transaction and related
transactions)  the issuance of the Total Transaction Shares.  "Total Transaction
                                                               -----------------
Shares"  shall  mean,  in the aggregate, any shares of Common Stock issued under
------
(a) the Convertible Debentures issued in connection with the Securities Purchase
Agreement  to  the  Holder,  or  its  affiliates,  and  transferees,  subsequent
transferees,  or  any other debenture issued pursuant to the Securities Purchase
Agreement  (b)  the  Warrant  Shares  (as  defined  in  the  Securities Purchase
Agreement),  and (c) any shares of Common Stock issued as Liquidated Damages (as
defined  in  the  Registration  Rights  Agreement).

     Section  9.     Purchase  Rights;  Reorganization,  Reclassification,
                     -----------------------------------------------------
Consolidation,  Merger  or  Sale.
--------------------------------

          (a)     In addition to any adjustments pursuant to Section 8 above, if
at  any  time  the  Company  grants,  issues  or  sells any Options, Convertible
Securities  or  rights to purchase stock, warrants, securities or other property
pro  rata  to  the  record  holders  of any class of Common Stock (the "Purchase
                                                                        --------
Rights"),  then the holder of this Warrant will be entitled to acquire, upon the
------
terms  applicable  to  such Purchase Rights, the aggregate Purchase Rights which
such  holder could have acquired if such holder had held the number of shares of
Common  Stock  acquirable  upon  complete  exercise  of this Warrant immediately
before  the  date  on which a record is taken for the grant, issuance or sale of
such  Purchase  Rights, or, if no such record is taken, the date as of which the
record holders of Common Stock are to be determined for the grant, issue or sale
of  such  Purchase  Rights.

          (b)     Any  recapitalization,  reorganization,  reclassification,
consolidation,  merger, sale of all or substantially all of the Company's assets
to  another Person or other transaction in each case which is effected in such a
way  that  holders  of  Common Stock are entitled to receive (either directly or
upon  subsequent  liquidation) stock, securities or assets with respect to or in
exchange  for  Common Stock is referred to herein as an "Organic Change."  Prior
                                                         --------------
to the consummation of any (i) sale of all or substantially all of the Company's
assets  to  an acquiring Person or (ii) other Organic Change following which the
Company  is  not  a  surviving  entity,  the Company will secure from the Person
purchasing  such  assets or the successor resulting from such Organic Change (in
each  case,  the  "Acquiring Entity") a written agreement (in form and substance
                   ----------------
satisfactory  to  the holders of Warrants representing at least two-thirds (iii)
of  the  Warrant Shares issuable upon exercise of the Warrants then outstanding)
to  deliver  to  each

                                       13
<PAGE>
holder  of  Warrants  in exchange for such Warrants, a security of the Acquiring
Entity  evidenced  by  a  written  instrument  substantially similar in form and
substance  to  this  Warrant  and  satisfactory  to  the holders of the Warrants
(including  an adjusted warrant exercise price equal to the value for the Common
Stock  reflected  by  the  terms  of  such  consolidation,  merger  or sale, and
exercisable  for a corresponding number of shares of Common Stock acquirable and
receivable  upon  exercise  of the Warrants without regard to any limitations on
exercise, if the value so reflected is less than any Applicable Warrant Exercise
Price  immediately  prior  to such consolidation, merger or sale).  Prior to the
consummation  of  any  other  Organic Change, the Company shall make appropriate
provision  (in  form  and  substance  satisfactory  to  the  holders of Warrants
representing  a  majority  of  the  Warrant Shares issuable upon exercise of the
Warrants  then  outstanding)  to insure that each of the holders of the Warrants
will  thereafter have the right to acquire and receive in lieu of or in addition
to  (as the case may be) the Warrant Shares immediately theretofore issuable and
receivable  upon  the  exercise of such holder's Warrants (without regard to any
limitations  on exercise), such shares of stock, securities or assets that would
have  been  issued  or  payable  in  such  Organic  Change with respect to or in
exchange  for  the  number  of Warrant Shares which would have been issuable and
receivable  upon  the  exercise  of such holder's Warrant as of the date of such
Organic  Change  (without taking into account any limitations or restrictions on
the  exercisability  of  this  Warrant).

     Section  10.     Lost,  Stolen,  Mutilated  or  Destroyed Warrant.  If this
                      ------------------------------------------------
Warrant  is lost, stolen, mutilated or destroyed, the Company shall promptly, on
receipt  of  an  indemnification  undertaking  (or,  in  the case of a mutilated
Warrant,  the  Warrant),  issue  a new Warrant of like denomination and tenor as
this  Warrant  so  lost,  stolen,  mutilated  or  destroyed.

     Section  11.     Notice.  Any  notices,  consents,  waivers  or  other
                      ------
communications required or permitted to be given under the terms of this Warrant
must be in writing and will be deemed to have been delivered:  (i) upon receipt,
when  delivered  personally; (ii) upon receipt, when sent by facsimile (provided
confirmation  of  receipt  is  received  by  the  sending  party transmission is
mechanically or electronically generated and kept on file by the sending party);
or  (iii)  one Business Day after deposit with a nationally recognized overnight
delivery  service,  in  each case properly addressed to the party to receive the
same.  The  addresses  and  facsimile  numbers for such communications shall be:

If to Holder:                      Cornell Capital Partners, LP
                                   101 Hudson Street - Suite 3700
                                   Jersey City, NJ  07302
                                   Attention:   Mark A. Angelo
                                   Telephone:   (201) 985-8300
                                   Facsimile:   (201) 985-8266

With Copy to:                      David Gonzalez, Esq.
                                   101 Hudson Street - Suite 3700
                                   Jersey City, NJ 07302
                                   Telephone:   (201) 985-8300
                                   Facsimile:   (201) 985-8266

                                       14
<PAGE>
If to the Company, to:             Hyperdynamics Corporation
                                   One Sugar Creek Center Boulevard, Suite 125
                                   Sugar Land, Texas 77478
                                   Attention:   Kent P. Watts
                                   Telephone:   (713) 353-9400
                                   Facsimile:   (713) 353-9421

With a copy to:                    Joel Seidner, Esq.
                                   880 Tully Road #50
                                   Houston, TX 77079
                                   Telephone:   (281) 493-1311
                                   Facsimile:   (281) 667-3292

If  to  a  holder of this Warrant, to it at the address and facsimile number set
forth  on  Exhibit C hereto, with copies to such holder's representatives as set
           ---------
forth on Exhibit C, or at such other address and facsimile as shall be delivered
         ---------
to  the Company upon the issuance or transfer of this Warrant.  Each party shall
provide  five  days'  prior  written  notice to the other party of any change in
address  or  facsimile number.  Written confirmation of receipt (A) given by the
recipient of such notice, consent, facsimile, waiver or other communication, (or
(B)  provided  by  a  nationally  recognized overnight delivery service shall be
rebuttable  evidence of personal service, receipt by facsimile or receipt from a
nationally  recognized overnight delivery service in accordance with clause (i),
(ii)  or  (iii)  above,  respectively.

     Section  12.     Date.  The  date  of  this  Warrant is set forth on page 1
                      ----
hereof.  This  Warrant,  in  all  events,  shall be wholly void and of no effect
after  the close of business on the Expiration Date, except that notwithstanding
any  other  provisions  hereof, the provisions of Section 8(b) shall continue in
full  force  and  effect  after  such  date  as  to  any Warrant Shares or other
securities  issued  upon  the  exercise  of  this  Warrant.

     Section 13.     Amendment and Waiver.  Except as otherwise provided herein,
                     --------------------
the  provisions  of  the  Warrants  may  be amended and the Company may take any
action  herein  prohibited,  or  omit  to  perform any act herein required to be
performed  by  it,  only  if the Company has obtained the written consent of the
holders  of  Warrants  representing  at  least  two-thirds of the Warrant Shares
issuable  upon  exercise of the Warrants then outstanding; provided that, except
for  Section  8(d),  no  such  action may increase the Warrant Exercise Price or
decrease  the number of shares or class of stock obtainable upon exercise of any
Warrant without the written consent of the holder of such Warrant.

     Section  14.     Descriptive  Headings;  Governing  Law.  The  descriptive
                      --------------------------------------
headings of the several sections and paragraphs of this Warrant are inserted for
convenience  only  and  do not constitute a part of this Warrant.  The corporate
laws  of  the  State of Delaware shall govern all issues concerning the relative
rights  of the Company and its stockholders.  All other questions concerning the
construction,  validity,  enforcement and interpretation of this Agreement shall
be  governed  by  the  internal  laws of the State of New Jersey, without giving
effect to any choice of law or conflict of law provision or rule (whether of the
State of New Jersey or any other jurisdictions) that would cause the application
of  the  laws  of  any  jurisdictions  other  than  the

                                       15
<PAGE>
State  of  New  Jersey.  Each  party hereby irrevocably submits to the exclusive
jurisdiction  of  the  state and federal courts sitting in Hudson County and the
United  States  District  Court  for  the  District  of  New  Jersey,  for  the
adjudication of any dispute hereunder or in connection herewith or therewith, or
with  any  transaction  contemplated  hereby  or  discussed  herein,  and hereby
irrevocably  waives, and agrees not to assert in any suit, action or proceeding,
any  claim  that  it  is  not personally subject to the jurisdiction of any such
court,  that such suit, action or proceeding is brought in an inconvenient forum
or  that  the  venue of such suit, action or proceeding is improper.  Each party
hereby  irrevocably  waives  personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof to
such party at the address for such notices to it under this Agreement and agrees
that  such  service  shall constitute good and sufficient service of process and
notice  thereof.  Nothing  contained  herein shall be deemed to limit in any way
any  right  to  serve  process  in  any  manner  permitted  by  law.

     SECTION  15.     Waiver  of  Jury Trial.  AS A MATERIAL INDUCEMENT FOR EACH
                      ----------------------
PARTY  HERETO  TO  ENTER  INTO THIS WARRANT, THE PARTIES HERETO HEREBY WAIVE ANY
RIGHT  TO  TRIAL  BY  JURY  IN  ANY  LEGAL PROCEEDING RELATED IN ANY WAY TO THIS
WARRANT  AND/OR  ANY  AND  ALL  OF  THE  OTHER  DOCUMENTS  ASSOCIATED  WITH THIS
TRANSACTION.

                   REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

                                       16
<PAGE>
     IN  WITNESS WHEREOF, the Company has caused this Warrant to be signed as of
the  date  first  set  forth  above.

                                   HYPERDYNAMICS CORPORATION

                                   By: /s/ Kent P. Watts
                                   Name:  Kent P. Watts
                                   Title: President and Chief Executive Officer

                                       17
<PAGE>
                              EXHIBIT A TO WARRANT
                              --------------------

                                 EXERCISE NOTICE
                                 ---------------

                                 TO BE EXECUTED
                BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

                            HYPERDYNAMICS CORPORATION

     The  undersigned  holder  hereby  exercises  the  right  to  purchase
______________ 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.

Specify  Method  of  exercise  by  check  mark:

     1.     Cash  Exercise
        ---

          (a)  Payment  of  Warrant  Exercise  Price.  The  holder shall pay the
               -------------------------------------
          Aggregate  Exercise  Price  of  $______________  to  the  Company  in
          accordance  with  the  terms  of  the  Warrant.

          (b)  Delivery  of  Warrant  Shares.  The  Company shall deliver to the
               -----------------------------
          holder  _________Warrant  Shares  in  accordance with the terms of the
          Warrant.

     2.     Cashless  Exercise
        ---

          (a)  Payment  of  Warrant Exercise Price. In lieu of making payment of
               -----------------------------------
          the  Aggregate  Exercise Price, the holder elects to receive upon such
          exercise  the  Net  Number  of  shares  of  Common Stock determined in
          accordance  with  the  terms  of  the  Warrant.

          (b)  Delivery  of  Warrant  Shares.  The  Company shall deliver to the
               -----------------------------
          holder  _________Warrant  Shares  in  accordance with the terms of the
          Warrant.

Date:                   ,
      --------------- --  ------

Name of Registered Holder

By:
   -----------------------------
Name:
     ---------------------------
Title:
      --------------------------

<PAGE>
                              EXHIBIT B TO WARRANT
                              --------------------

                             FORCED EXERCISE NOTICE
                             ----------------------

                                 TO BE EXECUTED
      BY THE COMPANY TO FORCE EXERCISE OF THIS AMENDED AND RESTATED WARRANT

                            HYPERDYNAMICS CORPORATION

     Hyperdynamics  Corporation  a  Delaware corporation (the "Company"), hereby
                                                               -------
exercises  its  right  to  force  the holder of the attached Warrant to purchase
___________________________  shares  of the Company's Common Stock, evidenced by
the  attached  Warrant.

     Capitalized  terms  used  herein  and  not otherwise defined shall have the
respective  meanings  set  forth  in  the  Warrant.

Specify  Method  of  exercise  by  check  mark:

     1.     Cash Exercise
        ---

          (a)  Payment  of  Warrant  Exercise  Price.  The  holder shall pay the
               -------------------------------------
          Aggregate  Exercise  Price  of  $______________  to  the  Company  in
          accordance  with  the  terms  of  the  Amended  and  Restated Warrant.

          (b)  Delivery  of  Warrant  Shares.  The  Company shall deliver to the
               -----------------------------
          holder  _________Warrant  Shares  in  accordance with the terms of the
          Amended  and  Restated Warrant.

Date:                   ,
      --------------- --  ------

Name of Registered Holder

By:
   -----------------------------
Name:
     ---------------------------
Title:
      --------------------------

____________________
(1)  Subject to certain limitations contained in the Warrant.

                                        2
<PAGE>
                              EXHIBIT C TO WARRANT
                              --------------------

                              FORM OF WARRANT POWER
                              ---------------------

     FOR  VALUE  RECEIVED,  the  undersigned  does hereby assign and transfer to
________________,  Federal  Identification No. __________, a warrant to purchase
____________  shares  of  the  capital  stock  of  Hyperdynamics  Corporation
represented  by  warrant  certificate  no.  _____,  standing  in the name of the
undersigned  on  the  books  of  said  corporation.  The undersigned does hereby
irrevocably  constitute  and  appoint  ______________,  attorney to transfer the
warrants  of  said corporation, with full power of substitution in the premises.

Dated:
      -------------------------------     --------------------------------------

                                          By:
                                             -----------------------------------
                                          Name:
                                               ---------------------------------
                                          Title:
                                                --------------------------------

                                       B-1Exhibit 4.5 -Registration Rights Agreement

                     INVESTOR REGISTRATION RIGHTS AGREEMENT
                     --------------------------------------

     THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of June 19,
                                               ---------
2006,  by  and  among  HYPERDYNAMICS  CORPORATION,  a  Delaware corporation (the
"Company"),  and  the undersigned investors listed on Schedule I attached hereto
 -------
(each, an "Investor" and collectively, the "Investors").
           --------                         ---------

     WHEREAS:

     A.     In  connection  with  the Securities Purchase Agreement by and among
the  parties hereto of even date herewith (the "Securities Purchase Agreement"),
                                                -----------------------------
the  Company  has  agreed,  upon  the terms and subject to the conditions of the
Securities  Purchase  Agreement,  to  issue  and  sell  to the Investors secured
convertible debentures (the "Convertible Debentures") which shall be convertible
                             ----------------------
into  that  number of shares of the Company's common stock, par value $0.001 per
share  (the  "Common  Stock"),  pursuant to the terms of the Securities Purchase
              -------------
Agreement  for  an  aggregate  purchase  price  of  up  to  Six  Million Dollars
($6,000,000).  Capitalized  terms  not  defined  herein  shall  have the meaning
ascribed  to  them  in  the  Securities  Purchase  Agreement.

     B.     To  induce  the  Investors  to  execute  and  deliver the Securities
Purchase  Agreement,  the  Company  has  agreed  to provide certain registration
rights  under  the  Securities  Act  of  1933,  as  amended,  and  the rules and
regulations  thereunder,  or  any  similar  successor statute (collectively, the
"Securities  Act"),  and  applicable  state  securities  laws.
 ---------------

     NOW,  THEREFORE,  in consideration of the premises and the mutual covenants
contained  herein  and  other  good  and valuable consideration, the receipt and
sufficiency  of  which  are  hereby  acknowledged, the Company and the Investors
hereby  agree  as  follows:

     1.     DEFINITIONS.
            -----------

     As  used  in  this  Agreement, the following terms shall have the following
meanings:

          (a)     "Person"  means a corporation, a limited liability company, an
                   ------
association,  a  partnership,  an  organization,  a  business,  an individual, a
governmental or political subdivision thereof or a governmental agency.

          (b)     "Register,"  "registered,"  and  "registration"  refer  to  a
                   --------     ----------          ------------
registration  effected  by  preparing  and  filing  one  or  more  Registration
Statements (as defined below) in compliance with the Securities Act and pursuant
to  Rule  415  under  the  Securities  Act  or  any successor rule providing for
offering  securities  on  a  continuous  or  delayed basis ("Rule 415"), and the
                                                             --------
declaration  or  ordering  of effectiveness of such Registration Statement(s) by
the United States Securities and Exchange Commission (the "SEC").
                                                           ---

          (c)     "Registrable  Securities"  means  the  shares  of Common Stock
                   -----------------------
issuable to the Investors upon conversion of the Convertible Debentures pursuant
to  the  Securities  Purchase  Agreement and the Warrant Shares, as this term is
defined  in  the  Securities  Purchase  Agreement.

<PAGE>
          (d)     "Registration  Statement" means a registration statement under
                   -----------------------
the Securities Act which covers the Registrable Securities.

     2.     REGISTRATION.
            ------------

          (a)     Subject  to  the  terms  and conditions of this Agreement, the
Company  shall prepare and file, no later than thirty (30) days from the date of
the  first  closing  pursuant  to  the  Securities  Purchase  Agreement.  (the
"Scheduled  Filing Deadline"), with the SEC a registration statement on Form S-1
 --------------------------
or  SB-2 (or, if the Company is then eligible, on Form S-3) under the Securities
Act  (the  "Initial  Registration Statement") for the resale by the Investors of
            -------------------------------
the Registrable Securities, which includes all shares underlying the Convertible
Debentures  and  the  Warrant  Shares.  The Company shall cause the Registration
Statement  to remain effective until all of the Registrable Securities have been
sold.  Prior  to  the  filing  of  the  Registration Statement with the SEC, the
Company  shall  furnish  a  copy  of  the  Initial Registration Statement to the
Investors for their review and comment.  The Investors shall furnish comments on
the  Initial Registration Statement to the Company within twenty-four (24) hours
of  the  receipt  thereof  from  the  Company.

          (b)     Effectiveness  of  the  Initial  Registration  Statement.  The
                  --------------------------------------------------------
Company  shall  use  its  best  efforts  (i)  to  have  the Initial Registration
Statement  declared  effective  by the SEC no later than one hundred thirty five
(135)  days  from  the  date  of  the  first  closing pursuant to the Securities
Purchase  Agreement.  (the  "Scheduled  Effective  Deadline") and (ii) to insure
                             ------------------------------
that  the  Initial  Registration  Statement  and  any  subsequent  Registration
Statement  remains  in  effect until all of the Registrable Securities have been
sold,  subject  to  the  terms  and  conditions  of  this  Agreement.

          (c)     Failure  to  File  or Obtain Effectiveness of the Registration
                  --------------------------------------------------------------
Statement.  In  the  event  the  Registration  Statement  is  not  filed  by the
---------
Scheduled  Filing  Deadline or is not declared effective by the SEC on or before
the  Scheduled  Effective  Date, or if after the Registration Statement has been
declared effective by the SEC, sales cannot be made pursuant to the Registration
Statement  (whether  because  of  a  failure  to keep the Registration Statement
effective,  failure to disclose such information as is necessary for sales to be
made  pursuant  to  the  Registration  Statement, failure to register sufficient
shares  of  Common Stock or otherwise) then as partial relief for the damages to
any holder of Registrable Securities by reason of any such delay in or reduction
of its ability to sell the underlying shares of Common Stock (which remedy shall
not  be  exclusive  of any other remedies at law or in equity), the Company will
pay  as  liquidated  damages  (the  "Liquidated  Damages") to the holder, at the
                                     -------------------
holder's  option,  either  a cash amount or shares of the Company's Common Stock
within  three  (3)  business  days, after demand therefore, equal to two percent
(2%)  of  the  liquidated  value  of  the  Convertible Debentures outstanding as
Liquidated  Damages  for  each thirty (30) day period after the Scheduled Filing
Deadline  or  the  Scheduled  Effective  Date  as  the  case  may  be.

          (d)     Liquidated  Damages.  The  Company  and  the  Investor  hereto
                  -------------------
acknowledge  and  agree  that the sums payable under subsection 2(c) above shall
constitute liquidated damages and not penalties and are in addition to all other
rights  of  the  Investor,  including  the right to call a default.  The parties
further acknowledge that (i) the amount of loss or damages likely to be incurred
is  incapable  or is difficult to precisely estimate, (ii) the amounts specified
in  such

                                        2
<PAGE>
subsections  bear  a  reasonable relationship to, and are not plainly or grossly
disproportionate  to, the probable loss likely to be incurred in connection with
any  failure  by  the  Company  to  obtain  or  maintain  the effectiveness of a
Registration  Statement,  (iii)  one  of  the  reasons  for  the Company and the
Investor  reaching  an agreement as to such amounts was the uncertainty and cost
of litigation regarding the question of actual damages, and (iv) the Company and
the  Investor  are  sophisticated  business parties and have been represented by
sophisticated  and  able  legal  counsel  and negotiated this Agreement at arm's
length.

          (e)     Default  Notice.  Any  default  notice  requirements  and cure
                  ---------------
periods shall be those set forth in the Convertible Debentures.

     3.   RELATED OBLIGATIONS.
          -------------------

          (a)     The  Company  shall  keep the Registration Statement effective
pursuant  to  Rule  415  at all times until the date on which the Investor shall
have  sold all the Registrable Securities covered by such Registration Statement
(the  "Registration  Period"),  which  Registration  Statement  (including  any
       --------------------
amendments  or supplements thereto and prospectuses contained therein) shall not
contain any untrue statement of a material fact or omit to state a material fact
required  to  be stated therein, or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading.

          (b)     The  Company  shall  prepare  and  file  with  the  SEC  such
amendments  (including  post-effective  amendments)  and  supplements  to  a
Registration  Statement  and  the  prospectus  used  in  connection  with  such
Registration  Statement,  which  prospectus  is to be filed pursuant to Rule 424
promulgated  under  the  Securities  Act,  as  may  be  necessary  to  keep such
Registration  Statement  effective  at all times during the Registration Period,
and,  during  such period, comply with the provisions of the Securities Act with
respect  to the disposition of all Registrable Securities of the Company covered
by  such  Registration  Statement  until  such  time  as all of such Registrable
Securities  shall  have been disposed of in accordance with the intended methods
of  disposition  by  the  seller  or  sellers  thereof  as  set  forth  in  such
Registration  Statement.  In  the  case  of  amendments  and  supplements  to  a
Registration Statement which are required to be filed pursuant to this Agreement
(including  pursuant  to  this Section 3(b)) by reason of the Company's filing a
report on Form 10-KSB, Form 10-QSB or Form 8-K or any analogous report under the
Securities  Exchange  Act  of 1934, as amended (the "Exchange Act"), the Company
                                                     ------------
shall  incorporate  such report by reference into the Registration Statement, if
applicable,  or  shall  file  such amendments or supplements with the SEC on the
same day on which the Exchange Act report is filed which created the requirement
for  the  Company  to  amend  or  supplement  the  Registration  Statement.

          (c)     The  Company  shall furnish to each Investor whose Registrable
Securities  are  included  in any Registration Statement, without charge, (i) at
least  one  (1) copy of such Registration Statement as declared effective by the
SEC  and any amendment(s) thereto, including financial statements and schedules,
all  documents  incorporated  therein  by  reference,  all  exhibits  and  each
preliminary prospectus, (ii) ten (10) copies of the final prospectus included in
such  Registration Statement and all amendments and supplements thereto (or such
other  number  of copies as such Investor may reasonably request) and (iii) such
other  documents  as  such

                                        3
<PAGE>
Investor  may  reasonably  request  from time to time in order to facilitate the
disposition  of  the  Registrable  Securities  owned  by  such  Investor.

          (d)     The  Company  shall  use  its best efforts to (i) register and
qualify  the  Registrable  Securities  covered by a Registration Statement under
such  other  securities  or  "blue sky" laws of such jurisdictions in the United
States  as  any  Investor  reasonably  requests,  (ii) prepare and file in those
jurisdictions,  such  amendments  (including  post-effective  amendments)  and
supplements  to  such  registrations  and  qualifications as may be necessary to
maintain  the  effectiveness  thereof during the Registration Period, (iii) take
such  other  actions  as  may  be  necessary  to maintain such registrations and
qualifications  in  effect at all times during the Registration Period, and (iv)
take  all  other  actions  reasonably  necessary  or  advisable  to  qualify the
Registrable  Securities  for sale in such jurisdictions; provided, however, that
the  Company  shall  not  be  required in connection therewith or as a condition
thereto  to (w) make any change to its articles of incorporation or by-laws, (x)
qualify  to  do  business  in  any  jurisdiction where it would not otherwise be
required  to  qualify  but  for this Section 3(d), (y) subject itself to general
taxation  in  any such jurisdiction, or (z) file a general consent to service of
process  in  any  such  jurisdiction.  The  Company  shall  promptly notify each
Investor  who  holds Registrable Securities of the receipt by the Company of any
notification with respect to the suspension of the registration or qualification
of any of the Registrable Securities for sale under the securities or "blue sky"
laws of any jurisdiction in the United States or its receipt of actual notice of
the  initiation  or  threat  of  any  proceeding  for  such  purpose.

          (e)     As  promptly as practicable after becoming aware of such event
or  development,  the  Company  shall  notify  each  Investor  in writing of the
happening  of  any  event  as  a  result  of  which the prospectus included in a
Registration  Statement,  as  then  in effect, includes an untrue statement of a
material fact or omission to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which  they  were  made,  not  misleading  (provided that in no event shall such
notice  contain  any  material,  nonpublic  information), and promptly prepare a
supplement  or  amendment  to such Registration Statement to correct such untrue
statement  or  omission,  and  deliver  ten  (10)  copies  of such supplement or
amendment  to  each  Investor.  The  Company  shall  also  promptly  notify each
Investor  in  writing  (i)  when  a  prospectus  or any prospectus supplement or
post-effective  amendment  has  been filed, and when a Registration Statement or
any  post-effective  amendment  has  become  effective  (notification  of  such
effectiveness  shall  be delivered to each Investor by facsimile on the same day
of  such  effectiveness),  (ii)  of  any  request  by  the SEC for amendments or
supplements  to  a  Registration  Statement  or  related  prospectus  or related
information,  and  (iii)  of  the  Company's  reasonable  determination  that  a
post-effective amendment to a Registration Statement would be appropriate.

          (f)     The Company shall use its best efforts to prevent the issuance
of  any  stop  order  or  other  suspension  of  effectiveness of a Registration
Statement,  or  the  suspension  of  the qualification of any of the Registrable
Securities for sale in any jurisdiction within the United States of America and,
if such an order or suspension is issued, to obtain the withdrawal of such order
or  suspension  at  the earliest possible moment and to notify each Investor who
holds  Registrable  Securities  being sold of the issuance of such order and the
resolution  thereof  or its receipt of actual notice of the initiation or threat
of  any  proceeding  for  such  purpose.

                                        4
<PAGE>
          (g)     At  the  reasonable request of any Investor, the Company shall
furnish  to  such Investor, on the date of the effectiveness of the Registration
Statement  and  thereafter  from  time  to time on such dates as an Investor may
reasonably request (i) a letter, dated such date, from the Company's independent
certified  public  accountants  in form and substance as is customarily given by
independent  certified  public  accountants  to  underwriters in an underwritten
public  offering,  and  (ii)  an  opinion,  dated  as  of  such date, of counsel
representing  the  Company for purposes of such Registration Statement, in form,
scope  and substance as is customarily given in an underwritten public offering,
addressed  to  the  Investors.

          (h)     The  Company  shall  make  available for inspection by (i) any
Investor  and  (ii)  one (1) firm of accountants or other agents retained by the
Investors  (collectively,  the  "Inspectors")  all pertinent financial and other
                                 ----------
records,  and  pertinent  corporate  documents  and  properties  of  the Company
(collectively,  the  "Records"), as shall be reasonably deemed necessary by each
                      -------
Inspector,  and  cause the Company's officers, directors and employees to supply
all  information  which any Inspector may reasonably request; provided, however,
that  each  Inspector  shall  agree, and each Investor hereby agrees, to hold in
strict  confidence  and shall not make any disclosure (except to an Investor) or
use  any  Record or other information which the Company determines in good faith
to  be  confidential, and of which determination the Inspectors are so notified,
unless  (a)  the  disclosure  of such Records is necessary to avoid or correct a
misstatement  or omission in any Registration Statement or is otherwise required
under the Securities Act, (b) the release of such Records is ordered pursuant to
a  final,  non-appealable  subpoena  or order from a court or government body of
competent  jurisdiction,  or  (c)  the information in such Records has been made
generally  available to the public other than by disclosure in violation of this
or  any  other  agreement of which the Inspector and the Investor has knowledge.
Each  Investor  agrees  that  it  shall,  upon  learning that disclosure of such
Records  is  sought  in  or  by  a  court  or  governmental  body  of  competent
jurisdiction or through other means, give prompt notice to the Company and allow
the  Company,  at  its  expense,  to  undertake  appropriate  action  to prevent
disclosure  of,  or  to  obtain  a  protective  order  for,  the  Records deemed
confidential.

          (i)     The  Company  shall  hold  in  confidence  and  not  make  any
disclosure  of information concerning an Investor provided to the Company unless
(i)  disclosure of such information is necessary to comply with federal or state
securities  laws,  (ii) the disclosure of such information is necessary to avoid
or  correct  a misstatement or omission in any Registration Statement, (iii) the
release  of  such  information is ordered pursuant to a subpoena or other final,
non-appealable  order  from  a  court  or  governmental  body  of  competent
jurisdiction,  or (iv) such information has been made generally available to the
public  other  than  by  disclosure  in violation of this Agreement or any other
agreement.  The  Company  agrees that it shall, upon learning that disclosure of
such  information  concerning  an  Investor  is  sought  in  or  by  a  court or
governmental  body of competent jurisdiction or through other means, give prompt
written  notice  to  such  Investor  and  allow such Investor, at the Investor's
expense,  to undertake appropriate action to prevent disclosure of, or to obtain
a  protective  order  for,  such  information.

          (j)     The Company shall use its best efforts either to cause all the
Registrable  Securities  covered by a Registration Statement (i) to be listed on
each  securities exchange on which securities of the same class or series issued
by  the  Company  are  then  listed,  if any, if the listing of such Registrable
Securities  is  then  permitted  under  the  rules  of  such  exchange  or

                                        5
<PAGE>
(ii)  the  inclusion  for  quotation  on  the National Association of Securities
Dealers,  Inc.  OTC Bulletin Board for such Registrable Securities.  The Company
shall  pay  all  fees  and expenses in connection with satisfying its obligation
under  this  Section  3(j).

          (k)     The  Company  shall  cooperate  with  the  Investors  who hold
Registrable  Securities  being  offered  and,  to  the  extent  applicable,  to
facilitate  the timely preparation and delivery of certificates (not bearing any
restrictive  legend)  representing  the  Registrable  Securities  to  be offered
pursuant  to a Registration Statement and enable such certificates to be in such
denominations  or  amounts,  as the case may be, as the Investors may reasonably
request  and  registered  in  such  names  as  the  Investors  may  request.

          (l)     The  Company  shall  use  its  best  efforts  to  cause  the
Registrable  Securities  covered  by the applicable Registration Statement to be
registered  with  or approved by such other governmental agencies or authorities
as  may  be  necessary  to  consummate  the  disposition  of  such  Registrable
Securities.

          (m)     The  Company  shall  make  generally available to its security
holders  as  soon  as  practical,  but not later than ninety (90) days after the
close  of  the  period covered thereby, an earnings statement (in form complying
with the provisions of Rule 158 under the Securities Act) covering a twelve (12)
month  period  beginning  not  later  than the first day of the Company's fiscal
quarter  next  following  the  effective  date  of  the  Registration Statement.

          (n)     The  Company  shall  otherwise  use its best efforts to comply
with  all  applicable  rules  and  regulations of the SEC in connection with any
registration  hereunder.

          (o)     Within  two  (2)  business days after a Registration Statement
which  covers  Registrable  Securities  is  declared  effective  by the SEC, the
Company shall deliver, and shall cause legal counsel for the Company to deliver,
to  the  transfer  agent  for  such  Registrable  Securities (with copies to the
Investors  whose  Registrable  Securities  are  included  in  such  Registration
Statement)  confirmation  that  such  Registration  Statement  has been declared
effective by the SEC in the form attached hereto as Exhibit A.
                                                    ---------

          (p)     The  Company shall take all other reasonable actions necessary
to  expedite  and  facilitate  disposition  by  the  Investors  of  Registrable
Securities  pursuant  to  a  Registration  Statement.

     4.     OBLIGATIONS  OF  THE  INVESTORS.
            -------------------------------

     Each  Investor  agrees that, upon receipt of any notice from the Company of
the  happening  of  any event of the kind described in Section 3(f) or the first
sentence  of  3(e),  such  Investor  will immediately discontinue disposition of
Registrable  Securities  pursuant to any Registration Statement(s) covering such
Registrable  Securities  until  such  Investor's  receipt  of  the copies of the
supplemented  or  amended  prospectus contemplated by Section 3(e) or receipt of
notice that no supplement or amendment is required.  Notwithstanding anything to
the  contrary,  the Company shall cause its transfer agent to deliver unlegended
certificates  for  shares  of  Common  Stock  to  a transferee of an Investor in
accordance  with  the  terms  of the Securities Purchase Agreement in connection
with  any  sale  of Registrable Securities with respect to which an Investor has
entered  into  a  contract  for sale prior to the Investor's receipt of a notice
from  the

                                        6
<PAGE>
Company  of  the happening of any event of the kind described in Section 3(f) or
the  first  sentence  of  3(e)  and  for which the Investor has not yet settled.

     5.     EXPENSES  OF  REGISTRATION.
            --------------------------

     All  expenses  incurred  in  connection  with  registrations,  filings  or
qualifications  pursuant to Sections 2 and 3, including, without limitation, all
registration,  listing  and  qualifications fees, printers, legal and accounting
fees  shall  be  paid  by  the  Company.

     6.     INDEMNIFICATION.
            ---------------

     With respect to Registrable Securities which are included in a Registration
Statement  under  this  Agreement:

          (a)     To  the fullest extent permitted by law, the Company will, and
hereby  does,  indemnify, hold harmless and defend each Investor, the directors,
officers,  partners,  employees, agents, representatives of, and each Person, if
any,  who  controls any Investor within the meaning of the Securities Act or the
Exchange  Act  (each,  an  "Indemnified  Person"),  against  any losses, claims,
                            -------------------
damages,  liabilities,  judgments,  fines, penalties, charges, costs, reasonable
attorneys'  fees,  amounts  paid  in  settlement  or  expenses, joint or several
(collectively,  "Claims")  incurred in investigating, preparing or defending any
                 ------
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing  by  or  before  any  court  or  governmental, administrative or other
regulatory  agency,  body  or the SEC, whether pending or threatened, whether or
not  an  indemnified party is or may be a party thereto ("Indemnified Damages"),
                                                          -------------------
to  which  any  of them may become subject insofar as such Claims (or actions or
proceedings,  whether  commenced or threatened, in respect thereof) arise out of
or  are  based  upon:  (i) any untrue statement or alleged untrue statement of a
material  fact  in  a  Registration  Statement  or  any post-effective amendment
thereto  or  in  any  filing  made  in  connection with the qualification of the
offering  under  the  securities or other "blue sky" laws of any jurisdiction in
which Registrable Securities are offered ("Blue Sky Filing"), or the omission or
                                           ---------------
alleged  omission  to  state  a  material  fact required to be stated therein or
necessary  to  make  the  statements  therein  not  misleading;  (ii) any untrue
statement  or alleged untrue statement of a material fact contained in any final
prospectus  (as  amended  or  supplemented,  if  the Company files any amendment
thereof  or supplement thereto with the SEC) or the omission or alleged omission
to  state  therein  any  material  fact  necessary  to  make the statements made
therein,  in  light of the circumstances under which the statements therein were
made, not misleading; or (iii) any violation or alleged violation by the Company
of  the  Securities  Act,  the  Exchange  Act, any other law, including, without
limitation,  any  state  securities  law,  or any rule or regulation there under
relating  to  the  offer  or  sale  of  the Registrable Securities pursuant to a
Registration  Statement  (the matters in the foregoing clauses (i) through (iii)
being,  collectively,  "Violations").  The Company shall reimburse the Investors
                        ----------
and  each such controlling person promptly as such expenses are incurred and are
due  and  payable,  for  any  legal  fees  or  disbursements or other reasonable
expenses incurred by them in connection with investigating or defending any such
Claim.  Notwithstanding  anything  to  the  contrary  contained  herein,  the
indemnification agreement contained in this Section 6(a): (x) shall not apply to
a  Claim by an Indemnified Person arising out of or based upon a Violation which
occurs  in reliance upon and in conformity with information furnished in writing
to  the  Company by such Indemnified Person expressly for use in connection with
the  preparation  of  the  Registration

                                        7
<PAGE>
Statement  or any such amendment thereof or supplement thereto; (y) shall not be
available  to  the  extent  such  Claim is based on a failure of the Investor to
deliver  or  to  cause  to  be  delivered  the  prospectus made available by the
Company, if such prospectus was timely made available by the Company pursuant to
Section 3(c); and (z) shall not apply to amounts paid in settlement of any Claim
if such settlement is effected without the prior written consent of the Company,
which consent shall not be unreasonably withheld. Such indemnity shall remain in
full  force  and  effect regardless of any investigation made by or on behalf of
the  Indemnified  Person  and  shall  survive  the  transfer  of the Registrable
Securities  by  the  Investors  pursuant  to  Section  9  hereof.

          (b)     In  connection  with  a  Registration Statement, each Investor
agrees  to severally and not jointly indemnify, hold harmless and defend, to the
same extent and in the same manner as is set forth in Section 6(a), the Company,
each  of  its  directors,  each  of its officers, employees, representatives, or
agents  and  each Person, if any, who controls the Company within the meaning of
the  Securities  Act  or the Exchange Act (each an "Indemnified Party"), against
                                                    -----------------
any  Claim or Indemnified Damages to which any of them may become subject, under
the  Securities  Act,  the  Exchange  Act or otherwise, insofar as such Claim or
Indemnified Damages arise out of or is based upon any Violation, in each case to
the  extent, and only to the extent, that such Violation occurs in reliance upon
and  in  conformity  with  written  information furnished to the Company by such
Investor  expressly for use in connection with such Registration Statement; and,
subject  to  Section  6(d),  such  Investor  will  reimburse  any legal or other
expenses  reasonably  incurred  by  them  in  connection  with  investigating or
defending  any  such  Claim;  provided,  however,  that  the indemnity agreement
contained  in  this  Section 6(b) and the agreement with respect to contribution
contained  in  Section  7  shall  not apply to amounts paid in settlement of any
Claim  if  such settlement is effected without the prior written consent of such
Investor,  which  consent shall not be unreasonably withheld; provided, further,
however, that the Investor shall be liable under this Section 6(b) for only that
amount  of a Claim or Indemnified Damages as does not exceed the net proceeds to
such Investor as a result of the sale of Registrable Securities pursuant to such
Registration  Statement.  Such  indemnity  shall remain in full force and effect
regardless  of  any investigation made by or on behalf of such Indemnified Party
and  shall  survive  the transfer of the Registrable Securities by the Investors
pursuant  to  Section  9.  Notwithstanding  anything  to  the contrary contained
herein,  the  indemnification  agreement  contained  in  this  Section 6(b) with
respect  to  any  prospectus  shall  not inure to the benefit of any Indemnified
Party  if  the  untrue  statement  or omission of material fact contained in the
prospectus  was corrected and such new prospectus was delivered to each Investor
prior  to  such  Investor's  use  of  the prospectus to which the Claim relates.

          (c)     Promptly after receipt by an Indemnified Person or Indemnified
Party  under  this  Section  6  of  notice  of the commencement of any action or
proceeding  (including any governmental action or proceeding) involving a Claim,
such  Indemnified  Person  or  Indemnified  Party  shall,  if a Claim in respect
thereof  is  to  be  made  against  any indemnifying party under this Section 6,
deliver  to the indemnifying party a written notice of the commencement thereof,
and  the  indemnifying party shall have the right to participate in, and, to the
extent  the  indemnifying  party so desires, jointly with any other indemnifying
party  similarly  noticed, to assume control of the defense thereof with counsel
mutually  satisfactory  to  the indemnifying party and the Indemnified Person or
the  Indemnified  Party,  as  the  case  may  be;  provided,  however,  that  an
Indemnified  Person  or Indemnified Party shall have the right to retain its own
counsel  with  the  fees  and expenses of not more than one (1) counsel for such
Indemnified  Person  or  Indemnified

                                        8
<PAGE>
Party  to  be  paid  by the indemnifying party, if, in the reasonable opinion of
counsel  retained  by the indemnifying party, the representation by such counsel
of  the Indemnified Person or Indemnified Party and the indemnifying party would
be  inappropriate  due  to actual or potential differing  interests between such
Indemnified  Person or Indemnified Party and any other party represented by such
counsel  in  such proceeding.  The Indemnified Party or Indemnified Person shall
cooperate  fully  with the indemnifying party in connection with any negotiation
or  defense  of  any  such  action  or claim by the indemnifying party and shall
furnish  to  the  indemnifying party all information reasonably available to the
Indemnified  Party  or Indemnified Person which relates to such action or claim.
The  indemnifying  party  shall keep the Indemnified Party or Indemnified Person
fully  apprised  at  all times as to the status of the defense or any settlement
negotiations  with  respect  thereto.  No indemnifying party shall be liable for
any  settlement  of  any  action, claim or proceeding effected without its prior
written  consent;  provided,  however,  that  the  indemnifying  party shall not
unreasonably  withhold,  delay  or condition its consent.  No indemnifying party
shall, without the prior written consent of the Indemnified Party or Indemnified
Person,  consent  to entry of any judgment or enter into any settlement or other
compromise which does not include as an unconditional term thereof the giving by
the  claimant  or plaintiff to such Indemnified Party or Indemnified Person of a
release  from  all  liability in respect to such claim or litigation.  Following
indemnification  as  provided  for  hereunder,  the  indemnifying party shall be
subrogated  to  all  rights  of the Indemnified Party or Indemnified Person with
respect  to  all third parties, firms or corporations relating to the matter for
which  indemnification  has been made.  The failure to deliver written notice to
the  indemnifying party within a reasonable time of the commencement of any such
action  shall  not  relieve  such  indemnifying  party  of  any liability to the
Indemnified  Person  or  Indemnified  Party  under this Section 6, except to the
extent  that  the indemnifying party is prejudiced in its ability to defend such
action.

          (d)     The  indemnification  required by this Section 6 shall be made
by  periodic  payments  of  the  amount  thereof  during  the  course  of  the
investigation  or defense, as and when bills are received or Indemnified Damages
are  incurred.

          (e)     The indemnity agreements contained herein shall be in addition
to  (i)  any  cause  of  action  or  similar  right  of the Indemnified Party or
Indemnified  Person  against  the  indemnifying  party  or  others, and (ii) any
liabilities  the  indemnifying  party  may  be  subject  to pursuant to the law.

     7.     CONTRIBUTION.
            ------------

     To the extent any indemnification by an indemnifying party is prohibited or
limited  by  law, the indemnifying party agrees to make the maximum contribution
with respect to any amounts for which it would otherwise be liable under Section
6  to  the  fullest  extent  permitted  by law; provided, however, that:  (i) no
seller  of Registrable Securities guilty of fraudulent misrepresentation (within
the  meaning  of  Section  11(f)  of  the  Securities  Act) shall be entitled to
contribution  from  any  seller  of Registrable Securities who was not guilty of
fraudulent misrepresentation; and (ii) contribution by any seller of Registrable
Securities  shall be limited in amount to the net amount of proceeds received by
such  seller  from  the  sale  of  such  Registrable  Securities.

                                        9
<PAGE>
     8.   REPORTS UNDER THE EXCHANGE ACT.
          ------------------------------

     With  a  view to making available to the Investors the benefits of Rule 144
promulgated  under  the  Securities Act or any similar rule or regulation of the
SEC  that may at any time permit the Investors to sell securities of the Company
to the public without registration ("Rule 144") the Company agrees to:
                                     --------

          (a)     make and keep public information available, as those terms are
understood  and  defined  in  Rule  144;

          (b)     file  with  the  SEC  in a timely manner all reports and other
documents  required of the Company under the Securities Act and the Exchange Act
so long as the Company remains subject to such requirements (it being understood
that  nothing herein shall limit the Company's obligations under Section 4(c) of
the  Securities  Purchase  Agreement)  and  the filing of such reports and other
documents  as  are  required  by  the  applicable  provisions  of  Rule 144; and

          (c)     furnish  to  each  Investor  so  long  as  such  Investor owns
Registrable  Securities,  promptly  upon request, (i) a written statement by the
Company  that  it  has complied with the reporting requirements of Rule 144, the
Securities  Act  and  the Exchange Act, (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by
the  Company, and (iii) such other information as may be reasonably requested to
permit  the  Investors  to  sell  such  securities  pursuant to Rule 144 without
registration.

     9.   MISCELLANEOUS.
          -------------

          (a)     A  Person  is  deemed to be a holder of Registrable Securities
whenever  such  Person  owns  or  is  deemed  to  own of record such Registrable
Securities  or  owns  the  right  to receive the Registrable Securities.  If the
Company  receives conflicting instructions, notices or elections from two (2) or
more  Persons with respect to the same Registrable Securities, the Company shall
act  upon  the  basis  of  instructions,  notice  or  election received from the
registered  owner  of  such  Registrable  Securities.

          (b)     Any  notices,  consents,  waivers  or  other  communications
required  or  permitted to be given under the terms of this Agreement must be in
writing  and  will  be  deemed  to  have been delivered:  (i) upon receipt, when
delivered  personally;  (ii)  upon  receipt,  when  sent  by facsimile (provided
confirmation  of  transmission  is  mechanically or electronically generated and
kept  on file by the sending party); or (iii) one (1) business day after deposit
with  a  nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same.  The addresses and facsimile numbers
for  such  communications  shall  be:

If to the Company, to:             Hyperdynamics Corporation
                                   One Sugar Creek Center Boulevard, Suite 125
                                   Sugar Land, Texas 77478
                                   Attention:   Kent P. Watts
                                   Telephone:   (713) 353-9400
                                   Facsimile:   (713) 353-9421

                                       10
<PAGE>
With Copy to:                      Joel Seidner, Esq.
                                   880 Tully Road #50
                                   Houston, TX 77079
                                   Telephone:   (281) 493-1311
                                   Facsimile:   (281) 667-3292

If  to  an  Investor,  to  its  address  and facsimile number on the Schedule of
Investors attached hereto, with copies to such Investor's representatives as set
forth  on  the  Schedule  of Investors or to such other address and/or facsimile
number  and/or  to the attention of such other person as the recipient party has
specified by written notice given to each other party five (5) days prior to the
effectiveness  of such change.  Written confirmation of receipt (A) given by the
recipient  of  such  notice,  consent,  waiver  or  other  communication,  (B)
mechanically  or  electronically  generated  by  the  sender's facsimile machine
containing  the time, date, recipient facsimile number and an image of the first
page  of  such  transmission  or  (C) provided by a courier or overnight courier
service  shall  be rebuttable evidence of personal service, receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

          (c)     Failure  of  any  party  to exercise any right or remedy under
this  Agreement  or  otherwise,  or delay by a party in exercising such right or
remedy,  shall  not  operate  as  a  waiver  thereof.

          (d)     The  laws  of  the State of New Jersey shall govern all issues
concerning  the  relative  rights  of  the  Company  and  the  Investors  as its
stockholders.  All  other  questions  concerning  the  construction,  validity,
enforcement  and  interpretation  of  this  Agreement  shall  be governed by the
internal laws of the State of New Jersey, without giving effect to any choice of
law  or conflict of law provision or rule (whether of the State of New Jersey or
any  other  jurisdiction)  that  would  cause the application of the laws of any
jurisdiction  other than the State of New Jersey.  Each party hereby irrevocably
submits to the non-exclusive jurisdiction of the Superior Courts of the State of
New  Jersey,  sitting  in  Hudson  County, New Jersey and federal courts for the
District  of  New Jersey sitting Newark, New Jersey, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated
hereby  or  discussed  herein,  and hereby irrevocably waives, and agrees not to
assert  in  any  suit, action or proceeding, any claim that it is not personally
subject  to  the  jurisdiction  of  any  such  court,  that such suit, action or
proceeding  is  brought in an inconvenient forum or that the venue of such suit,
action or proceeding is improper.  Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action
or  proceeding  by  mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service shall constitute
good  and  sufficient  service of process and notice thereof.  Nothing contained
herein  shall  be  deemed  to limit in any way any right to serve process in any
manner permitted by law.  If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that
jurisdiction  or  the  validity  or  enforceability  of  any  provision  of this
Agreement  in  any other jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT  IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF  ANY  DISPUTE  HEREUNDER

                                       11
<PAGE>
OR  IN  CONNECTION  HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED  HEREBY.

          (e)     This  Agreement,  the Irrevocable Transfer Agent Instructions,
the  Securities  Purchase  Agreement  and  related  documents  including  the
Convertible  Debenture  and  the  Security  Agreement dated the date hereof (the
"Security  Agreement")  constitute the entire agreement among the parties hereto
 -------------------
with  respect  to  the  subject  matter  hereof  and  thereof.  There  are  no
restrictions,  promises,  warranties or undertakings, other than those set forth
or  referred  to  herein  and therein.  This Agreement, the Irrevocable Transfer
Agent  Instructions,  the  Securities  Purchase  Agreement and related documents
including  the  Convertible  Debenture, and the Security Agreement supersede all
prior agreements and understandings among the parties hereto with respect to the
subject  matter  hereof  and  thereof.

          (f)     This  Agreement  shall  inure to the benefit of and be binding
upon  the  permitted  successors  and  assigns  of  each  of the parties hereto.

          (g)     The  headings  in  this  Agreement  are  for  convenience  of
reference only and shall not limit or otherwise affect the meaning hereof.

          (h)     This Agreement may be executed in identical counterparts, each
of  which  shall be deemed an original but all of which shall constitute one and
the  same agreement.  This Agreement, once executed by a party, may be delivered
to  the other party hereto by facsimile transmission of a copy of this Agreement
bearing  the  signature  of  the  party  so  delivering  this  Agreement.

          (i)     Each  party  shall  do  and  perform,  or cause to be done and
performed,  all  such further acts and things, and shall execute and deliver all
such  other  agreements,  certificates,  instruments and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

The  language used in this Agreement will be deemed to be the language chosen by
the  parties  to express their mutual intent and no rules of strict construction
will  be  applied  against  any  party.

          (j)     This  Agreement  is  intended  for  the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the
benefit  of,  nor  may  any  provision  hereof be enforced by, any other Person.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       12
<PAGE>
     IN  WITNESS  WHEREOF,  the  parties  have caused this Investor Registration
Rights Agreement to be duly executed as of day and year first above written.

                                   COMPANY:
                                   HYPERDYNAMICS CORPORATION

                                   By:/s/ Kent P. Watts
                                   Name:   Kent P. Watts
                                   Title:  President and Chief Executive Officer

                                       13
<PAGE>
<TABLE>
<CAPTION>
                                        SCHEDULE I

                                   SCHEDULE OF INVESTORS
                                   ---------------------

                                                                  ADDRESS/FACSIMILE
            NAME                       SIGNATURE                 NUMBER OF INVESTORS
----------------------------  ----------------------------  ------------------------------
<S>                           <C>                           <C>

Cornell Capital Partners, LP  By:  Yorkville Advisors, LLC  101 Hudson Street - Suite 3700
                              Its: General Partner          Jersey City, NJ  07303
                                                            Facsimile:      (201) 985-8266

                              By:/s/ Mark Angelo
                              Name:   Mark Angelo
                              Its:    Portfolio Manager

With a copy to:               David Gonzalez, Esq.          101 Hudson Street - Suite 3700
                                                            Jersey City, NJ 07302
                                                            Facsimile:      (201) 985-8266
</TABLE>

<PAGE>
                                    EXHIBIT A

                         FORM OF NOTICE OF EFFECTIVENESS
                            OF REGISTRATION STATEMENT
                            -------------------------

Attention:

     Re:     HYPERDYNAMICS  CORPORATION
             --------------------------

Ladies  and  Gentlemen:

     We  are  counsel  to Hyperdynamics Corporation, a Delaware corporation (the
"Company"),  and  have  represented  the Company in connection with that certain
 -------
Securities Purchase Agreement (the "Securities Purchase Agreement") entered into
                                    -----------------------------
by  and  among  the  Company  and the investors named therein (collectively, the
"Investors") pursuant to which the Company issued to the Investors shares of its
 ---------
Common  Stock, par value $0.001 per share (the "Common Stock").  Pursuant to the
                                                ------------
Purchase  Agreement,  the  Company  also  has entered into a Registration Rights
Agreement  with  the  Investors  (the  "Investor Registration Rights Agreement")
                                        --------------------------------------
pursuant  to  which  the  Company  agreed,  among  other things, to register the
Registrable  Securities  (as defined in the Registration Rights Agreement) under
the  Securities  Act  of 1933, as amended (the "Securities Act").  In connection
                                                --------------
with  the  Company's  obligations  under  the  Registration Rights Agreement, on
____________  ____,  the Company filed a Registration Statement on Form ________
(File  No. 333-_____________) (the "Registration Statement") with the Securities
                                    ----------------------
and  Exchange SEC (the "SEC") relating to the Registrable Securities which names
                        ---
each of the Investors as a selling stockholder there under.

     In  connection with the foregoing, we advise you that a member of the SEC's
staff  has  advised  us by telephone that the SEC has entered an order declaring
the  Registration Statement effective under the Securities Act at [ENTER TIME OF
EFFECTIVENESS]  on [ENTER DATE OF EFFECTIVENESS] and we have no knowledge, after
telephonic  inquiry  of  a  member  of  the  SEC's  staff,  that  any stop order
suspending  its  effectiveness  has been issued or that any proceedings for that
purpose  are  pending  before,  or  threatened  by,  the SEC and the Registrable
Securities  are  available  for  resale under the Securities Act pursuant to the
Registration  Statement.

                                        Very truly yours,

                                        [LAW FIRM]

                                        By:
                                           -------------------------------------

cc:     [LIST NAMES OF INVESTORS]

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