Elliott Reports Trading in Energy Securities

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CALGARY, Alberta, May 16, 2011 /CNW/ -- On February 23, 2011, Elliott Associates, L.P., The Liverpool Limited Partnership and Elliott International, L.P. (collectively "the Elliott Entities") purchased 50,000 common shares of Hyperion Exploration Corp. ("Hyperion") through the facilities of the Toronto Stock Exchange which resulted in a deemed beneficial ownership of 20.06% of the voting securities of Hyperion. From February 23, 2011 to March 23, 2011, the Elliott entities acquired an aggregate of 950,000 common shares of Hyperion in a series of open market purchases (the "Acquisitions").

Upon review and consideration of the securities legislation applicable to the Acquisitions, and specifically, the take-over bid rules, it appears that no exemption from the take-over bid requirements may have been available with respect to the Acquisitions. The Elliott entities acquired the Hyperion common shares for investment purposes only and did not intend to make a take-over bid. The Elliott entities brought this matter to the attention of the Alberta Securities Commission, the principal regulator for Hyperion. In addition, on March 24, 2011, the Elliott entities disposed of the 950,000 common shares purchased in the Acquisitions at a loss.

The Elliott entities have notified the Alberta Securities Commission that in the past they may have been in unintended and inadvertent contravention of the early warning reporting requirements of applicable securities laws with respect to certain acquisitions of Hyperion shares. The Elliott entities have consistently reported their holdings through insider trading reports filed on SEDI and have never sought to withhold from the public information regarding their shareholding level in Hyperion. The Elliott entities have undertaken a number of internal procedures to ensure compliance with Canadian securities laws in future transactions.

The Elliott entities filed a cumulative early warning report on March 24, 2011 which is available for review on Hyperion's profile on the SEDAR website at www.sedar.com.

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    About Elliott Management Corporation
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Elliott Management Corporation oversees two funds, Elliott Associates, L.P. and Elliott International, L.P., that have more than $16.8 billion of assets under management. Founded in 1977, Elliott is one of the oldest private investment firms of its kind under continuous management. The Elliott funds' investors include large institutions, college and charitable endowments, family offices, and friends and employees of the firm.

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SOURCE Elliott Associates, L.P.

For further information: Scott Tagliarino, Elliott Management Corporation, +1-212-974-6000

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Elliott Associates, L.P.

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