It has been a tough year for Sea Dragon, falling all the way down to $.10 a share.
There is a lot of shares outstanding on this stock, but it may be worth watching for the next 6 months to see if Management can put a shine on this turd.
Dragon Energy enters into agreement to acquire oil and gas assets in EgyptTuesday, January 10, 2012
Indirect wholly-owned subsidiary of Sea Dragon will acquire all of the issued and outstanding shares of National Petroleum.
Sea Dragon Energy has entered into an arm's length share purchase agreement with Golden Crescent Investments, whereby an indirect wholly-owned subsidiary of Sea Dragon will acquire all of the issued and outstanding shares of National Petroleum Company Egypt (NPC Egypt), for consideration of US$60,000,000 in cash and the issuance of 350,000,000 common shares of Sea Dragon to be issued to Golden Crescent at the closing of the Acquisition, at a deemed price of US$0.25 per share, subject to any adjustments made in accordance with the terms of the Purchase Agreement.
Said Arrata, Chairman and CEO of Sea Dragon commented on the acquisition transaction: 'This is a transformational transaction for the future of Sea Dragon and indicates the Company's commitment to grow in Egypt and elsewhere in the region. The transaction, which will result in the acquisition of a 100% operated participating interest in three concessions and a 12.75% non-operated working interest in a fourth concession brings with it additional proved plus probable reserves, additional production and considerable upside in terms of the low risk, near term development of the Muzhil field. There is also considerable exploration potential in the NEM Concession, the SAZ Concession and the SHM Concession. These assets are complementary to Sea Dragon's existing Egyptian assets and will enable Sea Dragon to continue its goal to be a leading independent oil production