CALGARY, ALBERTA--(Marketwire - May 3, 2010) -
NOT FOR DISTRIBUTION TO U.S NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
Sea Dragon Energy Inc. ("Sea Dragon") (TSX VENTURE:SDX) today filed its Annual Information Form (the "AIF"), audited consolidated financial statements and related management's discussion and analysis for the year ended December 31, 2009 with Canadian securities regulatory authorities. The Company has also filed a Reserves Data and Other Oil and Gas Information for the year ended December 31, 2009, which contains additional information on Huntington's reserves as required under National Instrument 51-101 Standards of Disclosure for oil and Gas Activities.
Copies of the filed documents may be obtained through Sea Dragon's web site at www.seadragonenergy.com, through SEDAR at www.sedar.com.
Sea Dragon Energy Inc. is a Calgary-based, growth-oriented oil and gas exploration and development company focused on the Middle East/North Africa region with production operations in the Arab Republic of Egypt.
During the year ended December 31, 2009, Sea Dragon achieved the following:
-- On December 21, 209 the Company completed the acquisition of the entire
issued capital of Premier Oil Overseas BV. The acquired company owns a
10% working interest in the on-shore North West Gemsa Concession ("NW
Gemsa"), Eastern Desert, Egypt, which includes development and
-- On November 6, 2009 the Company completed a private placement of
60,000,000 units at $0.25 per unit. Each unit consists of one common
share and one half share purchase warrant. Each whole warrant is
exercisable into one common share at a price of $0.50 for a period of 36
months from the closing date of the offer. Gross proceeds raised were
$15.0 million and the net proceeds of $14,245 after all related costs
have been deducted will be used to fund the acquisition of Premier Egypt
(NW Gemsa) B.V.
-- On December 31, 2009, the Company, through its wholly-owned subsidiary,
Sea Dragon Energy (Kom Ombo) Ltd. entered into a farmout agreement with
Dana Gas Egypt for the acquisition of a fifty (50%) percent
participating interest in the Kom Ombo Concession, Egypt.
-- In February 2009 the Company completed drilling of the North Dahab
Prospect (the 5-X well), on the East Wadi Araba ("EWA") concession in
Egypt. The well encountered two separate reservoirs in the Kareem and
Rudeis formations and hydrocarbons were encountered. As the hydrocarbons
did not meet the Company's economic criteria the well was plugged and
abandoned. The joint venture has decided to not pursue any additional
exploration activities and instead it relinquished the concession on
July 17, 2009.
Selected annual information
$C 000, except share, per 2009 2008 2007
share information and
Average Daily Production
volumes (Bopd) 614 0 0
Average Daily Sales Volume
(Bopd) 617 0 0
Average Price ($US/Bopd) (1) 72.39 0 0
Oil production, gross (bbls)
(1) 6,143 0 0
Unrestricted cash balance at
year-end 2,092 16,733 4,452
Working capital (deficiency) 3,432 12,175 (2,350)
Restricted cash 325 10,081 -
Capital expenditures 11,853 13,245 2,635
Total assets 22,229 29,814 8,819
Shareholders' equity 21,168 22,868 1,351
Share capital 54,942 44,444 2,976
Common shares outstanding
At year end 206,131,405 144,509,405 40,747,500
Diluted 253,741,076 158,491,076 65,028,936
Weighted average common shares
Basic 153,717,257 95,637,258 39,981,322
Diluted 153,738,451 96,128,549 Not available (2)
(Deficit) (39,848) (23,013) (1,686)
Cash flow used in operations (2,847) (223) (755)
Funds flow from (used in)
operations(3) (5,123) 107 (672)
Basic, per share(3)(4) ($0.033) $0.001 ($0.017)
Loss (16,835) (21,327) (948)
Basic, per share(4) ($0.110) ($0.223) ($0.024)
For further information please see the website of the Company at www.seadragonenergy.com or the Company's filed documents at www.sedar.com.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading Risk Factors and elsewhere in the Company's filings with Canadian securities regulators. Specifically that there is no assurance that any hydrocarbon reserves will be discovered nor is there any assurance that any hydrocarbons encountered will be in commercially recoverable quantities. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and expect as may be required by applicable securities laws.
The TSX.V Venture Exchange has neither approved nor disapproved of the information contained herein. The TSX.V Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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