/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY, Nov. 1, 2013 /CNW/ - Sea Dragon Energy Inc. ("Sea Dragon" or the "Company") (TSX VENTURE: SDX) is pleased to announce that it has completed the previously announced
sale of all of the issued and outstanding shares of its indirect
wholly-owned subsidiary Sea Dragon Energy (Kom Ombo) Ltd. ("Kom Ombo") for cash consideration of US$6 million paid at closing. Adjustments
in favour of Sea Dragon estimated to be approximately US$1.2 million
are also payable with the first installment having been paid at closing
and the balance to be paid in three equal monthly installments,
commencing November 25, 2013.
Kom Ombo owns a 50% participating interest in the Kom Ombo Concession
which is located in the southern part of the Arab Republic of Egypt,
approximately 1000 km's south of Cairo.
About Sea Dragon Energy Inc.
Sea Dragon is an international exploration and development oil company
with a focus on the Middle East and Africa. Activities are currently
concentrated in Egypt, with interest in three concessions with short
and long term potential. For further information please see the website
of the Company at www.seadragonenergy.com or the Company's filed documents at www.sedar.com.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United States, in
any province or territory of Canada or in any other jurisdiction.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain statements or disclosures relating
to Sea Dragon that are based on the expectations of Sea Dragon as well
as assumptions made by and information currently available to Sea
Dragon which may constitute forward-looking information under
applicable securities laws. All such statements and disclosures, other
than those of historical fact, which address activities, events,
outcomes, results or developments that Sea Dragon anticipates or
expects may, or will occur in the future (in whole or in part) should
be considered forward-looking information. In some cases,
forward-looking information can be identified by terms such as
"forecast", "future", "may", "will", "expect", "anticipate", "believe",
"potential", "enable", "plan", "continue", "contemplate", "pro-forma",
or other comparable terminology. In particular, this press release
makes reference to the estimated amount of the adjustments to the
purchase. Many factors could cause the performance or achievement by
Sea Dragon to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements. These factors include changes to estimated
purchase price adjustments and general economic conditions. Readers are
cautioned that the foregoing list of factors is not exhaustive. The
forward-looking statements contained in this press release are
expressly qualified by this cautionary statement. The Company is not
under any duty to update any of the forward-looking statements after
the date of this press release or to conform such statements to actual
results or to changes in the Company's expectations and the Company
disclaims any intent or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, other than as required by
applicable securities laws.
SOURCE: Sea Dragon Energy Inc.
For further information:
Sea Dragon Energy Inc.
President and Chief Executive Officer
Tel: +331 5343 9442
Chief Financial Officer and Director
Tel: +331 5343 9442
Pelham Bell Pottinger (Financial PR)
Philip Dennis / Joanna Boon
Tel: +44 (0) 207 861 3232
Brisco Capital Partners Corp. (Investor Relations)
Tel: +1 (403)262.9888