/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, May 2, 2012 /CNW/ - Sea Dragon Energy Inc. ("Sea Dragon") (TSX VENTURE: SDX) is pleased to announce that at the special meeting of its shareholders held on April 30, 2012, the shareholders of Sea Dragon approved: (i) the acquisition, directly or indirectly, of all of the issued and outstanding shares of National Petroleum Company Egypt Limited from Golden Crescent Investments Ltd. ("Golden Crescent") and the creation of a new control person of Sea Dragon being Golden Crescent (the "Acquisition"); and (ii) the consolidation of the issued and outstanding shares of Sea Dragon on one (1) post-consolidation common share for every ten (10) issued and outstanding pre-consolidation common shares (the "Share Consociation").
The Acquisition was approved by 94% of the votes cast by the shareholders of Sea Dragon and the Share Consolidation was approved by 87% of the shareholders of Sea Dragon.
About Sea Dragon Energy Inc.
Sea Dragon is an international exploration and development company with a focus on the Middle East and an office in Cairo Egypt. For further information please see the website of Sea Dragon at www.seadragonenergy.com and/or Sea Dragon's filed documents at www.sedar.com.
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 contains forward-looking statements in respect of the Acquisition and the meeting of the holders of common shares of Sea Dragon.
Readers are cautioned that there is no assurance that theAcquisition referenced herein will proceed as certain conditions must be met before the Acquisition can be completed. Such conditions are set out in the Amended and Restated Share Purchase Agreement between the Corporation and Golden Crescent Investments Ltd.. There is no assurance that the required approvals will be received and there is therefore no assurance that the Acquisition will be completed in the time frame anticipated or at all. There is no assurance that the share consolidation will be implemented.
With respect to the forward-looking statements contained herein, the Corporation has made assumptions regarding timely receipt of the necessary approvals and satisfaction of the other closing conditions for the Acquisition and general economic conditions. 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 the failure to obtain the required approvals and changes to 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. Sea Dragon 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 Sea Dragon's expectations and Sea Dragon 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.
Said Arrata
Chairman, CEO and Director
(403) 457-5035
Tony Anton
President, COO and Director
(403) 457-5035
Olivier Serra
Chief Financial Officer and Director
+331 5343 9442
Brisco Capital Partners Corp.
Investor Relations
(403) 262-9888
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