CALGARY,
April 22, 2013 /CNW/ - Sea Dragon
Energy Inc. ("Sea Dragon" or the "Company") (TSX VENTURE: SDX) is
pleased to announce the following update concerning its activities
in Egypt.
The company has been awarded the South Disouq
concession as a result of its successful bid in the most recent
EGAS bid round. The South Disouq concession is on trend with the
prolific Abu Madi accumulations to
the north which contain both the giant Abu
Madi gas field, with over 3TCF of original gas in place, and
the offshore Mediterranean Baltim fields. This block is also in the
same area of the Nile Delta where management had its previous
success discovering the large El Wastani field with over 500BCF of
original gas in place.
The concession's areal extent is large at 1275
square kilometers and is estimated to have a resource potential in
excess of 1.5TCF of rich gas based upon internal technical work. It
is located approximately 65 km north of Cairo and thus far it has been lightly
explored. Once the awarded concession is approved by government,
Sea Dragon intends to acquire some 300 square kilometers of 3D
seismic followed by the drilling of at least one exploratory
well.
Sea Dragon is the sole owner and operator of the
South Disouq Concession.
Certain statements contained in this press
release constitute "forward-looking statements" as such term is
used in applicable Canadian and US securities laws. These
statements relate to analyses and other information that are based
upon forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. In particular,
statements concerning the 2012 drilling and capital expenditure
programs of the NW Gemsa and Kom Ombo Concessions and the results
referenced or implied herein should be viewed as forward-looking
statements.
Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or are
not statements of historical fact and should be viewed as
"forward-looking statements". All reserves information
contained herein as well as the net present value of such reserves
should be considered as forward looking statements. Such forward
looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors
include, among others, costs and timing of exploration and
production development, availability of capital to fund exploration
and development and political, social and other risks inherent in
carrying on business in Egypt. There can be no assurance that
such statements will prove to be accurate as actual results and
future events could vary or differ materially from those
anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements contained in
this news release.
Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date the
statements are made and the Corporation undertakes no obligation to
update forward-looking statements and if these beliefs, estimates
and opinions or other circumstances should change, except as
required by applicable law. Although Sea Dragon has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Investors are cautioned that such forward-looking
statements involve risks and uncertainties. Actual results
may differ materially from those currently anticipated.
See Sea Dragon's Annual Information
Form for the year ended December 31,
2011 for a description of the risks and uncertainties
associated with the Company's business, including its exploration
activities. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.
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.
SOURCE Sea Dragon Energy Inc.