Sea Dragon Energy Inc.

TSX VENTURE: SDX

Mar 26, 2010 13:28 ET

CALGARY, ALBERTA–(Marketwire – March 26, 2010) –

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Sea Dragon Energy Inc. (“Sea Dragon” or the “Company”) (TSX VENTURE:SDX) is pleased to announce that, in connection with its previously announced short form prospectus offering of common shares on a bought deal basis (the “Offering”), the Company and the syndicate of underwriters co-led by GMP Securities L.P. and Thomas Weisel Partners Canada Inc. and including Genuity Capital Markets, FirstEnergy Capital Corp. and Maison Placements Canada Inc. (collectively, the “Underwriters”), have agreed to increase the size of the Offering to an aggregate of 142,500,000 common shares at a price of $0.40 per common shares for gross proceeds to Sea Dragon of approximately $57 million.

Proceeds of the Offering will be used by Sea Dragon to pay the balance of the consideration of approximately US$35 million due to Dana Gas Egypt Ltd. (“DGE”) in connection with Sea Dragon’s recent acquisition of a fifty (50%) percent participating interesting the Kom Ombo (Block-2) Concession located approximately 1,000 kilometers south of Cairo in the West Bank of the Nile River, to pay its share of past and future exploration and development costs on the Kom Ombo Concession and for general working capital.

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For more information, please contact

Sea Dragon Energy Inc.
Said Arrata
President, CEO and Director
(403) 457-5035
or
Sea Dragon Energy Inc.
David Thompson
Senior Vice President and Director
(403) 457-5035
or
Brisco Capital Partners
Scott Koyich
President
(403) 262-9888
skoyich@briscocapital.com
or
Brisco Capital Partners
Graeme Dick
(403) 561-8989

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Sea Dragon Energy Inc. Announces Increase to Bought Deal Financing from $45 Million to $57 Million

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