Sea Dragon Announces it has secured the GSF Rig 103 for Drill Program to Commence on Schedule
September 11, 2008 -- Calgary, Alberta, (SDX-TSX.V) Sea Dragon Energy Inc. ("Sea Dragon" or the "Company") is pleased to announce that it has been informed by its Egypt office and local operator, Dover Investments, it has contractual confirmation it will receive the GSF Rig 103 (250 Foot Jack-Up Drilling Unit) to commence the planned East Wadi Araba "EWA" drill program on schedule. The GSF Rig 103 is a MLT electrically driven rack and pinion system with quarterâ€™s capacity for 100 persons and operating water depth of 250 ft. This rig will be used in the drill program set out by Sea Dragon Energy Inc. to commence fourth quarter of 2008. "Given the limited availability of drilling rigs, we are fortunate to have secured the GSF Rig 103," stated David Thompson, CEO, Sea Dragon. Mr. Thompson further added, "This contract is a result of our teamâ€™s hard work and allows us to commence our EWA drilling program scheduled for the fourth quarter."
For further information please see the website of the Company at www.seadragon.ca or the Companyâ€™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 Companyâ€™s filings with Canadian securities regulators. Such information contained herein represents managementâ€™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.
Sea Dragon is an international exploration and development company with oil and gas interests in the Gulf of Suez, Egypt. The Company holds a 75% working interest in the East Wadi Araba Concession ("EWA Concession") pursuant to the deed of assignment awarded by the Arab Republic of Egypt and Egyptian General Petroleum Corporation ("EGPC") for the purposes of the exploration and exploitation of petroleum. The EWA Concession covers 193 square kilometers, or approximately 47,691 acres (37,768 net acres), located in mainly shallow water off-shore in the Gulf of Suez, Egypt.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
For further information please contact:
President, CEO and Director
President, Brisco Capital Partners