Sea Dragon Acquires Oil Assets in Gulf of Suez

By MT Newswires,  December 07, 2012, 09:46:37 AM EDT

Sea Dragon Energy Inc. (SDX.V) has completed the acquisition of National Petroleum Company Shukheir Marine Limited. Sea Dragon paid US$250,000 cash at closing, plus the assumption of approximately US$3 million of NPC SHM's working capital deficiency. The consideration will be funded from Sea Dragon's existing working capital and cash flow.

The assets of NPC SHM include a 100% participating interest in the Shukheir Marine concession which contains the Shukheir Bay and the Gamma oil fields both of which are located in the shallow offshore Gulf of Suez. The Shukheir Marine concession currently produces approximately 460 bbls of oil per day. In addition to the oil and gas assets, NPC SHM owns oil field inventory, which can be applied toward operations and future drilling activity, valued at approximately US$ 4 million.

As a result of the acquisition, NPC SHM is now a wholly owned indirect subsidiary of Sea Dragon.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



Latest News Video

How to Pick Stocks in This Economic Environment
How to Pick Stocks in This Economic...
How To Grow Your Small Business
How To Grow Your Small Business     
Private Wealth Revives, Managers Face Higher Costs
Private Wealth Revives, Managers Fa...
Private Island on the Thames: $11.7 Million
Private Island on the Thames: $11.7...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.




Most Active by Volume:

Company Last Sale Change Net / %
S $ 7 0.32  4.37%
PFE $ 29.10 0.30  1.02%
BAC $ 13.19 0.08  0.60%
MU $ 13.97 0.22  1.60%
SIRI $ 3.37 0.03  0.88%
GE $ 23.98 0.35  1.44%
QQQ $ 72.76 0.82  1.11%
ELN $ 14.15 0.37  2.69%