Sea Dragon Energy Inc. has entered into a Second Amended and Restated Share Purchase Agreement with Golden Crescent Investments Ltd. whereby Sea Dragon will acquire, directly or indirectly, all of the issued and outstanding shares of National Petroleum Company Egypt Limited.

Under the terms of the Second Amended Agreement, Sea Dragon will have until August 8, 2012 to complete the Acquisition (subject to a 10 day extension). Golden Crescent will be entitled until August 1, 2012, to solicit and entertain alternative proposals.

In the event that Golden Crescent receives a proposal it wishes to accept prior to August 1, 2012, it may terminate the Second Amended Agreement without any: (a) penalty or payment in favour of Sea Dragon of the previously contemplated termination fee; or (b) right of Sea Dragon to match any alternative proposal.

Tags: Sea Dragon Energy Inc.