Sea Dragon Energy has reached a non-binding understanding with Golden Crescent Investments Ltd. related to revised terms for the acquisition of National Petroleum Company Egypt Limited.

Revised Terms of Acquisition

Under the revised terms of the Acquisition, it is proposed that Sea Dragon will acquire, directly or indirectly, all of the issued and outstanding shares of NPC Egypt in consideration of the issuance of 437.5 million common shares of Sea Dragon at a deemed price of US$0.20 per share (the "Common Share Consideration") and US$60 million of redeemable, convertible, non-voting preferred shares (the "Preferred Shares") to be issued, directly or indirectly, to Golden Crescent at the closing of the Acquisition (the "Preferred Share Consideration"), subject to adjustments to be included in an amendment to the existing purchase and sale agreement dated January 6, 2012 ("Purchase Agreement") to be negotiated and finalized between the Parties.

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