Sea Dragon Secures GSF Rig 103 for Gulf of Suez Drilling Program

Sea Dragon Energy has been informed by its Egypt office and local operator, Dover, it has contractual confirmation it will receive the GSF Rig 103 (250 Foot Jackup 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 quarter'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. Thompson further added, "This contract is a result of our team's hard work and allows us to commence our EWA drilling program scheduled for the fourth quarter."

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