Sea Dragon Snaps Up Debenture Shares in Prevail Energy
Sea Dragon has acquired on a private placement basis a fifteen percent (15%) convertible debenture in the principal amount of $300,000 maturing on December 12, 2009 and convertible into 2,000,000 common shares (the "Debenture Shares") in the capital of Prevail Energy Ltd. ("Prevail Energy").
The Debenture Shares represent, on a fully converted basis, approximately 5.6% of the total issued and outstanding common shares of Prevail Energy as of the date hereof. Upon mutually agreeable terms the parties may elect to move forward with negotiations that could result in a merger, acquisition or other form of business combination subject to completion of satisfactory due diligence and required regulatory, governmental and/or shareholder approvals.
Prevail Energy is a junior Canadian oil and gas company based in Montreal. Management of Sea Dragon has been informed that Prevail Energy's main asset is a 20% - 30% working interest in the 700 km onshore Mengo Kundji Bindi production concession situated in the Republic of Congo, Brazzaville. The joint venture comprising Societe Nationale des Petroles du Congo, Petro SA and Petroci is currently drilling a three well program with the second well underway and nearing its objective reservoir. The block is located within 20 kilometers of the prolific M'Boundi field.
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