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Sea Dragon Energy Inc Shares Issued 376,459,358 Last Close 7/20/2012 $0.045 Mr. Said Arrata reports TORONTO, July 23, 2012 /CNW/ - Sea Dragon Energy Inc. and Golden Crescent Investments Ltd. have entered into a termination agreement pursuant to which Sea Dragon and Golden Crescent have mutually agreed to terminate the second amended and restated share purchase agreement dated May 10, 2012, between Sea Dragon and Golden Crescent in respect of the acquisition, directly or indirectly, by Sea Dragon of all of the issued and outstanding shares of National Petroleum Company Egypt Ltd. In accordance with the terms of the agreement, the remaining $2-million (U.S.) of the deposit which Sea Dragon previously paid into escrow shall be returned in full to Sea Dragon. In light of the uncertainty regarding the date on which the Acquisition could be completed, Sea Dragon and Golden Crescent decided jointly to terminate the Agreement and not to proceed with the Acquisition. Prior to the decision to terminate the Agreement being reached by the parties, Sea Dragon had made arrangements for financing with banks and private equity funds to provide for sufficient funds to allow the Acquisition to close as planned. As Sea Dragon will no longer be issuing common shares or preferred shares of Sea Dragon to Golden Crescent as partial consideration for the purchase price of the Acquisition, Sea Dragon will not be proceeding with the proposed share consolidation of its common shares ("Consolidation") which was approved by the Sea Dragon shareholders at the special meeting held on April 30, 2012. In the event that Sea Dragon shareholders forwarded share certificates to Sea Dragon's transfer agent, Equity Financial Trust Company, in anticipation of the completion of the Consolidation, such certificates will be returned to the shareholder as soon as practicable. Based on current funds available to Sea Dragon and ongoing cash flow from its existing operations, Sea Dragon believes it will have adequate working capital to fund its scheduled capital programs for the balance of 2012 and into 2013. Sea Dragon continues to investigate opportunities for the expansion of its asset base. We seek Safe Harbor. (c) 2012 Canjex Publishing Ltd. Acquire Media Codes: XC/any XC/any.CANADA XC/TorontoVE IS/biz.acquire IS/biz.manda IS/lifesoc.fossil MC/BadWords1 MC/HOT IS/biz IS/impact IS/lifesoc IS/lifesoc.envener IS/lifesoc.natres MC/BIZREL MC/NCAST MC/NCAST.BASIC MC/NCAST.FIN_DEPTH MC/XBIZREL MC/XBIZREL_BROAD NT/MNA NT/Power+Energy MC/IMPACT MC/XCOMPANY MC/XSUBJECT XC/any.company XC/any.public NI/Healthcare NI/Mining+Drilling NI/Oil+Gas+Coal Investment Industry Regulatory Organization of Canada (IIROC) - General News CONTACT: Robb GillMarket Surveillance OfficerInvestment Industry RegulatoryOrganization of CanadaTel (604) 643-2796Fax (604) 643-2799

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