DGE Diagem (Tier2)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Sea Dragon Energy Inc. ("Sea Dragon" or the "Company") (TSX VENTURE:SDX) is
pleased to announce that it has entered into an agreement with a syndicate of
underwriters, co-led by GMP Securities L.P. and Thomas Weisel Partners Canada
Inc. and including Genuity Capital Markets, FirstEnergy Capital Corp. and Maison
Placements Canada Inc. pursuant to which the underwriters have agreed to
purchase on a bought deal basis pursuant to a short form prospectus 112,500,000
common shares ("Common Shares") at a price of $0.40 per Common Share for gross
proceeds to Sea Dragon of approximately $45 million (the "Offering").


Proceeds of the Offering will be used by Sea Dragon to pay the balance of the
consideration of approximately US$35 million due to Dana Gas Egypt Ltd. ("DGE")
in connection with Sea Dragon's recent acquisition of a fifty (50%) percent
participating interesting the Kom Ombo (Block-2) Concession located
approximately 1,000 kilometers south of Cairo in the West Bank of the Nile
River, to pay its share of past and future exploration and development costs on
the Kom Ombo Concession and for general working capital.


The Offering will be an underwritten public issue in all provinces of Canada,
excluding Quebec, by way of a short form prospectus. The Offering will also be
extended to Qualified Institutional Buyers in the United States pursuant to the
registration exemptions provided by Rule 144A and/or Regulation D of the
Securities Act of 1933, as amended, and internationally as permitted. Closing is
expected to occur on or about April 19, 2010 and is subject to certain
conditions, including but not limited to, the receipt of all necessary
approvals, including the approval of the TSX Venture Exchange. 


Sea Dragon is an international exploration and development company with a focus
on North African and Sub-Saharan Africa and an office in Cairo Egypt. 


The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration, or applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.


For further information please see the website of the Company at
www.seadragonenergy.com or the Company's filed documents at www.sedar.com. 


Forward Looking Information

Certain statements made herein contain forward-looking information, including
statements concerning the anticipated closing date of the Offering, the
anticipated use of proceeds and the ongoing exploration and development plans
and costs associated with the Kom Ombo Concession. Although Sea Dragon believes
these statements to be reasonable, the assumptions upon which they are based may
prove to be incorrect. In particular, the closing of the Offering may be delayed
unless and until certain conditions customary for transactions of this kind are
satisfied.

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