13 May 2012    

Citadel Capital, (CCAP.CA on the Egyptian Exchange), the leading private equity firm in the Middle East and Africa with US$ 9.5 billion in investments under control, issued today the following statement regarding the sale of the National Petroleum Company Egypt:\n\nAs previously announced, Golden Crescent Investments Ltd. (Golden Crescent), a Citadel Capital Opportunity-Specific Fund, has signed a share purchase agreement to sell 100% of its interest in National Petroleum Company Egypt Limited (NPC Egypt), a wholly owned Portfolio Company, to Sea Dragon Energy Inc. (Sea Dragon) (TSX-V: SDX), a Calgary-based exploration and development company.\n\nThe value of the closing consideration payable by Sea Dragon to Golden Crescent under the share purchase agreement is US$ 147.5 million.\n\nGolden Crescent and Sea Dragon have entered into a second amended and restated share purchase agreement (Second Amended Agreement). Under the terms of the Second Amended Agreement, Sea Dragon will have until 8 August 2012 to complete the acquisition, subject to a 10-day extension. Golden Crescent will have until 1 August 2012 to solicit and entertain alternative proposals. In the event that Golden Crescent receives a proposal it wishes to accept, it may terminate the Second Amended Agreement without any (a) penalty or payment in favor of Sea Dragon of the previously contemplated termination fee, or (b) right of Sea Dragon to match any alternative proposal.\n\nIn addition, prior to 1 August 2012, Golden Crescent may, at its option without terminating the Second Amended Agreement and in consultation with Sea Dragon, seek a farm-in partner for the North El-Maghara concession (to a maximum participating interest of 50% of the concession) as well as a buyer for its 12.75% participating interest in the South Ramadan concession. Should any such transaction be completed, any cash consideration received therefore will be used to fund the development of the North El Maghara concession, certain work undertaken by National Petroleum Company South Abu Zenima Ltd. (NPC SAZ) and / or South Abu Zenima Petroleum Company (Petrozenima), the joint operating company for the South Abu Zenima Concession for the development of the Muzhil Field, or cash call obligations issued by the Offshore Shukheir Oil Company (the joint operating company for the Shukheir Marine concession) and / or the South Ramadan concession management committee or will remain, directly or indirectly, with NPC Egypt and will not be included as part of the working capital adjustment between Sea Dragon and Golden Crescent at closing.\n\nAdditionally, the terms of the Second Amended Agreement also allow access to additional funds of up to US$ 2 million to finance the development of the Muzhil field. As such, the contemplated extension to the closing date should not have an unfavorable effect on the anticipated date of the Muzhil field first oil.\n\nCitadel Capital, which has management control of Golden Crescent, notes that volatile local and international conditions could affect the conclusion of the transaction. This announcement does not constitute a promise to conclude the transaction, as Citadel Capital notes that Sea Dragon must obtain approvals and other clearances from its lenders and regulatory authorities, among other parties.\n\nFurther information on this transaction, including the share purchase agreement and the subsequent amended share purchase agreement, may be found in the Citadel Capital press releases of 9 January 2012, 11 March 2012, 21 March 2012 and 3 May 2012.\n\n—Ends—\n\n\nCitadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm’s 19 OSFs control Platform Companies with investments of US$ 9.0 billion in 15 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.2 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2006-2011, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.\n\nForward-Looking Statements\nStatements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Citadel Capital. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Citadel Capital is subject to risks and uncertainties.\n\nFor more information, please contact:\n\nMs. Ghada Hammouda\nHead of Corporate Communications\nCitadel Capital (S.A.E.)\nghammouda@citadelcapital.com\nTel: +20 2 2791-4440 • Fax: +20 22 791-4448\nMobile: +20 10 6662-0002