Sea Dragon Energy (TSX: V.SDX, Stock Forum) Friday announced its 2013 first quarter financial and operating results, this according to a company news release.
Production for the period increased by 47% to average 1,495 bopd.
Cash flow from operations, meanwhile, soared 394% to US$1.9 million.
"Sea Dragon is well placed to capitalise on the current market situation in Egypt where the opportunity for transformational growth exists through participation in exploration bid rounds and potential acquisitions of discounted assets, supported by a management team with strong in-country relationships and expertise. Our recent success in acquiring Shukheir Marine and in the EGAS bid round award of the South Disouq exploration block will underpin the next step in our growth process," said Sea Dragon Energy CEO Paul Welch.