Sea Dragon Burned Oil Investor Holding $40M Contract: Suit

Law360, New York (June 6, 2012, 5:55 PM EDT) -- Houston-based oil investment firm Gaille & Co. LLC sued oil exploration firm Sea Dragon Energy Inc. on Tuesday for allegedly using its planned buy of private equity-owned National Petroleum Co. to help NPC evade its $40 million petroleum exploration agreement with Gaille.

In a petition filed in Texas state court, Gaille claims NPC, owned by private equity fund Citadel Capital SAE, has still not fulfilled its June 2007 contractual obligation to provide the financing for an oil and gas exploration program as per their agreement, and...
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