CAMAC Energy

Latest CAMAC Energy News

• CAMAC completed drilling of exploratory wells ZJS-3 and ZJS-4, both of which encountered gas accumulations, although not determinable as commercial quantities at this time.
• CAMAC expects well # 7 to be drilled in Oyo Field in the fourth quarter of 2012 and to materially increase oil production from the field.
• Cash and cash equivalents on December 31, 2011 were $13.6 million compared to $28.9 million as of the same period in 2010.

• CAMAC Energy Inc. announced that it has appointed Earl W. McNiel as interim Chief Financial Officer of the Company effective March 1, 2012.

• CAMAC Energy announced that it has entered into a heads of agreement with the Kenyan Ministry of Energy for the award of three exploration blocks: l1A L1B, and L16.

• Two exploration blocks are located in the highly prospective West African Transform Margin, home to several recent major discoveries in Ghana (Jubilee, Odum) and Sierra Leone (Venus, Mercury).

• CAMAC Energy is signed a definitive agreement to divest its 40% working interest in OMLs to Allied Energy PLC.
• Allied plans to expedite the development of Oyo Field by drilling two additional production wells commencing in 2012.

• CAMAC Energy, a U.S.-based energy company engaged in the exploration, development and production of oil and gas in West Africa and China.

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