CAMAC Energy Inc. Provides Operational Update on Drilling of Oyo #7 Well
HOUSTON, Oct. 9, 2012 /PRNewswire/ -- CAMAC Energy Inc. (NYSE MKT: CAK) ("the Company") today announced that Allied Energy PLC ("Allied"), an affiliate of the Company's largest shareholder and the operator of its Nigerian deep water blocks, OML 120 and OML 121, has engaged Axxis Petroconsultants Limited ("Axxis") as project manager for the drilling of Oyo #7 well currently scheduled to spud in the first quarter of 2013.
Axxis is an experienced project management and engineering services firm comprised of a team of senior personnel that has successfully managed both offshore and onshore drilling rigs and projects in West Africa. Axxis will work with both Allied and CAMAC Energy personnel to finalize the ongoing rig negotiations, procure long lead items, and manage the drilling program from mobilization to completion.
"We are very pleased that our partner Allied Energy has engaged Axxis Petroconsultants Limited as project managers for the upcoming well in the Oyo Field," said Senior Vice President of Exploration and Production, Segun Omidele. "Their unique regional experience and expertise will be invaluable to us as we execute our dual objectives of increasing production from the Pliocene reservoir and testing the exploration potential of the deeper Miocene in Oyo #7. We look forward to updating you frequently over the coming weeks with our progress."
About CAMAC Energy Inc.
CAMAC Energy Inc. (NYSE MKT: CAK) is a U.S.-based energy company engaged in the exploration, development and production of oil and gas. The Company's principal assets include interests in OML 120 and OML 121, offshore oil and gas leases in deep water Nigeria which include the currently producing Oyo Oilfield, and six recently acquired exploration blocks in Kenya and Gambia. The Company is currently pursuing further additions to its exploration portfolio in East and West Africa. The Company was founded in 2005 and has offices in Houston, Texas, Beijing, China, and Lagos, Nigeria.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are "forward-looking statements," including statements regarding the Company's proposed transactions, business strategy, plans and objectives and statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "will," "should," "believes," "expects," "anticipates" or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of their respective dates. Risks and uncertainties regarding the transactions described herein include the possibility that the closing of the transactions does not occur, either due to the failure of closing conditions or other reasons, risks that the transactions disrupt current plans and divert management from day-to-day operations, and the amount of the costs, fees, expenses and charges related to the transactions. In addition, the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of other factors including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission ("SEC"). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
CAMAC Energy Inc.
Cristy Taylor, 713-797-2940
Liviakis Financial Communications, Inc.
John Liviakis, CEO
SOURCE CAMAC Energy Inc.