CAMAC Energy Inc. Announces Hiring of Halliburton as Consultant for Oyo #7
HOUSTON, Oct. 11, 2012
HOUSTON, Oct. 11, 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 Halliburton Energy Services Inc.
("Halliburton") as consultant for the drilling of Oyo #7 well currently
scheduled to spud in the first quarter of 2013.
Halliburton is one of the world's largest providers of products and services
to the global energy industry, serving the upstream oil and gas industry
throughout the lifecycle of the reservoir in approximately 80 countries.
Halliburton will provide a study to assess the feasibility, complexity and
operational risk associated with successfully drilling and completing Oyo well
#7 as currently proposed. Halliburton will also provide ideas for alternative
configurations of the well that could both reduce risk and cost while
achieving the objectives of testing the exploration target in the Miocene and
producing from the currently producing Pliocene sands.
"Adding Halliburton to the project team for Oyo well #7 is an important step
in ensuring its ultimate success," said Senior Vice President of Exploration
and Production, Segun Omidele. "We are confident that Halliburton's
experienced, integrated, and multi-disciplinary team will provide the
intellectual resources necessary to design and implement the most optimal
drilling and completion solution."
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 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 schedule for
drilling may be delayed due to unavailability or delays in procurement of
necessary equipment and materials. 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
CAMAC Energy Inc.
Cristy Taylor, 713-797-2940
Liviakis Financial Communications, Inc.
John Liviakis, CEO
SOURCE CAMAC Energy Inc.
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