CAMAC Energy Signs Petroleum Agreement for the Expanded Shallow Water Tano Block in Ghana

CAMAC Energy Signs Petroleum Agreement for the Expanded Shallow Water Tano 
Block in Ghana 
Block Contains Three Discovered Fields; CAMAC Energy Appointed as
Operator 
HOUSTON, TX -- (Marketwired) -- 05/07/14 --  CAMAC Energy Inc.
("CAMAC Energy") (NYSE MKT: CAK) has signed a Petroleum Agreement
with the Government of Ghana covering the Expanded Shallow Water Tano
(ESWT) block located in the Tano Basin offshore Ghana, about 15-35 km
off the coast of Ghana. 
The ESWT block size is 1,508 square kilometers (370,000 acres) in
water depths ranging from 55 meters to 116 meters (180 feet to 380
feet) and contains three discovered fields: Tano North, Tano West and
Tano South. Significant quantities of oil and gas have been
discovered in these fields, and drill stem tests carried out also
established producibility of the reservoirs. The agreement requires
that the partners evaluate the feasibility of economic development of
the discovered fields over the next 9 months.  
The ESWT block is bounded on the north by the Ghana Coastline, on the
west by the Maritime Border with Cote D'Ivoire, on the south by the
Deepwater Tano Block, which hosts the Tweneboa/Enyenra/Ntomme (TEN)
fields, and on the east by the West Cape Three Points Block, which
hosts the Teak-Akasa discoveries as well as the largest offshore oil
discovery in West Africa over the last decade, the Jubilee field.
Companies currently active in the Tano Basin include Tullow Oil plc
(LSE: TLW), Kosmos Energy Ltd. (NYSE: KOS), Anadarko Petroleum
Corporation (NYSE: APC), and Hess Corporation (NYSE: HES), among
others. 
CAMAC Energy Ghana Limited, an indirect 50%-owned subsidiary of the
company, is the operator of the ESWT block with a 60% participating
interest. GNPC Exploration Company Limited holds a 25% participating
interest and Base Energy Ghana, Ltd., an indigenous Ghanaian company,
holds a 15% participating interest. Ghana National Petroleum Company
("GNPC") will initially have a 10% carried interest and have the
right to acquire an additional paying interest of up to 10% following
a declaration of commerciality. 
Management Comments 
"The Tano Basin offers the kind of high-reward oil prospects that we
believe will enable us to build near-term value for our shareholders
through the drillbit," said Kase L. Lawal, CAMAC Energy Chairman and
Chief Executive Officer. 
"The signing of this Petroleum Agreement is another major step in
building a robust asset portfolio. We intend to pursue various
development scenarios to economically develop the discovered fields
on a fast track basis. We are pleased to be partnering with the Ghana
National Petroleum Corporation and Base Energy to pursue this
opportunity, and we look forward to building a long-term relationship
with the Ghanaian government as we work towards developing this
asset," Lawal added. 
About CAMAC Energy 
CAMAC Energy is an independent oil and gas exploration and production
company focused on energy resources in Africa. Its asset portfolio
consists of nine production and exploration licenses across four
countries covering an area of 43,000 square kilometers (~10 million
acres), including existing production and other projects offshore
Nigeria, as well as exploration licenses offshore Ghana, Kenya and
Gambia, and onshore Kenya. CAMAC Energy is headquartered in Houston,
Texas, and is listed on the New York Stock Exchange under the ticker
symbol CAK, and on the Johannesburg Stock Exchange under the ticker
symbol CME. For more information, please visit www.camacenergy.com. 
Forward-Looking Statements 
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, concerning activities, events or
developments that the Company expects, believes or anticipates will
or may occur in the future are forward-looking statements. Although
the Company believes the expectations reflected in these
forward-looking statements are reasonable, they involve assumptions,
risks and uncertainties, and these expectations may prove to be
incorrect. The Company's actual results could differ materially from
those anticipated in these forward-looking statements due to a
variety of factors, including the Company's ability to successfully
drill, complete, test and produce the wells and prospects identified
in this release and risk factors discussed in the Company's periodic
reports filed with the Securities and Exchange Commission. All
forward-looking statements are expressly qualified in their entirety
by this cautionary statement. You should not place undue reliance on
forward-looking statements, which speak only as of their respective
dates. The Company undertakes no duty to update these forward-looking
statements. 
Chris Heath
Director, Corporate Finance and Investor Relations
+1 713-797-2945
chris.heath@camacenergy.com 
 
 
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