CAMAC Energy Inc. Announces Rig Contract for Oyo #7 Well
HOUSTON, Jan. 7, 2013 /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 signed a Deed of Assignment ("Deed") with Transocean Ltd. ("Transocean") and Nigerian Petroleum Development Corporation Limited ("NPDC") for the Sedneth 701 semi-submersible drilling rig to carry out the drilling of the Oyo #7 well.
The Sedneth 701, currently under contract with NPDC and operated by Transocean, will be assigned to Allied to drill Oyo well #7 between April and August of 2013. Transocean will continue to operate the rig during the assignment period.
Transocean, with over 50 years of experience and 18,700 employees, is the world's largest offshore drilling contractor.
"We are very pleased that Allied has executed an agreement for Transocean's Sedneth 701 drilling rig," said Senior Vice President of Exploration and Production, Segun Omidele. "This rig has the necessary specifications to achieve Oyo #7 well's dual objectives of increasing production from the Pliocene and testing the resource potential in the Miocene, and it also provides necessary certainty for our 2013 drilling operations."
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, Nairobi, Kenya, Banjul, Gambia 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 forward-looking statements.
CAMAC Energy Inc.
Cristy Taylor, +1-713-797-2940
SOURCE CAMAC Energy Inc.
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