SOURCE: CAMAC Energy Inc.
HOUSTON, TX--(Marketwired - Dec 5, 2013) - CAMAC Energy Inc. ("CAMAC Energy" or the "Company") (NYSE MKT: CAK) today announced the completion of a competent person's report assessing reserves, and contingent and prospective resources associated with the Company's assets. The report was prepared by Gaffney, Cline & Associates Ltd. ("GCA"), an independent energy consultancy specializing in petroleum asset evaluation and economic analysis. The complete report is available on the Company's website at http://www.camacenergy.com/investors.php.
GCA assessed the petroleum interests owned by CAMAC Energy offshore Nigeria, Kenya, and Gambia, and onshore Kenya. These assets include the producing Oyo field offshore Nigeria, further discoveries and exploration prospects and leads. The effective date of the evaluation is June 30, 2013.
About CAMAC Energy
CAMAC Energy Inc. operates as an independent oil and gas exploration and production company focused on energy resources in Africa. Its asset portfolio consists of 8 licenses covering an area of 41,000 square kilometers, including production and other projects offshore Nigeria, as well as exploration licenses offshore and onshore Kenya, and offshore Gambia. CAMAC Energy is headquartered in Houston, Texas. For more information about CAMAC Energy, visit www.camacenergy.com.
This press release and the competent person's report refer to contingent and prospective resources. The Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only "reserves," as that term is defined under SEC rules. Prospective resources are those quantities of petroleum estimated, as at a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Contingent resources are those quantities of petroleum estimated, at a given date, to be potentially recoverable from known accumulations, but the applied projects are not yet considered mature enough for commercial development due to one or more contingencies. Prospective resources have both an associated chance of discovery and a chance of development, while contingent resources have an associated chance of development. Investors should not assume there will be any discovery associated with prospective resources, or that any discovery or any contingent resources will be economically drillable or ever be upgraded into reserves.
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.
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