SOURCE: CAMAC Energy Inc.
HOUSTON, TX--(Marketwired - Dec 9, 2013) - CAMAC Energy Inc. ("CAMAC" or the "Company") (NYSE MKT: CAK) today announced that CAMAC International Limited has signed a letter of intent regarding terms and conditions of a long-term drilling contract with Northern Offshore Ltd. (OSLO: NOF.OL) for the drillship Energy Searcher. Both parties are working towards executing a definitive drilling contract on or before December 31, 2013. The rig is expected to be delivered to the Oyo Field offshore Nigeria in OML Block 120 in the first half of 2014 to commence drilling and completion activities. The signed letter of intent provides for an initial contract period of one year, with an option to extend the contract for an additional one-year term. The Company plans to utilize the rig on its multi-well, high-impact development and exploration portfolio.
Kase L. Lawal, Chairman and Chief Executive Officer, commented, "We are pleased that CAMAC International has executed this letter of intent with Northern Offshore, which ensures availability of a highly capable and efficient rig to execute on our transformational development and exploration program in the Oyo Field deepwater offshore Nigeria."
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 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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