CAMAC Energy Inc. announces rig contract for Oyo #7 well

Tuesday, Jan 08, 2013

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.

SOURCE CAMAC Energy Inc.

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