Camac Energy Incorporated - Camac Energy Closes $100 Million Credit FacilityRelease Date: 08/09/2014 14:00:00 Code(s): CME
CAMAC Energy Incorporated
(Incorporated and registered in Delaware, United States of America)
Share code on the NYSE MKT: CAK
Share code on the JSE: CME
USA ISIN: US1317451011
(?CAMAC Energy? ?the Company?)
CAMAC Energy Closes $100 Million Credit Facility
New five-year facility provides development capital
HOUSTON, Texas ? September 8, 2014 - CAMAC Energy Inc. (JSE: CME) announced today that its
wholly owned subsidiary, CAMAC Petroleum Limited, has entered into a credit facility with Zenith Bank Plc
for a five-year senior secured term loan providing initial borrowing capacity of up to $100 million. U.S. dollar
borrowings under the term loan facility will bear interest at the rate of LIBOR plus 7.5%, subject to a floor of
9.5%. The security package for the term loan facility includes a legal charge over OMLs 120 and 121 and
an assignment of proceeds from oil sales.
Proceeds from the term loan facility will be used for the further expansion and development of OMLs 120
and 121 offshore Nigeria, including the Oyo Field.
"This new credit facility provides CAMAC Energy flexible funding at a reasonable cost to continue
development of the Oyo Field,? said Earl W. McNiel, Senior Vice President and Chief Financial Officer of
CAMAC Energy. ?The dramatic increases in production and cash flow we expect to achieve at Oyo will
drive near-term growth and enable us to pursue our high-impact exploration program.?
About Zenith Bank
Established in 1990, Zenith Bank has grown to become one of the leading financial institutions in Africa.
Zenith Bank currently ranks as the biggest bank in Nigeria by tier-1 capital, and is the 6th biggest bank on
the continent. It has over 500 branches and business offices, including in the UK, Ghana, Sierra Leone,
Gambia, South Africa, and China. Zenith Bank is headquartered in Lagos, Nigeria. For more information,
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 licenses across four countries, including current
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. For more information,
This news 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 develop the OMLs identified in this
release and risks and other 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
Source: CAMAC Energy Inc.
Director, Corporate Finance and Investor Relations
Jacques de Bie
+27 (0)11 784 2598
8 September 2014
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 08/09/2014 02:00:00 Supplied by www.sharenet.co.za
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