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CAMAC ENERGY INCORPORATED - Increase in prospective resources

Release Date: 29/09/2014 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
ISIN: US1317451011
USA ISIN: US1317451011
(?CAMAC Energy? ?the Company?)


Exploration drilling program to target approximately 3 billion Boe of unrisked P50 recoverable
Conference call scheduled for Sep. 30 at 10 a.m. CT (11 a.m. ET)

HOUSTON, Texas ? September 29, 2014 HOUSTON, Texas ? September 8, 2014 - CAMAC Energy
Inc. (NYSE MKT: CAK) (JSE: CME) announced today that an updated independent assessment of the
Company?s prospective resources for four offshore Nigeria prospects located within Oil Mining Leases
(?OMLs?) 120 and 121 by DeGolyer and MacNaughton (?D&M?) has increased the Company?s unrisked
P50 recoverable resources from 537 million barrels of oil (?MMbbl?) to 2,377 MMbbl in four of its top
exploration prospects.

The independent assessment was prepared in accordance with the Petroleum Resources Management
System (PRMS) approved in March 2007 by the Society of Petroleum Engineers, the World Petroleum
Council, the American Association of Petroleum Geologists, and the Society of Petroleum Evaluation
Engineers. The effective date of the report is September 15, 2014.

The unrisked prospective resources volumes for the four prospects covered by the D&M report are
summarized in the following tables. A copy of the complete D&M report can be found on the Investors
section of the Company?s website at www.camacenergy.com.

Estimated Unrisked Resources in Place

                       Oil(MMbbls)                                         Gas (Bcf)
                Low          Best      High       Mean         Low       Best        High       Mean
                 P90          P50       P10      Pmean          P90       P50         P10     Pmean
Ereng          3 680        5 363     8 021       5 650       2 670     6 299     14 211       7 410
Ewo Deep         778        1 092     1 562       1 135         691     1 414       2 862       1 606
G Prospect       545          768     1 084         797         325       594       1 069         647
P Prospect       604          822     1 116         844         343       679       1 316         746
Total          5 607        8 045    11 783       8 426       4 029     8 986     19 458      10 409

Estimated Unrisked Recoverable Resources

                       Oil(MMbbls)                                         Gas (Bcf)
                Low          Best       High      Mean         Low       Best        High      Mean
                 P90          P50        P10     Pmean          P90       P50         P10     Pmean
Ereng          1 057        1 585      2 434      1 695       1 387     2 086       3 240      2 223
Ewo Deep         222          321        476        340         310       455         684        482
G Prospect       154          226        334        239         125       184         272        194
P Prospect        174          245          345          253         154         217         305          224
Total           1 607        2 377        3 589        2 527       1 976       2 942       4 501        3 123

Given the large quantity of prospects in CAMAC Energy?s portfolio, these estimates reflect only a select
portion of the Company?s prospective resources offshore Nigeria, and do not include any resource
estimates for the Company?s assets in Ghana, Kenya, and Gambia. CAMAC Energy is operator and
owns a 100% working interest in OMLs 120 and 121.

Exploration Drilling Program

Drilling locations have been identified on each of the four prospects, and technical work is continuing to
allow for the first exploration well to be drilled in the first half of 2015. The wells will target the Miocene
formation, which has been successfully demonstrated to be a prolific oil producing layer in deepwater
Nigeria. The exploration drilling program will be carried out utilizing either the drillship Energy Searcher,
which is currently under contract drilling the Oyo-7 and Oyo-8 development wells, or a second rig to be
contracted. The exploration program will be funded with future cash flows from the Oyo-7 and Oyo-8
development wells, cash on hand, and available credit facilities.

Management Comments

Kase Lawal, Chairman and Chief Executive Officer, commented: ?The increase in P50 resources on
these four prospects and what that represents in term of the potential of our deepwater Nigerian assets
is monumental. These results have been achieved through a combination of both the focused efforts of
the skilled geoscientists on our team who, bring tremendous local knowledge of the basin and who have
played key roles in the discovery of other giant fields within the vicinity of OMLs 120 and 121; and the
application of superior techniques that have led to successful discoveries in the Nigerian deepwater by
other operators. The team has spent considerable time developing the regional framework, utilizing the
latest in geoscience and enhanced quantitative interpretation techniques, to define these four high-
impact prospects with combined unrisked recoverable P50 resources of almost three billion boe. This is
a near fivefold increase from our previous assessment of these prospects. Moving forward, we believe
these resources, coupled with substantial near-term increases in production, will deliver significant value
for our shareholders.?

Conference Call

CAMAC Energy will host a conference call on Tuesday, September 30, 2014 at 10:00 a.m. CT (11:00
a.m. ET) to discuss the resource update. The dial-in number is 877-317-6789 in the United States or
412-317-6789 internationally.

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 exploration 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, visit www.camacenergy.com.

Resource Estimates

This press release and the D&M report refer to prospective resources, including recoverable resources
and resources in place. 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.
Prospective resources have both an associated chance of discovery and a chance of development.

Investors should not assume there will be any discovery associated with prospective resources, or that
any discovery will be economically drillable or ever be upgraded into reserves.

Forward-Looking Statements

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 or implied in these forward-
looking statements due to a variety of factors, including the company?s ability to successfully finance,
drill and develop the prospects 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 statements.

Source: CAMAC Energy Inc.

CAMAC Energy Inc.
1330 Post Oak Blvd., Suite 2250
Houston, TX 77056

Christopher D. Heath

Magna Carta
Jacques de Bie
+27 (0)11 784 2598

29 September 2014

Sasfin Capital (a division of Sasfin Bank Limited)


Date: 29/09/2014 02:00:00 Supplied by www.sharenet.co.za                     
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