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CAMAC ENERGY INCORPORATED - Market update on additional drilling rig

Release Date: 03/12/2014 15:00:00      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? or ?the Company?)

CAMAC Energy Announces Additional Drilling Rig for Offshore Nigeria

Transocean Sedco Express semi-submersible secured for completion of Oyo-7 and Oyo-8

HOUSTON, December 3, 2014 - CAMAC Energy Inc. (?CAMAC? or the ?Company?) (NYSE MKT: CAK)
(JSE: CME) announced today that it has signed a contract with a subsidiary of Transocean Ltd. for the
provision of the semi-submersible drilling unit Sedco Express for drilling and completion activities offshore
Nigeria. The contract allows for the drilling or completion of up to three wells, and CAMAC intends to use
the rig to accelerate timing of the tie-in of production from the Oyo-7 and Oyo-8 development wells. With
the ability to drill a third well, and an option to extend the contract, the Company is also considering using
the rig to accelerate its 2015 exploration drilling program.

The Sedco Express is an ultra deepwater, semi-submersible drilling rig built in 2000, and is already within
close proximity of the Oyo Field in OML 120. The Company?s other rig, the drillship Energy Searcher, will
continue the plugging and abandonment operations on the Oyo-5 and Oyo-6 wells.

Kase Lawal, Chairman and Chief Executive Officer, commented, ?CAMAC is fully committed to bringing on
production from our next two development wells as soon as possible, and we are pleased to secure this
additional rig to accomplish our goals. The Sedco Express is a highly-efficient rig, and we may also utilize it
to accelerate our exploration program.?

About CAMAC Energy

CAMAC Energy is an independent oil and gas exploration and production company focused on energy
resources in sub-Saharan Africa. Its asset portfolio consists of nine licenses across four countries covering
an area of 43,000 square kilometers, 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 about CAMAC Energy, please visit

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 drill and complete the
wells and 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
1330 Post Oak Blvd., Suite 2250
Houston, TX 77056

Chris du Toit
Director Corporate Finance
+27 (0) 11 881 5681

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

3 December 2014

Sasfin Capital (a division of Sasfin Bank Limited)


Date: 03/12/2014 03:00:00 Supplied by www.sharenet.co.za                     
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