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CAMAC ENERGY INCORPORATED - CAMAC Energy Terminates the Northern Offshore Energy Searcher Drilling Rig Contract

Release Date: 12/01/2015 13:00:00      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 Terminates the Northern Offshore Energy Searcher Drilling Rig Contract

HOUSTON, January 12, 2015 - CAMAC Energy Inc. (?CAMAC? or the ?Company?) (NYSE MKT: CAK)
(JSE: CME) announced today it has terminated its contract with Northern Offshore International Drilling
Company Ltd. (?Northern?) for the drillship Energy Searcher. The Company notified Northern on January 7,
2015 that it elected to terminate the contract with immediate effect for Northern's repudiatory breach of
contract and other material breaches of the drilling contract by Northern. These breaches have caused
significant damages and loss, including delay damages and wasted spread costs to the Company. CAMAC
is considering all legal options to enforce its rights under the contract.

The Company's Oyo Field drilling and completion operations are now being conducted by the Transocean
(NYSE: RIG) Sedco Express semi-submersible drilling rig, which arrived on location in December, and
production is still expected to be online by the end of Q1 2015.

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.

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

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

Sasfin Capital (a division of Sasfin Bank Limited)


Date: 12/01/2015 01:00:00 Supplied by www.sharenet.co.za                     
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