Wrap Text
Increase in prospective resources
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”)
CAMAC ENERGY ANNOUNCES FIVEFOLD INCREASE IN RECOVERABLE PROSPECTIVE
RESOURCES OFFSHORE NIGERIA
Exploration drilling program to target approximately 3 billion Boe of unrisked P50 recoverable
resources
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.
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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
www.camacenergy.com
Investors:
Christopher D. Heath
713-797-2945
chris.heath@camacenergy.com
Media:
Magna Carta
Jacques de Bie
+27 (0)11 784 2598
jacques@magna-carta.co.za
29 September 2014
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
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