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Current CAK Stock Info

CAMAC Energy Inc. (ticker: CAK) is a U.S. based oil and gas company engaged in the exploration of offshore oil and gas leases in deep water Nigeria. The Company was founded in 2005 and has offices in Houston, Texas, Nairobi, Kenya, Banjul, Gambia and Lagos, Nigeria.

CAMAC Confirms Miocene Hydrocarbons at Oyo-7 Well

CAK’s Oyo-7 well in OML 120 had two objectives – test the hydrocarbon potential of the Miocene in OML 120, and complete/produce the well from the Pliocene. The company announced last week logging while drilling data revealed 65 feet of hydrocarbons in the Miocene – the first time the formation has been exploited in OML 120. OAG360 notes the Miocene is the most prolific producing zone offshore Nigeria and has been very productive in adjoining blocks. CAK reaffirmed that there are no plans to produce from the Miocene but said plans are to bring on gross production from the Pliocene in early 2014 at approximately 7,000 BOEPD.

To put the potential of Miocene production into perspective, the Bonga Field is a supermajor Miocene producer in the area and is operated by Shell Nigeria (55% WI), ExxonMobil (20% WI), Total (12.5% WI) and Nigerian Agip Oil Company (12.5%). The field started producing in 2005 and has since produced approximately450 MMBO.. The project single-handedly increased Nigeria’s oil capacity by 10%, and the play still averages 225 MBOPD.

CAK anticipates the Oyo-8 well will have a very similar drilling schedule and production rate as Oyo-7, bringing an additional 7,000 BOEPD. By mid-year 2014, CAK could be producing approximately 14,000 BOEPD gross from the two wells.

 Pages from corporate-presentation-v6-for-website

Recent Financial Results

CAMAC Energy released its Q3’13 earnings results alongside the Oyo-7 well results. The company reported a net loss of $2.7 million, or $0.02 per share. Revenues for the quarter totaled $3.5 million with an average realized price of $112.09 per barrel. Crude oil production averaged 2,228 BOPD gross, 314 BOPD net, compared to 2,641 BOPD gross, 388 BOPD net, for the same period last year.

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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.