CAMAC energy announce third quarter 2013 results

CAMAC energy announce third quarter 2013 results

CAMAC Energy announced financial and operating results for the three months ended September 30, 2013. Highlights for the third quarter include the following:
•Total revenue was approximately $3.5 million, with an average realized price of $112.09 per barrel
•Production of 2,228 Bopd from two wells offshore Nigeria, 314 Bopd net to the Company
•One lifting, totaling approximately 220,000 barrels of crude oil, 31,000 barrels net to the Company
•Net loss of ($0.02) per diluted share

Financial and Operating Results for the Three Months Ended September 30, 2013

CAMAC Energy reported revenues of $3.5 million for the three months ended September 30, 2013 compared to $7.9 million for the three months ended September 30, 2012. This decrease in revenues was primarily due to one lifting during the third quarter 2013 compared to two liftings during the same period last year. The Company continues to realize a premium to Brent Crude pricing due to the high-quality oil produced from the Oyo Field offshore Nigeria. The average realized price for the third quarter was $112.09 per barrel.

Crude oil production averaged 2,228 Bopd gross, 314 Bopd net to the Company, for the three months ended September 30, 2013 as compared to production of 2,641 Bopd gross, 388 Bopd net to the Company, for the same period last year.

The Company reported a net loss of $2.7 million, or ($0.02) per diluted share, from continuing operations for the three months ended September 30, 2013, compared to a net loss of $2.0 million, or ($0.01) per diluted share, from continuing operations for the three months ended September 30, 2012.

Source: www.camacenergy.com

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