CAMAC Energy Announces Fivefold Increase in Recoverable Prospective Resources Offshore Nigeria
CAMAC Energy Inc. (“CAMAC Energy” or the “Company”) (NYSE MKT: CAK) 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.
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)