Drilling rig to complete the horizontals of the Oyo-7 and Oyo-8 wells

HOUSTON - Monday, December 29th 2014 [ME NewsWire]

(BUSINESS WIRE) - CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT: CAK) announced today that the semi-submersible drilling unit, Sedco Express, has arrived to the Oyo Field located in OML 120 offshore Nigeria. The Company has contracted the Transocean Sedco Express to expedite the timing of production tie-in from the Oyo-7 and Oyo-8 development wells.

The Sedco Express is under contract for use on up to three wells and the Company intends to use the rig to complete the Oyo-7 and Oyo-8 wells horizontally. CAMAC is also considering using the rig to drill the Company’s first Miocene-target exploration well.

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 www.camacenergy.com.

Contacts

CAMAC Energy Inc.

Investors:

Christopher D. Heath, 713-797-2945

Director, Corporate Finance and Investor Relations

chris.heath@camacenergy.com

or

Media:

Lionel C. McBee, 713-797-2960

Manager, Corporate Communications

lionel.mcbee@camacenergy.com

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