CAMAC Energy Discovers Multiple Oil and Gas Reservoirs

HOUSTON, TX–(Marketwired – Aug 4, 2014) – CAMAC Energy Inc. (NYSE MKT: CAK) announced today the preliminary results of a successful Oyo field development well offshore Nigeria in OML 120. The Oyo-8 well commenced drilling operations on June 15, 2014 and has both a vertical and a horizontal section. The vertical section was designed to test for additional hydrocarbons in the previously undrilled Eastern fault block of the Oyo field. CAMAC Energy is pleased to announce Oyo-8 was drilled to a total depth (TD) of 6,059 feet, and successfully encountered four new oil and gas reservoirs with total gross hydrocarbon thickness of 112 feet based on results from the logging-while-drilling (LWD) data, reservoir pressure measurement, and reservoir fluid sampling. The well will now be completed horizontally as a producing well in the Pliocene formation of the Central Oyo field. Oyo-7, which was successfully drilled in October 2013, will also be completed horizontally in the Pliocene formation of the Central Oyo field.

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“This is an excellent result from the vertical section of Oyo-8, as it positively established oil presence in new reservoirs in the Eastern fault block. We have commenced a detailed evaluation of the results with a view to establishing the size of the incremental reserve additions,” said Segun Omidele, Senior Vice President of Exploration and Production. “We are one step closer to bringing these two high-impact development wells on production that will generate immediate revenues, cash flow, and earnings for our shareholders.”

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