This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

CAMAC Energy Inc. Announces Fourth Quarter 2011 Results And Provides Operational Update

Stocks in this article: CAK

CAMAC Energy Inc. (NYSE Amex: CAK), a U.S.-based energy company engaged in the exploration, development and production of oil and gas in Africa and China, today announced a net loss of $1.7 million, or $0.01 per diluted share for the quarter ended December 31, 2011. For the same period in 2010, CAMAC Energy reported a net loss of $35.6 million, or $0.25 per diluted share, which included $0.21 per diluted share of intervention expenses. For the year ended December 31, 2011, CAMAC Energy reported a net loss of $24.9 million, or $0.16 per diluted share, as compared to a net loss of $230.5 million, or $1.95 per diluted share, for the year ended December 31, 2010. The decrease in net loss for the year 2011 was principally related to the impairment charge of $186.2 million for the Oyo Field in 2010.

Chairman and Chief Executive Officer Dr. Kase Lawal commented, “2011 was a transformational year for CAMAC Energy. As a result, we have entered 2012 with a growing portfolio of assets across Africa. The CAMAC Energy of today now has production in Nigeria, the provisional award of two offshore exploration blocks located in the West African Transform Margin, and a Heads of Agreement for three exploration blocks in East Africa’s rift basins. We continue to transform the Company into a Pan-African play for the advantage of our shareholders.”

Operating revenues were $9.2 million for the fourth quarter of 2011 compared to $4.4 million for the same period in 2010. Fourth quarter revenues reflect an oil price of approximately $110 per barrel and gross production from the Oyo Field of 3,226 barrels per day. General and administrative expenses were $3.8 million for the fourth quarter compared to $4.3 million for the fourth quarter of 2010. The decrease in 2011 was mainly due to lower stock-based compensation expense.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs