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.