HOUSTON, Nov. 19, 2012 /PRNewswire/ -- CAMAC Energy Inc. (NYSE MKT: CAK) ("the Company") today announced that the Company's Chairman and CEO, Dr. Kase Lawal, has adopted a prearranged trading plan (the "Plan") in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
Pursuant to the Plan, commencing on November 19, 2012 and continuing through February 2013, Dr. Lawal will purchase up to 2 million shares of the Company's common stock from time to time on the open market at prevailing market prices and subject to conditions and restrictions relating to volume, price and timing.
Commenting on the Plan, Dr. Lawal stated "As the Company enters into this critical phase of value creation, I am initiating the Plan to reiterate my strong confidence in the Company's ability to execute its strategic program of increased Nigerian oil production and accelerated exploration activities in Gambia and Kenya over the next twelve months."
Rule 10b5-1 allows officers and directors of public companies, at a time when they are not aware of material nonpublic information, to adopt predetermined plans for trading shares of company stock. The transactions under the plan will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission.About CAMAC Energy Inc. CAMAC Energy Inc. (NYSE MKT: CAK) is a U.S.-based energy company engaged in the exploration, development and production of oil and gas. The Company's principal assets include interests in OML 120 and OML 121, offshore oil and gas leases in deep water Nigeria which include the currently producing Oyo Oilfield, and six recently acquired exploration blocks in Kenya and Gambia. The Company is currently pursuing further additions to its exploration portfolio in East and West Africa. The Company was founded in 2005 and has offices in Houston, Texas and Lagos, Nigeria. Forward-Looking Statements This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are "forward-looking statements," including statements regarding the Company's proposed transactions, business strategy, plans and objectives and statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "will," "should," "believes," "expects," "anticipates" or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of their respective dates. In addition, the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of other factors including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission ("SEC"). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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