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CAMAC Energy Inc. Announces First Quarter 2013 Results And Provides Operational Update

Stock quotes in this article: CAK





HOUSTON, May 14, 2013 /PRNewswire/ --  CAMAC Energy Inc. (NYSE MKT: CAK) today announced a net loss of $3.8 million, or $(0.02) per diluted share for the quarter ended March 31, 2013. For the same period in 2012, CAMAC Energy reported a net loss of $1.3 million, or $(0.01) per diluted share. Net loss for the current period increased primarily due to lower operating revenues.

Operating revenues for the Company were $2.5 million for the quarter ended March 31, 2013, compared to $5.7 million for the same period in 2012. The decrease in 2013 was primarily due to the reduction in Cost Oil recovery related to workover costs incurred on well #5 in Oyo Field in 2010 and 2011 and lower sales price.

Average daily gross production for the quarter ended March 31, 2013 was 2,349 barrels of oil per day, versus 2,949 barrels of oil per day during the first quarter of 2012. CAMAC Energy's net share of average daily production during the first quarter of 2013 was 230 barrels of oil per day compared to 466 barrels of oil per day during the first quarter of 2012. In the first quarter of 2013, there was one oil lifting from Oyo Field of approximately 231,000 barrels, 22,600 net to the Company's interest, at a sales price of approximately $108 per barrel. In the first quarter of 2012, there was one oil lifting of approximately 290,000 barrels, 45,800 net to the Company's interest, at a sales price of approximately $124 per barrel.

General and administrative expenses were $3.7 million for the first quarter of 2013, compared to $2.5 million for the first quarter of 2012.  The increase in first quarter of 2013 versus the same period in 2012 was primarily due to higher share-based compensation expense and higher consulting and legal expenses.

Cash and cash equivalents on March 31, 2013 were $2.3 million compared to $3.8 million at December 31, 2012. The decrease in cash and cash equivalents was principally due to cash payments made for normal operations.

Update on Operations

Nigeria

During the quarter, the Company was informed by Allied Energy Plc ("Allied"), the operator of OML 120 and 121, that it had signed a Deed of Assignment ("the Deed") for the Sedneth 701 semi-submersible rig with Nigerian Petroleum Development Corporation ("NPDC") and the rig's operator, Transocean Ltd. ("Transocean").  Per the Deed, NPDC will assign the Sedneth 701 to Allied between April and August of 2013 to drill Oyo well #7, which is expected to both increase production from the currently producing Pliocene reservoir and explore the resource potential in the deeper Miocene reservoir. The Company currently expects to receive the rig in July and for drilling operations on Oyo well #7 to last approximately sixty days.

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