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 Second Quarter 2013 Results And Provides Operational Update

HOUSTON, Aug. 13, 2013 /PRNewswire/ -- CAMAC Energy Inc. (NYSE MKT: CAK) today announced a net loss of $4.4 million, or $(0.03) per diluted share for the quarter ended June 30, 2013. For the same period in 2012, CAMAC Energy reported a net loss of $4.0 million, or $(0.03) per diluted share.

Operating revenues for the Company were $1.9 million for the quarter ended June 30, 2013, compared to $0 for the same period in 2012. The increase in 2013 was due to increased oil sales, as there was not a lifting in the prior year period.

Average daily gross production for the quarter ended June 30, 2013 was 2,329 barrels of oil per day, versus 2,786 barrels of oil per day during the second quarter of 2012. CAMAC Energy's net share of average daily production during the second quarter of 2013 was 199 barrels of oil per day compared to 461 barrels of oil per day during the second quarter of 2012. In the second quarter of 2013, there was one oil lifting from Oyo Field of approximately 220,000 barrels, 18,800 net to the Company's interest, at a sales price of approximately $103 per barrel. In the second quarter of 2012, there were no oil liftings.

General and administrative expenses were $3.4 million for the second quarter of 2013, compared to $2.9 million for the second quarter of 2012.  The increase in the second quarter of 2013 versus the same period in 2012 was primarily due to higher salaries and benefits and increased consulting expenses.

Update on Operations

Nigeria

Allied Energy Plc ("Allied"), the operator of OMLs 120 and 121, is awaiting the arrival of the Sedneth 701 semi-submersible drilling rig in order to commence drilling of the Oyo well #7.  Transfer of the rig, pursuant to a Deed of Assignment with Transocean Ltd. and Nigerian Petroleum Development Corporation Limited ("NPDC"), has been delayed past the previously announced date of July 31, 2013 due to unanticipated drilling problems at its current location.  Currently, efforts are being made to resolve the problems at its current drilling location and release the rig to Allied.  The Company currently expects that the spudding of Oyo # 7 well will be delayed at least until late August or early September. The well's dual objectives are to increase production from the currently producing Pliocene reservoir and explore the resource potential in the deeper Miocene. During the first phase of drilling, expected to last 60 days, the plan is to drill down into the Miocene and, after testing, to plug the lower section of the well, move back up and drill directionally into the Pliocene reservoir.

After the completion of the first drilling phase, the rig will be released to NPDC per the previously announced Deed of Assignment between NPDC and Allied.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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