Boston, MA – (Financialstrend) – 03/24/2014 – The Chief Finance Officer of CAMAC Energy Inc (NYSEMKT:CAK), Earl Mcniel offloaded 619,299 shares of the company stock in the open market in the transaction that was dated Thursday, March 20th. These shares were sold-off at an average-price of $0.86, and the value of the total transaction was $532,597.14. Post this transaction, the CFO now directly-owns 803,297 shares in CAMAC Energy Inc (NYSEMKT:CAK), valued at around $690,835. This sale was disclosed by the company in the filing with the SEC.
In separate news, CAMAC Energy Inc (NYSEMKT:CAK) announced that it has now closed the acquisition of remainder of economic interests that the company did not own already in the production-sharing contract that covered the Oil Mining Leases 120 & 121 (the “OMLs”) which are offshore Nigeria, and which include the company’s currently producing Oyo Field, from the Allied Energy Plc. CAMAC Energy Inc (NYSEMKT:CAK) now has an operatorship & a 100% interest in 8 different production & exploration licenses in three countries, including OMLs, Blocks L1B & L16 onshore Kenya, the Blocks L27 & L28 offshore Kenya, & Blocks A2 & A5 that are offshore Gambia. The total net-acreage is just above 41,000 sq kms or around 10M acres. The current net daily-production is around 2,000-barrels of oil, and 40M cubic feet of natural- gas.
To fund this cash portion of consideration for this transaction with Allied & a segment of the anticipated capital-expenditures for development of this Oyo Field, CAMAC Energy Inc (NYSEMKT:CAK) has also now closed the 1st the Public Investment Corporation Limited of South Africa. with regards to this connection with this investment by the PIC, & in addition to the current listing on the NYSE MKT, CAMAC Energy Inc (NYSEMKT:CAK) starts trading today on the JSE-Johannesburg Stock Exchange.