A Review of the Nigerian Energy Industry

CAMAC Energy announces $4.4m Q2 net loss

CAMAC_Energy14 August 2013, Houston – CAMAC Energy Incorporated has 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 Nigeria’s 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.

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