CAMAC Energy Spuds Oyo-8 Development

CAMAC Energy Inc. (NYSE MKT: CAK) announced today that the Oyo-8 development well was spudded on June 15, 2014.  The Oyo-8 well is located offshore Nigeria in OML 120, where CAMAC Energy is the operator and owns a 100% working interest.  This development well lies within the Oyo field, which was one of the first deepwater oil discoveries made in Nigeria.  The Oyo field is located approximately 75 kilometers offshore Nigeria in water depths of approximately 300 meters.

Oyo-8 will be drilled by the Northern Offshore Energy Searcher drillship to a total depth of approximately 1,800 meters in water depths of approximately 310 meters, and will produce from the Pliocene reservoir.  The Oyo-8 well is expected to commence production in the fourth quarter and, together with the Oyo-7 well which will be completed subsequent to the Oyo-8 well, is expected to significantly increase production from the Oyo Field.