CAMAC Energy Inc. is a dynamic, independent energy company that targets high return, early cash flow global energy projects. Maintaining a balanced portfolio which includes upstream operations and downstream opportunities in Asia and West Africa, the company is committed to building success through strategic vision, unparalleled experience, and responsible corporate governance.
The company’s principal assets include interests in the Oyo Oilfield, an offshore oil asset in deepwater Nigeria that started production in December 2009; a 100% interest in the Zijinshan CBM gas asset located in the Shanxi Province, China; and the Enhanced Oil Recovery and Production (EORP) business in Northern China. Headquartered in Hartsdale, New York, CAMAC Energy has additional offices in Houston, Texas; Beijing, China; and Lagos, Nigeria.
CAMAC Energy strives to maximize shareholder value by actively identifying and managing high-return global energy projects. The company reduces exposure and risks through diversification and a balanced portfolio of assets that offer both short-term cash flow and long-term growth potential. As part of their business strategy, CAMAC Energy actively manages its investments and on-going operations by forming strategic partnerships and alliances.
Earlier this week the company announced its financial results for the second quarter ended June 30, 2010. In the news release, CAMAC Energy noted a “transformation in the cash flow story” as second quarter cash flow from operations increased to a positive $15.6 million from a negative $2.6 million for the same period in 2009. Also notable, the company reported no short-term or long-term debt, other than $6.8 million related to the Oyo Oilfield acquisition which has since then been paid in full.
In other recent news, CAMAC Energy signed a memorandum of understanding (“MOU”) with CAMAC Energy Holdings Limited, CAMAC International (Nigeria) Limited, and Allied Energy Resources Nigeria Limited to acquire full interest in Oil Mining Leases 120 and 121 located offshore Nigeria. The companies intend to finalize negotiations and related due diligence with a goal of entering into a definitive agreement on or before October 15, 2010.
Commenting on the MOU, CEO Mr. Bill Dozier, stated the following, “We are very excited about the growth opportunities this acquisition could bring to our Company. This builds upon the successful movement by the Company to a cash flow positive position which we announced yesterday in our second quarter results and which is further elaborated in my Letter to Shareholders which was posted on our Company website today (www.camacenergy.com).”
With a strong track record of rapid success and a hard working management team actively pursuing additional growth opportunities, CAMAC Energy is a company investors will want to keep an eye on.
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