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CAMAC Energy Inc. Provides Operational Update on Drilling of Oyo #7 Well

CAMAC Energy (NYSE: CAK) today announced that Allied Energy PLC ("Allied"), an affiliate of the Company's largest shareholder and the operator of its Nigerian deep water blocks, OML 120 and OML 121, has engaged Axxis Petroconsultants Limited ("Axxis") as project manager for the drilling of Oyo #7 well currently scheduled to spud in the first quarter of 2013.

Axxis is an experienced project management and engineering services firm comprised of a team of senior personnel that has successfully managed both offshore and onshore drilling rigs and projects in West Africa. Axxis will work with both Allied and CAMAC Energy personnel to finalize the ongoing rig negotiations, procure long lead items, and manage the drilling program from mobilization to completion.

"We are very pleased that our partner Allied Energy has engaged Axxis Petroconsultants Limited as project managers for the upcoming well in the Oyo Field," said Senior Vice President of Exploration and Production, Segun Omidele. "Their unique regional experience and expertise will be invaluable to us as we execute our dual objectives of increasing production from the Pliocene reservoir and testing the exploration potential of the deeper Miocene in Oyo #7. We look forward to updating you frequently over the coming weeks with our progress."

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