CAMAC Energy Provides Update on Nigerian OMLs 120/121 and West African Growth

CAMAC Energy Inc.

, a U.S.-based energy company engaged in the exploration, development and production of oil and gas, today announced that it has been informed that Nigerian Agip Exploration, its partner in Nigerian OMLs 120 and 121, has signed a definitive agreement to divest its 40% working interest in the OMLs to Allied Energy PLC, an affiliate of the Company's largest shareholder. According to NAE, the transaction is subject to customary conditions for closing and is expected to conclude during the first quarter of 2012.