Seeking Alpha

QualityStocks'  Instablog

QualityStocks
Send Message
QualityStocks (www.qualitystocks.net) assists publicly traded companies by getting their story out to the investment community while helping investors discover emerging companies with plenty of growth potential. Our name, QualityStocks, emphasizes our commitment to connect subscribers with... More
My company:
QualityStocks
My blog:
QualityStocks Micro-Cap and Small-Cap Blog
  • Independent Report Concludes CAMAC Energy, Inc.’s (CAK) OML 120 & 121 Blocks Host Substantial Quantities of Oil 0 comments
    Apr 13, 2011 10:52 AM | about stocks: CAK
    CAMAC Energy Inc., a U.S.-based energy company focused on exploring for, developing and producing oil and gas, was excited to announce today the results of an independent engineering report prepared by Netherland, Sewell & Associates, Inc. (NSAI) for the purpose of estimating the total resource in place at the OML 120 & 121 Blocks situated offshore Nigeria.

    The report concluded that the best estimate for gross undiscovered original oil-in-place for OML 120 & 121 is 1.9 billion barrels with a high of 6.3 billion barrels; and the best estimate for associated recoverable gross contingent and unrisked prospective oil resources is 626 million barrels with a high of 2.2 billion barrels. This is substantially greater than the estimated 500 million barrels of potential recoverable oil stated in the company’s recent investor presentation.

    “We are pleased to receive this report on resources for the OML 120 & 121 Blocks,” commented Dr. Kase Lawal, Chairman and Chief Executive of CAMAC Energy. “This report clearly supports the potential we see in the two blocks and we are excited about the results. OML 120 & 121 are in a known hydrocarbon province, have existing production, extensive 3D seismic coverage and over a dozen identified prospects and leads. Together with ENI, the technical operator of OML 120 & 121, we will now work towards testing the greater potential of this play, including the deeper Miocene zone.”

    The NSAI report, with further information and qualifications, can be found on CAMAC Energy’s website at camacenergy.com in the Investor Relations section.

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net
    Stocks: CAK
Back To QualityStocks' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.