Form 10-Q for quarterly period ended September 30, 2011

Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company

0001193125-11-303947.txt : 20111109 0001193125-11-303947.hdr.sgml : 20111109 20111109123239 ACCESSION NUMBER: 0001193125-11-303947 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111109 DATE AS OF CHANGE: 20111109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMAC Energy Inc. CENTRAL INDEX KEY: 0001402281 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 300349798 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34525 FILM NUMBER: 111190532 BUSINESS ADDRESS: STREET 1: 1330 POST OAK BLVD. STREET 2: SUITE 2575 CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 713-797-2940 MAIL ADDRESS: STREET 1: 1330 POST OAK BLVD. STREET 2: SUITE 2575 CITY: HOUSTON STATE: TX ZIP: 77056 FORMER COMPANY: FORMER CONFORMED NAME: Pacific Asia Petroleum Inc DATE OF NAME CHANGE: 20070607 10-Q 1 d230326d10q.htm FORM 10-Q FOR QUARTERLY PERIOD ENDED SEPTEMBER 30, 2011 Form 10-Q for quarterly period ended September 30, 2011

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 01-34525

CAMAC ENERGY INC.

(Exact name of registrant as specified in its charter)


Delaware		30-0349798
(State or Other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1330 Post Oak Blvd., Suite 2575, Houston, Texas		77056
(Address of principal executive offices)		(Zip Code)

(713) 797-2940

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

At November 3, 2011 there were 154,543,559 shares of common stock, par value $0.001 per share, outstanding.

CAMAC Energy Inc.

Table of Contents


	Page
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION		3

CERTAIN DEFINED TERMS		4

PART I – FINANCIAL INFORMATION		5

ITEM 1. Financial Statements		5

Consolidated Balance Sheets as of September 30, 2011 (Unaudited) and December 31, 2010		5

Consolidated Statements of Operations for the three and nine months ended September 30, 2011 and 2010 (Unaudited)		6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2011 and 2010 (Unaudited)		7

Notes to Unaudited Consolidated Financial Statements		8

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		16

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk		21

ITEM 4. Controls and Procedures		21

PART II – OTHER INFORMATION		21

ITEM 1. Legal Proceedings		21

ITEM 1A. Risk Factors		21

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds		21

ITEM 3. Defaults Upon Senior Securities		22

ITEM 4. (Removed and Reserved)		22

ITEM 5. Other Information		22

ITEM 6. Exhibits		22

Signatures		23

CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION

All statements, other than statements of historical fact, included in this Form 10-Q, including without limitation the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are, or may be deemed to be, forward-looking statements. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of CAMAC Energy Inc. (formerly Pacific Asia Petroleum, Inc. ) and its subsidiaries and joint-ventures, (i) Pacific Asia Petroleum, Limited, (ii) Inner Mongolia Production Company (HK) Limited, (iii) Pacific Asia Petroleum (HK) Limited, (iv) Inner Mongolia Sunrise Petroleum Co. Ltd., (v) Pacific Asia Petroleum Energy Limited, (vi) Beijing Dong Fang Ya Zhou Petroleum Technology Service Company Limited, and (vii) CAMAC Petroleum Limited (collectively, the “Company”), to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements contained in this Form 10-Q.

In our capacity as Company management, we may from time to time make written or oral forward-looking statements with respect to our long-term objectives or expectations which may be included in our filings with the Securities and Exchange Commission (the “SEC”), reports to stockholders and information provided in our web site.

The words or phrases “will likely,” “are expected to,” “is anticipated,” “is predicted,” “forecast,” “estimate,” “project,” “plans to continue,” “believes,” or similar expressions identify “forward-looking statements.” Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. We wish to caution you not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We are calling to your attention important factors that could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The following list of important factors may not be all-inclusive, and we specifically decline to undertake an obligation to publicly revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Among the factors that could have an impact on our ability to achieve expected operating results and growth plan goals and/or affect the value of our oil and gas properties, proved reserves and the market price of our stock are:

•

Limited operating history, operating revenue or earnings history.

•

Ability to raise capital to fund our current and future operations, including participation in the Oyo Field development, on terms and conditions acceptable to the Company.

•

Ability to develop oil and gas reserves.

•

Dependence on key personnel, technical services and contractor support.

•

Fluctuation in quarterly operating results.

•

Possible significant influence over corporate affairs by significant stockholders.

•

Ability to enter into definitive agreements to formalize foreign energy ventures and secure necessary exploitation rights.

•

Ability to successfully integrate and operate acquired or newly formed entities and multiple foreign energy ventures and subsidiaries.

•

Competition from large petroleum and other energy interests.

•

Changes in laws and regulations that affect our operations and the energy industry in general.

•

Risks and uncertainties associated with exploration, development and production of oil and gas, and drilling and production risks.

•

Expropriation and other risks associated with foreign operations.

•

Risks associated with anticipated and ongoing third party pipeline construction and transportation of oil and gas.

•

The lack of availability of oil and gas field goods and services.

•

Environmental risks and changing economic conditions.

CERTAIN DEFINED TERMS

Throughout this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “ Company,” and “our Company” refer to CAMAC Energy Inc. (“CAMAC”), formerly Pacific Asia Petroleum, Inc. (“PAP”), a Delaware corporation, and its present and former subsidiaries, including Pacific Asia Petroleum, Limited (“PAPL”), Pacific Asia Petroleum Energy Limited (“PAPE”), Inner Mongolia Production Company (HK) Limited (“IMPCO HK”), Pacific Asia Petroleum (HK) Limited (“PAP HK”), Inner Mongolia Sunrise Petroleum Co. Ltd. (“IMPCO Sunrise”), Beijing Dong Fang Ya Zhou Petroleum Technology Service Company Limited (“Dong Fang”), and CAMAC Petroleum Limited (“CPL”) and collectively, the “Company”. References to “CAMAC” as a corporate entity refer to CAMAC Energy Inc. (formerly Pacific Asia Petroleum, Inc.) prior to the mergers of Inner Mongolia Production Company LLC (“IMPCO”) and Advanced Drilling Services, LLC (“ADS”) into wholly-owned subsidiaries of CAMAC Energy Inc.

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

CAMAC ENERGY INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share amounts)


	September 30, 2011			December 31, 2010
	(unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	18,925		$	28,918
Short-term investments		—			256
Accounts receivable		12,639			10,411
Inventories		—			72
Other current assets		1,179			2,847

Total current assets		32,743			42,504

Property, plant and equipment, net
Oil and gas properties (successful efforts method of accounting)		199,387			204,523
Property, plant and equipment, other		298			456

Total property, plant and equipment, net		199,685			204,979
Other assets		229			360

Total Assets	$	232,657		$	247,843

LIABILITIES AND EQUITY
Liabilities
Accounts payable	$	35,121		$	63
Income taxes payable		27			163
Accrued expenses		11,868			40,628

Total current liabilities		47,016			40,854
Long-term note payable – related party		—			—

Total liabilities		47,016			40,854

Commitments and Contingencies

Equity
Stockholders’ equity – CAMAC Energy Inc.
Preferred stock, Authorized – 50,000,000 shares at $0.001 par value Issued and Outstanding – None as of September 30, 2011 and December 31, 2010		—			—
Common stock, Authorized – 300,000,000 shares at $0.001 par value Issued and outstanding – 154,543,559 shares as of September 30, 2011 and 153,611,792 shares as of December 31, 2010		154			154
Paid-in capital		459,798			458,523
Accumulated deficit		(274,101	)		(250,925	)
Other comprehensive income (loss)		(225	)		(120	)

Total stockholders’ equity – CAMAC Energy Inc.		185,626			207,632
Noncontrolling interests		15			(643	)

Total equity		185,641			206,989

Total Liabilities and Equity	$	232,657		$	247,843

The accompanying notes are an integral part of these consolidated financial statements

CAMAC ENERGY INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except for per share amounts)

(Unaudited)


	For Three Months Ended September 30,						For Nine Months Ended September 30,
	2011			2010			2011			2010
Revenues
Crude oil	$	12,593		$	8,790		$	37,485		$	21,037
Other operating revenue		—			30			—			203

Total revenues		12,593			8,820			37,485			21,240

Costs and expenses
Lease operating expenses		3,644			6,266			35,413			6,502
Cost of sales		—			120			—			12,143
Exploratory expenses		2,428			88			2,855			248
Depreciation, depletion and amortization		3,224			2,066			10,231			2,241
Impairment of assets		—			186,235			—			186,235
General and administrative expenses		3,341			2,759			11,015			9,086

Total costs and expenses		12,637			197,534			59,514			216,455

Operating loss		(44	)		(188,714	)		(22,029	)		(195,215	)

Other income (expense)
Interest income		3			1			13			7
Interest expense		(81	)		—			(114	)		—
Other expense		—			(3	)		—			(3	)

Total other income (expense)		(78	)		(2	)		(101	)		4

Net loss before income taxes and noncontrolling interests		(122	)		(188,716	)		(22,130	)		(195,211	)
Income tax expense (benefit)		553			(83	)		1,123			13

Net loss		(675	)		(188,633	)		(23,253	)		(195,224	)

Less: Net loss attributable to noncontrolling interests		—			76			77			321

Net Loss attributable to CAMAC Energy Inc. stockholders	$	(675	)	$	(188,557	)	$	(23,176	)	$	(194,903	)

Net loss per common share attributable to CAMAC Energy Inc. common stockholders
Basic	$	(0.00	)	$	(1.32	)	$	(0.15	)	$	(1.79	)
Diluted	$	(0.00	)	$	(1.32	)	$	(0.15	)	$	(1.79	)

Weighted average number of common shares outstanding
Basic		154,687			143,313			154,287			108,993
Diluted		154,687			143,313			154,287			108,993

The accompanying notes are an integral part of these consolidated financial statements

CAMAC ENERGY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	For Nine Months Ended September 30,
	2011			2010
Cash flows from operating activities
Net loss	$	(23,253	)	$	(195,224	)

Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Currency transaction gain		(17	)		(11	)
Share-based compensation expense		1,832			3,404
Dry hole costs		2,100			—
Impairment of assets		—			186,235
Depreciation, depletion and amortization expense		10,231			2,241
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable and other current assets		(560	)		4,536
Decrease in inventories		72			5,514
Increase in accounts payable		35,058			15
(Decrease) increase in income taxes payable		(136	)		105
(Decrease) increase in accrued expenses		(28,760	)		2,693

Net cash (used in) provided by operating activities		(3,433	)		9,508

Cash flows from investing activities
Net sales of available for sale securities		256			1,506
Decrease (increase) in other assets		131			(20	)
Additions to property, plant and equipment		(7,120	)		(39,515	)

Net cash used in investing activities		(6,733	)		(38,029	)

Cash flows from financing activities
Proceeds from long-term note payable – related party		25,000			—
Repayment of long-term note payable – related party		(25,000	)		—
Proceeds from exercise of stock options		177			154
Proceeds from exercise of warrants		—			454
Issuance of common stock net of issuance costs		—			35,128

Net cash provided by financing activities		177			35,736

Effect of exchange rate changes on cash		(4	)		2

Net (decrease) increase in cash and cash equivalents		(9,993	)		7,217
Cash and cash equivalents at beginning of period		28,918			3,602

Cash and cash equivalents at end of period	$	18,925		$	10,819

The accompanying notes are an integral part of these consolidated financial statements

CAMAC Energy Inc.

Notes to Unaudited Consolidated Financial Statements

NOTE 1. COMPANY DESCRIPTION, SIGNIFICANT ACCOUNTING POLICIES

Company Description

CAMAC Energy Inc. (the “Company” or “CAMAC”) is a publicly traded Company which engages in the exploration, development, and production of oil and gas outside the U.S., directly and through joint ventures and other ventures in which it may participate. The Company’s name was changed from Pacific Asia Petroleum, Inc. (“PAP”) to CAMAC Energy Inc. upon the change in control resulting from the acquisition of oil and gas properties located in offshore Nigeria on April 7, 2010.

The Company operates in the upstream segment of the oil and gas industry in exploration and producing activities. The Company’s corporate headquarters is located in Houston, Texas and currently the Company has interests in OML 120/121 oil and gas leases in deep water offshore Nigeria along with the rights to gas acreage under contract in China.

Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of CAMAC and its wholly and majority owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous periods include certain reclassifications that were made to conform to current period’s presentation. Such reclassifications have no impact on previously reported net loss, equity or cash flows.

The accompanying unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for filing of Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the interim periods. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Reports on Forms10-K and 10-K/A for the year ended December 31, 2010. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for any subsequent quarter or for the year ending December 31, 2011.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates based on assumptions. Estimates affect the reported amounts of assets and liabilities, disclosure of contingent liabilities, and the reported amounts of revenues and expenses during the reporting periods. Accordingly, our accounting estimates require the exercise of judgment. While management believes that the estimates and assumptions used in preparation of unaudited consolidated financial statements are appropriate, actual results could differ from those estimates. Estimates that may have a significant effect include oil and natural gas reserve quantities, depreciation, depletion and amortization relating to oil and natural gas properties, and income taxes. The accounting estimates used in the preparation of the unaudited consolidated financial statements may change as new events occur, more experience is acquired, additional information is obtained and our operating environment changes.

For the period from inception of the Company through March 31, 2010, the Company’s consolidated financial statements were prepared as a development stage company. In the three months ended June 30, 2010 the Company commenced the recognition of significant revenues from operating assets located in Nigeria and at that time ceased reporting as a development stage company.

Recently Issued Accounting Standards Not Yet Adopted

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2011-05 amending Accounting Standard Codification (“ASC”) Topic 220 related to comprehensive income. The amendment to ASC 220 requires companies to present items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in one continuous statement or two separate but consecutive statements. Companies will no longer be allowed to present OCI in the statement of stockholders equity. This ASU is effective in interim and annual periods beginning after December 15, 2011. Early adoption is permitted. The Company is presently evaluating the impact, if any, of this ASU on its consolidated financial statements.

In May 2011, FASB issued ASU 2011-04, which generally aligns the principles for fair value measurements (“ASC 820”) and the related disclosures under U.S. GAAP and International Financial Reporting Standards (“IFRS”). The amendments to ASC 820 generally relate to changes to a principle or requirement for measuring fair value, clarifications of the FASB’s intent regarding the application of existing requirements and additional disclosure requirements. This ASU is effective in interim and annual periods beginning after December 15, 2011. Early adoption is not permitted. The Company is presently evaluating the impact, if any of this ASU on its consolidated financial statements.

NOTE 2. ASSET ACQUISITIONS

The Company has acquired the following economic interests in oil and gas assets located in offshore Nigeria:

Acquisition of Oyo Field Production Sharing Contract Interest

On April 7, 2010, the Company consummated the acquisition of certain economic interests held by CAMAC Energy Holdings Limited (“CEHL”) and two of its affiliates, Allied Energy Plc. (“Allied”) and CAMAC International (Nigeria) Limited (“CINL”) (collectively “CEHL Group”) in a Production Sharing Contract (the “OML 120/121 PSC”) with respect to an oilfield asset known as the Oyo Field located offshore Nigeria (the “Oyo Contract Rights”). The Oyo Field was under development through 2009, and oil production commenced in December 2009. As consideration for the Oyo Contract Rights, the Company paid CEHL Group $32 million in cash consideration (the “Cash Consideration”) and issued to CEHL Group 89,467,120 shares of Company Common Stock, par value $0.001, representing approximately 62.74% of the Company’s issued and outstanding Common Stock at closing (the “Consideration Shares”). In addition, if certain issued and outstanding warrants and options exercisable for an aggregate of 7,991,948 shares of Company Common Stock were exercised following the closing, then the Company was obligated to issue up to an additional 13,457,188 Consideration Shares to CEHL Group to maintain CEHL Group’s approximately 62.74% interest in the Company. At June 30, 2011, due to warrant expirations, the maximum additional Consideration Shares obligations on the warrants and options had been reduced to 7,484,983 shares, of which 188,591 related to exercised warrants. As additional Cash Consideration, the Company agreed to pay CEHL Group $6.84 million on the earlier of sufficient receipt of oil proceeds from the Oyo Field or six months from the closing date. This amount was paid in July 2010. In connection with the closing on April 7, 2010, the Company and CEHL Group entered into a number of ancillary documents to consummate the transaction.

Also, on April 7, 2010, the Company and CEHL Group entered into a Registration Rights Agreement, pursuant to which the Company was required to prepare and file with the SEC a registration statement on Form S-3 covering the resale of the Consideration Shares, in addition to providing unlimited “piggyback” registration rights to CEHL Group with respect to the Consideration Shares, in each case, subject to certain limitations and conditions. If any Consideration Shares were not covered by a registration statement within 18 months following the closing date, the Company would be required to pay liquidated damages to CEHL Group. As required, the Company filed a related Form S-3 with the SEC on May 21, 2010, which became effective on June 4, 2010.

The original purchase cost for the acquisition of certain economic interests in CEHL Group’s OML 120/121 PSC with respect to the Oyo Field was allocated as indicated in the table below. The measurement date was the closing date, April 7, 2010. The fair value of the consideration paid was determined at closing. The transaction was accounted for as an asset acquisition, and does not represent the acquisition of a business, as follows (in thousands):


	As of April 7, 2010
Accounts receivable	$	13,880
Inventories		11,619
Property cost of Oyo Contract Rights		393,648
Current liabilities		(7,771	)

Total purchase cost	$	411,376

As disclosed above, one of the assets acquired as part of the Oyo Field interest was crude oil inventory which was recorded at fair value at the acquisition date. The sale of this acquired inventory and the related cost of sales are included in the three months ended June 30, 2010 revenues and cost of sales in the amounts of $11,827,000 and $11,715,000, respectively.

OML 120/121 Transaction

On December 10, 2010, the Company entered into a Purchase and Continuation Agreement (the “Purchase Agreement”) with the CEHL Group, superseding all earlier related agreements. Pursuant to the Purchase Agreement, the Company agreed to acquire certain of the remainder of CEHL Group’s interest in the OML 120/121 PSC (the “OML 120/121 Transaction” or the “Non-Oyo Contract Rights”). In April 2010 the Company had acquired from CEHL Group the Oyo Contract Rights in the OML 120/121 PSC. The OML 120/121 Transaction closed on February 15, 2011. The $5 million paid for acquiring the Non-Oyo Contract Rights is recorded as unproved oil and gas properties in the accompanying unaudited consolidated financial statements. Upon consummation of the acquisition of the Non-Oyo Contract Rights under the Purchase Agreement, the Company acquired certain of the remainder of CEHL Group’s interest in the OML 120/121 PSC.

In exchange for the Non-Oyo Contract Rights, the Company agreed to an option-based consideration structure and paid $5.0 million in cash to CEHL Group upon the closing of the OML 120/121 Transaction on February 15, 2011. The Company has the option to elect to retain the Non-Oyo Contract Rights upon payment of additional consideration to CEHL Group as follows:

First Milestone: Upon commencement of drilling of the first well outside of the Oyo Field under the OML 120/121 PSC, the Company may elect to retain the Non-Oyo Contract Rights upon payment to CEHL Group of $5 million (either in cash, or at CEHL Group’s option, in shares);

Second Milestone: Upon discovery of hydrocarbons outside of the Oyo Field under the OML 120/121 PSC in sufficient quantities to warrant the commercial development thereof, the Company may elect to retain the Non-Oyo Contract Rights upon payment to CEHL Group of $5 million (either in cash, or at CEHL Group’s option, in shares);

Third Milestone: Upon the approval by the Management Committee (as defined in the OML 120/121 PSC) of a Field Development Plan with respect to the development of non-Oyo Field areas under the OML 120/121, as approved by the Company, the Company may elect to retain the Non-Oyo Contract Rights upon payment to CEHL Group of $20 million (either in cash, or at CEHL Group’s option, in shares); and

Fourth Milestone: Upon commencement of commercial hydrocarbon production outside of the Oyo Field under the OML 120/121, the Company may elect to retain the Non-Oyo Contract Rights (with no additional milestones or consideration required thereafter following payment in full of the following consideration) upon payment to CEHL Group, at CEHL Group’s option of (i) $25 million in shares, or (ii) $25 million in cash through payment of up to 50% of the Company’s net cash flows received from non-Oyo Field production under the PSC.

If any of the above milestones are reached and the Company elects not to retain the Non-Oyo Contract Rights at that time, then all the Non-Oyo Contract Rights will automatically revert back to CEHL Group without any compensation due to the Company and with CEHL Group retaining all consideration paid by the Company to date. As of September 30, 2011, none of the above noted milestones were reached.

Dr. Kase Lawal, the Company’s Chief Executive Officer, Chairman and member of the Board of Directors, is a director of each of CEHL, CINL, and Allied. Dr. Lawal also owns 27.7% of CAMAC International Limited, which indirectly owns 100% of CEHL. As a result, if the milestones are reached, Dr. Lawal may at that time be deemed to have an indirect material interest in the transaction contemplated by the OML 120/121 Agreement. Chairman Lawal recused himself from participating in the consideration and approval by the Company’s Board of Directors of the OML 120/121 Transaction.

NOTE 3. IMPAIRMENT OF ASSETS

During the interim period ended September 30, 2010 and in connection with the preparation of its Quarterly Report on Form 10-Q for the period ended September 30, 2010, the Company commissioned an independent petroleum engineers report for an estimate of its current crude oil net underground reserves and related future net revenues (net cash flows) on its interest in the Oyo Field in Nigeria. This was the first assessment post-acquisition that reflected the Company’s current expected participation level in future operating and capital expenditures under the production sharing contract of this field. The amounts of such participation can have a significant effect on the allocation of net reserves by interest owner. The final reserve report was received by the Company on November 5, 2010 (the “Reserve Report”).

Upon review of the Reserve Report, the Company determined there was an indication of possible impairment with respect to the Oyo Field. This was due to the impact of a revised unit-of-production depletion rate on the Oyo Field oil and gas leasehold asset. This rate would result in future operating losses on this asset if based on the existing carrying amount at September 30, 2010.

The Company then determined that the September 30, 2010 aggregate undiscounted future net cash flows on the Company’s interest in the Oyo Field (recoverable amounts) were less than the net carrying amount of that asset in property, plant and equipment. Accordingly, on November 5, 2010, the Company determined that the leasehold asset was impaired. The estimate of cash flows included the use of the above Reserve Report combined with management’s assumptions of cash inflows and outflows directly resulting from the use of those assets in operations, including gross margin on sales and other costs to produce crude oil. This fair value was determined using “Level 3” inputs as defined in ASC Topic 820 (Fair Value Measurements and Disclosures).

At September 30, 2010, a non-cash impairment charge of $186,235,000 was recorded in the Africa operating segment to adjust the Oyo Field carrying amount to estimated fair value based upon the present value of estimated future net cash flows.

NOTE 4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of following (in thousands):


	September 30, 2011		December 31, 2010
Oil and gas properties:
Proved oil and gas properties	$	206,212	$	206,212
Less: Accumulated depreciation, depletion and amortization		11,975		1,917

Proved oil and gas properties, net		194,237		204,295
Unproved oil and gas properties		5,150		228

Oil and gas properties, net		199,387		204,523

Property, plant and equipment, other		777		845
Less: Accumulated depreciation		479		389

Property, plant and equipment, other, net		298		456

Total property, plant and equipment, net	$	199,685	$	204,979

During the quarter ended September 30, 2011, the Company expensed approximately $2,100,000 as exploratory expenses related to the ZJS-3 and ZJS-4 wells.

NOTE 5. OPERATING SEGMENT DATA

Our segments derive revenues from the sale of oil and gas products. The revenues, net income (loss) attributable to CAMAC Energy Inc., and assets of each of the reporting segments, plus the corporate function, are reported below (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Revenues
Africa	$	12,593		$	8,790		$	37,485		$	21,037
Asia		—			30			—			203

Total revenues	$	12,593		$	8,820		$	37,485		$	21,240


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Net Income (Loss) attributable to CAMAC Energy Inc. stockholders
Africa – before impairment	$	4,487		$	636		$	(10,098	)	$	839
Africa – impairment		—			(186,235	)		—			(186,235	)
Asia		(2,386	)		(644	)		(3,782	)		(1,885	)
Corporate		(2,776	)		(2,314	)		(9,296	)		(7,622	)

Net income (loss) attributable to CAMAC Energy Inc. stockholders	$	(675	)	$	(188,557	)	$	(23,176	)	$	(194,903	)


	As of
	September 30, 2011		December 31, 2010
Assets
Africa	$	212,455	$	216,721
Asia		260		408
Corporate		19,942		30,714

Total assets	$	232,657	$	247,843

NOTE 6. LONG TERM NOTE PAYABLE – RELATED PARTY

On June 6, 2011, CAMAC Petroleum Limited (“CPL”), a wholly owned subsidiary of the Company, executed a Promissory Note (the “Promissory Note”) in favor of Allied (the “Lender”). Under the terms of the Promissory Note, the Lender agreed to make loans to CPL, from time to time and pursuant to requests by CPL, in an aggregate sum of up to $25.0 million. On June 8, 2011, CPL received initial loan proceeds of $25.0 million under the Promissory Note. Interest accrues on outstanding principal under the Promissory Note at a rate of 30 day LIBOR plus 2% per annum. The entire loan outstanding of $25.0 million was repaid on August 23, 2011. CPL may prepay and re-borrow all or a portion of such amount from time to time, but the unpaid aggregate outstanding principal amount of all loans will mature on June 6, 2013.

Pursuant to the Promissory Note and as a condition to the obligations of the Lender to perform under the Promissory Note, on June 6, 2011, the Company, as direct parent of CPL, executed a Guaranty Agreement (“Guaranty Agreement”) in favor of the Lender. Under the Guaranty Agreement, the Company irrevocably, unconditionally and absolutely guarantees all of CPL’s obligations under the Promissory Note.

Dr. Kase Lawal, the Company’s Chairman, Chief Executive Officer, and member of the Board of Directors, is a director of each of CEHL, CINL, and the Lender. Dr. Lawal also owns 27.7% of CAMAC International Limited, which indirectly owns 100% of CEHL, and CINL and the Lender are each wholly-owned subsidiaries of CEHL. As a result, Dr. Lawal is deemed to have an indirect material interest in the transaction contemplated by the Promissory Note. Dr. Lawal fully disclosed the material facts as to his relationship to the Lender prior to Board approval.

NOTE 7. INCOME TAXES

For the fiscal 2011 periods presented in the accompanying consolidated statements of operations, total net losses attributable to CAMAC Energy Inc. stockholders and the Africa segment include a net charge of $508,000 to income tax expense representing adjustments between the original book basis income tax provision and the Company’s allocated share of the year 2010 Nigeria Petroleum Profits Tax return filed for the OML 120/121 PSC in September 2011. The adjustments recorded were based upon changes deemed more likely than not to be sustained. The Company also has unrecognized tax benefits of $2,513,000 related to the 2010 Nigeria Petroleum Profits Tax return for which the future realization is uncertain at present; accordingly, the tax benefit has been fully offset by a valuation allowance. Further, as part of the above adjustments, the Company has recorded approximately $548,000 in other current assets for excess 2010 Nigeria Petroleum Profits Tax paid into the escrow account of the OML 120/121 PSC.

For 2011, the Company does not anticipate any tax expense related to Nigeria Petroleum Profits Tax due to reduced production levels.

NOTE 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consist of the following (in thousands):


	As of
	September 30, 2011		December 31, 2010
Contracting and development fees	$	7,308	$	32,329
Personnel expenses		259		606
Liability for contingent acquisition cost		890		890
Royalties		2,945		5,933
Other Liabilities		466		870

	$	11,868	$	40,628

NOTE 9. EQUITY

During the three and nine months ended September 30, 2011, the Company issued 228,000 and 322,694 shares, respectively, of Common Stock on exercises of options and warrants.

Under the Company’s 2009 Equity Incentive Plan, the Company may issue stock, options or units and restricted stock awards to result in issuance of a maximum aggregate of 12,000,000 shares of Common Stock. Options awarded expire 10 years from date of grant or shorter term as fixed by the Board of Directors. During the three months ended September 30, 2011, the Company granted a total of 2,700,000 stock options and 550,000 shares of restricted stock awards with vesting periods from 12 months to 36 months. As of September 30, 2011, approximately 4,213,000 shares remain available for future grants under the 2009 Equity Incentive Plan.

NOTE 10. EARNINGS PER COMMON SHARE

Basic earnings per common share (“EPS”) are computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. The weighted average number of common shares outstanding for computing basic and diluted EPS for the three and nine months ended September 30, 2011 and 2010, respectively, were as follows in the table below (in thousands):


	For Three Months Ended September 30,				For Nine Months Ended September 30,
	2011		2010		2011		2010
Basic		154,687		143,313		154,287		108,993
Diluted		154,687		143,313		154,287		108,993

The number of stock options, warrants issued in stock offerings and restricted stock awards that were excluded from dilutive shares outstanding as these potentially dilutive securities are anti-dilutive because the Company was in a loss position, were as follows in the table below (in thousands):

		000000000000		000000000000		000000000000		000000000000
	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Stock options		91		421		133		439
Warrants issued in stock offering		—		786		193		900
Restricted stock awards		—		245		285		286

Total		91		1,452		611		1,625

NOTE 11. RELATED PARTY TRANSACTIONS

OML 120/121 Transaction

In April 2010, the Company had acquired from CEHL Group, the Oyo Contract Rights in an OML 120/121 PSC. On December 10, 2010, the Company entered into a Purchase and Continuation Agreement (the “Purchase Agreement”) with CEHL Group, superseding all earlier related agreements. Pursuant to the Purchase Agreement, the Company agreed to acquire certain of the remainder of CEHL Group’s interest in the OML 120/121 PSC (the “OML 120/121 Transaction” or the “Non-Oyo Contract Rights”). The OML 120/121 Transaction closed on February 15, 2011. Upon consummation of the acquisition of the Non-Oyo Contract Rights under the Purchase Agreement, the Company acquired certain of the remainder of CEHL Group’s interest in the OML 120/121 PSC. Please see Note 2 for a detailed description of the OML 120/121 Transaction.

Term Credit Facility Commitment Letter and Promissory Note with Allied

On June 6, 2011, CPL, a wholly owned subsidiary of the Company, executed the Promissory Note in favor of Allied. Under the terms of the Promissory Note, the Lender agreed to make loans to CPL from time to time and pursuant to requests by CPL, in an aggregate sum of up to $25.0 million. On June 8, 2011, CPL received initial loan proceeds of $25.0 million under the Promissory Note. Interest accrues on outstanding principal under the Promissory Note at a rate of 30 day LIBOR plus 2% per annum. The entire loan outstanding of $25.0 million was repaid on August 23, 2011. CPL may prepay and re-borrow all or a portion of such amount from time to time, but the unpaid aggregate outstanding principal amount of all loans will mature on June 6, 2013. Please see Note 6 for a detailed description of the Promissory Note and related transactions.

Separation and Release Agreement with Byron A. Dunn

On April 11, 2011, in connection with Mr. Dunn’s resignation as the Company’s President, Chief Executive Officer, and member of the Board of Directors, the Company agreed to provide Mr. Dunn with the following severance and other benefits pursuant to a Separation Agreement and General Release of Claims entered into by and between Mr. Dunn and the Company: (i) the Company agreed to pay Mr. Dunn $400,000 in cash upon the expiration of seven days following the effective date (which amount was paid on April 19, 2011), and $200,000 in cash ninety days following the effective date of the severance agreement (which amount was paid on or about July 11, 2011); (ii) monthly reimbursement of Mr. Dunn’s health benefits under the Company’s group health and dental plan for up to eighteen months following the effective date of the severance agreement; and (iii) upon the expiration of seven days following the effective date of the severance agreement, 250,000 shares of restricted stock issued to Mr. Dunn under the Company’s 2009 Equity Incentive Plan shall become fully vested (which became fully vested on April 19, 2011). In addition, the Company and Mr. Dunn agreed to certain other customary terms and conditions, including a release of potential claims, preservation of proprietary and confidential information, and indemnities.

The Separation and General Release of Claims Agreement extinguishes all rights, if any, which Mr. Dunn may have, contractual or otherwise, relating to his employment with Company, including any rights to severance benefits under his Employment Agreement.

Separation of Abiola L. Lawal

Effective June 6, 2011, Abiola L. Lawal (no relation to Dr. Kase Lawal) was terminated from employment with the Company as Executive Vice President and Chief Financial Officer, due to Mr. Lawal’s unwillingness to accept a reassignment to the senior executive position of Senior Vice President, Strategy and New Ventures, which was offered by the Company to Mr. Lawal. On July 6, 2011, the Company paid to Mr. Lawal all severance amounts due under the Amended and Restated Employment Agreement that was entered into on March 8, 2011, including (i) $630,000 representing twenty-four (24) months of Mr. Lawal’s base salary, (ii) $315,000 representing Mr. Lawal’s target bonus for 2011, (iii) $29,400 representing required 401(k) contributions, and (iv) acceleration of vesting of all outstanding stock options and restricted stock held by Mr. Lawal. The Company also confirmed that it would provide up to $20,000 in outplacement services and continued insurance coverage for Mr. Lawal as required by that contract. Also refer to Note 15, Litigation and Contingencies.

Transactions with Related Parties

Our transactions with related parties, primarily CEHL Group, for the periods presented in the accompanying consolidated financial statements are reported below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Total costs and expenses	$	45	$	1,495	$	1,712	$	1,660
Total other expenses		81		—		114		—

Total related party expenses	$	126	$	1,495	$	1,826	$	1,660


	Receivables				Payables
	As of September 30, 2011		As of December 31, 2010		As of September 30, 2011		As of December 31, 2010
EORP related parties		—		39		—		—
CEHL Group		—		—		890		2,244
Total		—		39		890		2,244

NOTE 12. FINANCIAL INSTRUMENTS FAIR VALUES AND FAIR VALUE ADJUSTMENTS

The September 30, 2011, unaudited consolidated balance sheet includes an available-for-sale equity investment in a nonsubsidiary company carried at a fair value of $187,000. The fair value was determined using “Level 1” inputs as defined in ASC Topic 820 (Fair Value Measurements and Disclosures). Level 1 inputs represent inputs observable in an active market, which in this case is a public active stock market.

At September 30, 2011, the carrying amounts of the Company’s other financial instruments, which include cash equivalents, short-term and long-term investments, trade receivables, deposits, long-term advances, accounts payable and accrued expenses approximate their fair values, due to the short-term nature and maturities of many of the above listed items.

NOTE 13. COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) was calculated as follows (in thousands):

		000000000000			000000000000			000000000000			000000000000
	For Three Months Ended September 30,						For Nine Months Ended September 30,
	2011			2010			2011			2010
Net Loss	$	(675	)	$	(188,633	)	$	(23,253	)	$	(195,224	)

Other comprehensive income (loss) – pre-tax and net of tax:
Currency translation adjustment		(18	)		(3	)		(18	)		(12	)
Unrealized gain (loss) on investment in securities		(56	)		51			(85	)		(329	)

Total other comprehensive income (loss)		(74	)		48			(103	)		(341	)

Comprehensive loss		(749	)		(188,585	)		(23,356	)		(195,565	)

Less: Comprehensive (income) loss – Noncontrolling interests share:
Net loss plus pre-tax and net of tax other comprehensive income (loss)		—			76			75			325

Comprehensive loss – Camac Energy Inc. stockholders	$	(749	)	$	(188,509	)	$	(23,281	)	$	(195,240	)

NOTE 14. SUPPLEMENTAL CASH FLOW INFORMATION

The following represents our supplemental cash flow information (in thousands):

		000000000000		000000000000
	For Nine Months Ended September 30,
	2011		2010
Supplemental disclosures of cash flow information
Interest paid	$	114	$	—
Income taxes paid	$	—	$	—

Supplemental schedule of non-cash investing and financing activities

Common stock issued for services and fees	$	—	$	1,096
Issuance costs paid as warrants issued	$	—	$	457
Common stock issued for net assets acquired in acquisition	$	—	$	372,183

NOTE 15. LITIGATION AND CONTINGENCIES

From time to time we may be involved in various legal proceedings and claims in the ordinary course of our business. As of September 30, 2011 we do not believe the ultimate resolution of such actions or potential actions of which we are currently aware will have a material effect on our consolidated financial position or our net income or loss.

NOTE 16. SUBSEQUENT EVENTS

The Company evaluated events and transactions that occurred after the balance sheet date but before the unaudited consolidated financial statements were filed with the SEC, noting no events or transactions which require adjustment to or disclosure in these unaudited consolidated financial statements.

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our Business

CAMAC Energy Inc. is a publicly traded Company which engages in the exploration, development, and production of oil and gas outside the U.S., directly and through joint ventures and other ventures in which it may participate. The Company’s corporate headquarters is located in Houston, Texas and currently the Company has interests in OML 120/121 oil and gas leases in deep water offshore Nigeria along with the rights to significant gas acreage under contract in China. The Company is a strategic partner with major energy companies in oil and gas fields in Nigeria and China. The Company’s current operations commenced in 2005 through IMPCO, formed as a limited liability company under New York State law on August 25, 2005. Members of the Company’s senior management team have experience in the fields of international oil and gas operations, business development, geology, petroleum engineering, energy services, strategy, government relations, and finance and will seek to utilize their experience, expertise and contacts to create value for shareholders. Oil and gas exploration and production operations are managed geographically.

In April 2010 the Company acquired from CAMAC Energy Holdings Limited (“CEHL”), and two of its affiliates, Allied Energy Plc., and CAMAC International (Nigeria) Limited (“CINL”), (collectively “CEHL Group”), the Oyo Contract Rights in a Production Sharing Contract (the “OML 120/121 PSC”). On December 10, 2010, the Company entered into a Purchase and Continuation Agreement (the “Purchase Agreement”) with CEHL Group, superseding all earlier related agreements. Pursuant to the Purchase Agreement, the Company agreed to acquire certain of the remainder of CEHL Group’s interest in the OML 120/121 PSC (the “OML 120/121 Transaction” or the “Non-Oyo Contract Rights”). The OML 120/121 Transaction closed on February 15, 2011. Upon consummation of the acquisition of the Non-Oyo Contract Rights under the Purchase Agreement, the Company acquired certain of the remainder of CEHL Group’s interest in the OML 120/121 PSC. Please see Note 2 to the unaudited consolidated financial statements for a detailed description of the OML120/121 Transaction.

Africa Developments

In mid-January 2011, the Company completed a workover on well #5 in the Oyo Field and incurred a total cost of approximately $56.4 million in an effort to reduce gas production and improve the crude oil production rate from this well. Of this amount, $30.7 million was charged to expense as of December 31, 2010, $24.5 million was charged to expense during the quarter ended March 31, 2011, $0.7 million was charged to expense during the quarter ended June 30, 2011 and the remaining $0.5 million was charged to expense during the quarter ended September 30, 2011. The Company is funding the workover using available cash, a debt facility entered into with Allied on June 6, 2011 and through Oyo Field lifting proceeds. The workover on well #5 in the Oyo Field initially reduced the amount of gas and water production, however, the oil production rate did not significantly improve and recently, the water production has started to increase again to a current level of 36%. A gradual decline in oil production is anticipated if the water production continues to rise.

Well #6 in the Oyo Field currently produces at a water cut of about 76%. The Company plans to place the well on gas lift later in the year, using equipment already installed in the well. It is expected that the addition of gas lift will increase the gross production by an estimated 200-300 barrels per day.

Based on the production history of the Oyo Field, the Company believes that three additional development wells will be required to recover all reserves. The Company intends to update the current simulation model for the Oyo Field to reflect actual performance. This information will also be used to confirm (i) optimum number and locations for future development wells and (ii) the estimated associated production volumes.

The Company is continuing to explore options for marketing Oyo Field gas to third party gas processing and transportation facilities.

The Operating Contractor for the Oyo Field has agreed to review all alternatives that could lead to acceleration of development, including a divestiture of their interest to another party. Since then, the Operating Contractor has been engaged with this process, which is moving towards a resolution by the end of the year. It is the Company’s belief that a new operator or partner may facilitate the acceleration of drilling, development and exploration activities in OML 120/121.

During the three months and nine months ended September 30, 2011 the Oyo Field had gross crude oil production from two producing wells averaging totals of 3,514 and 3,878 barrels per day, respectively, of which the Company’s net shares including Cost Oil barrels totaled 833 and 1,025 barrels per day. In August 2011, there was a lifting of approximately 350,000 barrels of crude oil, at a price of $116.91 per barrel and in June 2011, there was a lifting of approximately 600,000 barrels of crude oil, at a price of $112.83 per barrel.

China Developments

The Company and its Chinese partner, PetroChina, have approved a work program to expedite exploration and delineation of the gas resources in the Zijinshan contract area. The last of the three wells under the first phase of the exploration period, ZJS-3, spudded mid-March 2011, and reached its target depth on May 1, 2011. As a result, the Company has fulfilled all the work obligation of the first phase of the exploration period and opted to enter into the second phase of the exploration period of the production sharing contract. During the second phase of the exploration period, from May 1, 2011 to April 30, 2013, the Company is obligated to drill four wells. The first well of the second phase of the exploration period ZJS-4, spudded the first week of June 2011 and reached its target depth on July 14, 2011. Both of the ZJS-3 and ZJS-4 wells encountered gas accumulations. Data from the wells is being analyzed, and further evaluation on the area is required to determine if the discovered gas can be economically developed. As a result, as of September 30, 2011, the Company expensed approximately $2,100,000 as exploratory expenses related to the ZJS-3 and ZJS-4 wells. Further, in September 2011, the Company and PetroChina agreed to revise the work program to delay the drilling of ZJS-5 well to 2012, in order to allow time to utilize the data obtained from ZJS-3 and ZJS-4 in conjunction with the 2D seismic reinterpretation results to refine the location for ZJS-5.

In the fourth quarter of 2010, the Company decided the Enhanced Oil Recovery and Production (“EORP”) business was no longer a core business and ceased all active EORP operations. Accordingly, effective June 20, 2011, the Company entered into a settlement and release agreement with Mr. Li Xiang Dong, Mr. Ho Chi Kong and Dong Ying Tong Sheng Sci-Tech Company Limited to dissolve the operations of Beijing Dong Fang Ya Zhou Petroleum Technology Service Company Limited (“Dong Fang”). Pursuant to this settlement agreement, outstanding claims and disputes between the Company and the other parties were settled, existing contracts and agreements were terminated, and disposition of remaining EORP related assets and liabilities was agreed to. The Company agreed to transfer and assign all EORP related patent application rights for patents to Mr. Li Xiang Dong, and the parties agreed to liquidate Dong Fang. The EORP assets are not material in terms of the Company’s total assets, and the minority interest in EORP operations is reflected as a non-controlling interest in the unaudited consolidated financial statements.

In October 2011, the Company retained a financial advisor to assist in the identification and evaluation of opportunities to monetize its Zijinshan gas asset. The proceeds of any such transaction are expected to be invested in the Company’s current or planned core Africa opportunities. However, there can be no assurance that any transaction will be consummated.

Results of Operations

Consolidated Statements of Operations

Comparison of Three Months Ended September 30, 2011 and 2010

Our revenues in the three months ended September 30, 2011 were $12,593,000 as compared to $8,820,000 for the three months ended September 30, 2010. The $3,773,000 increase was primarily related to Cost Oil recovery of $7,367,000 (due to cost recovery of workover costs incurred on well #5 in the Oyo Field) and higher revenue per barrel, partially offset by lower sales volume in the current period. During the three months ended September 30, 2011 and 2010, the average gross production from the Oyo Field was 3,514 and 6,955 barrels per day, respectively, and the Company’s share of average daily net production was 833 and 375 barrels per day, respectively. The revenue per barrel on crude oil sold during the three months ended September 30, 2011 and 2010 was $116.91 and $75.09, respectively.

Lease operating expenses consists of royalty expense, salaries and personnel costs directly associated with the production of oil, and technical service agreement costs. Our lease operating expenses in the three months ended September 30, 2011 were $3,644,000 as compared to $6,266,000 for the three months ended September 30, 2010. The $2,622,000 decrease was due to lower royalties expense of $1,889,000, lower technical services cost of $1,228,000 and lower other costs of $40,000, partially offset by workover costs of $535,000 related to well #5 in the Oyo Field in the current period.

Cost of sales consists of costs related to the sale of acquired oil inventory and costs associated with our other operating revenue in China. Our cost of sales in the three months ended September 30, 2011 was none as compared to $120,000 for the three months ended September 30, 2010. The $120,000 decrease was due to the costs associated with other operating revenue in China in the prior period.

Exploratory expense consists of salaries and personnel costs related to exploration activities, drilling costs for unsuccessful wells, and costs for acquisition of seismic data. Our exploratory expenses in the three months ended September 30, 2011 were $2,428,000 as compared to $88,000 for the three months ended September 30, 2010. The $2,340,000 increase was due to drilling costs of $2,100,000 related to ZJS-3 and ZJS-4 wells as previously discussed and higher exploration staff expenses of $396,000, partially offset by lower other costs of $156,000.

Depreciation, depletion and amortization expenses consist of depletion of oil reserves and depreciation of leasehold improvements, furniture and fixtures and computer equipment. Our depreciation, depletion and amortization expenses in the three months ended September 30, 2011 were $3,224,000 as compared to $2,066,000 for the three months ended September 30, 2010. The $1,158,000 increase was primarily due to recording depletion related to our share of Cost Oil during the current period, partially offset by lower depletion on Profit Oil due to fewer Profit Oil barrels in 2011.

Our impairment of assets for the three months ended September 30, 2010 was $186,235,000 related to write down of oil and gas properties in the Oyo Field.

General and administrative expenses consists primarily of salaries and related personnel costs of executive management, finance, accounting, legal and human resources, accounting and legal services, consulting projects and insurance. Our general and administrative expenses in the three months ended September 30, 2011 were $3,341,000 as compared to $2,759,000 for the three months ended September 30, 2010. The $582,000 increase was due to higher consulting and legal expenses of $238,000, higher share based compensation expense of $218,000 due to grants to new officers and higher other expenses of $122,000.

Income tax expense consists of petroleum profits tax in Nigeria and franchise taxes. Our income tax expense in the three months ended September 30, 2011 was $553,000 as compared to an income tax benefit of $83,000 during the three months ended September 30, 2010. The $636,000 increase was primarily due to a net charge of $508,000 to income tax expense representing adjustments between the original book basis income tax provision and the Company’s allocated share for the 2010 Nigeria Petroleum Profits Tax return in September 2011. Additionally, the Company has not recorded any Nigeria Petroleum Profits Tax in 2011 due to reduced production levels in the current period.

Comparison of Nine Months Ended September 30, 2011 and 2010

Our revenues in the nine months ended September 30, 2011 were $37,485,000 as compared to $21,240,000 for the nine months ended September 30, 2010. The $16,245,000 increase was primarily related to Cost Oil recovery of $23,565,000 (due to cost recovery of workover costs incurred on well #5 in the Oyo Field) in the current period and higher revenue per barrel offset by the non-recurring sale of $11,827,000 of acquired inventory in the prior period. During the nine months ended September 30, 2011 and the six months ended September 30, 2010 (the initial period), the average gross production from the Oyo Field was 3,878 and 8,452 barrels per day, respectively, and the Company’s share of average daily net production was 1,025 and 461 barrels per day, respectively. Weighted average revenue per barrel on crude oil sold during the nine months ended September 30, 2011 and 2010 was $114.33 and $83.23, respectively.

Our lease operating expenses in the nine months ended September 30, 2011 were $35,143,000 as compared to $6,502,000 for the nine months ended September 30, 2010. The $28,911,000 increase was due to the recognition in 2011 of workover cost of $25,747,000 related to well #5 in the Oyo Field, higher royalties of $2,828,000 and higher other costs of $336,000.

Our cost of sales in the nine months ended September 30, 2011 was none as compared to $12,143,000 for the nine months ended September 30, 2010. The $12,143,000 decrease was due to the non-recurring sale of acquired inventory of $11,715,000 and costs of $428,000 associated with other operating revenue in China in the prior period.

Our exploratory expenses in the nine months ended September 30, 2011 were $2,855,000 as compared to $248,000 for the nine months ended September 30, 2010. The $2,607,000 increase was due to drilling costs of $2,100,000 related to ZJS-3 and ZJS-4 wells in the current period as previously discussed, higher exploration staff expenses of $454,000 and higher other costs of $53,000.

Our depreciation, depletion and amortization expenses in the nine months ended September 30, 2011 were $10,231,000 as compared to $2,241,000 for the nine months ended September 30, 2010. The $7,990,000 increase was primarily due to higher depletion related to our share of Cost Oil barrels during the current period.

Our impairment of assets for the nine months ended September 30, 2010 was $186,235,000 related to write down of oil and gas properties in the Oyo Field.

Our general and administrative expenses in the nine months ended September 30, 2011 were $11,015,000 as compared to $9,086,000 for the nine months ended September 30, 2010. The $1,929,000 increase was primarily due to higher salaries, benefits and bonus expenses of $1,713,000, of which $1,377,000 was due to executive severance benefits, higher consulting and legal expenses of $902,000 and other expenses of $533,000, partially offset by lower share-based compensation expense of $1,219,000, primarily due to forfeiture of options and restricted stock upon officer departures in the prior period.

Income tax expense consists of petroleum profits tax in Nigeria and franchise taxes. Our income tax expense in the nine months ended September 30, 2011 was $1,123,000 as compared to an income tax expense of $13,000 during the nine months ended September 30, 2010. The $1,110,000 increase was primarily due to a net charge of $508,000 to income tax expense representing adjustments between the original book basis income tax provision and the Company’s allocated share for the 2010 Nigeria Petroleum Profits Tax return in September 2011. Additionally, the Company has not recorded any Nigeria Petroleum Profits Tax in 2011 due to reduced production levels in the current period.

Segment Analysis

The following table compares revenues and net income (loss) attributable to CAMAC Energy Inc. stockholders for each of our business segments for the three and nine months ended September 30, 2011 and 2010. Net income (loss) attributable to CAMAC Energy Inc. stockholders consists of our revenues less costs and operating expenses, other income (expense), income tax expense and non-controlling interests (in thousands).


	Three Months Ended September 30,									Nine Months Ended September 30,
	2011			2010			Change			2011			2010			Change
Revenues
Africa	$	12,593		$	8,790		$	3,803		$	37,485		$	21,037		$	16,448
Asia		—			30			(30	)		—			203			(203	)

Total revenues	$	12,593		$	8,820		$	3,773		$	37,485		$	21,240		$	16,245


	Three Months Ended September 30,									Nine Months Ended September 30,
	2011			2010			Change			2011			2010			Change
Net Income (Loss) attributable to CAMAC Energy Inc. stockholders
Africa – before impairment	$	4,487		$	636		$	3,851		$	(10,098	)	$	839		$	(10,937	)
Africa – impairment		—			(186,235	)		186,235						(186,235	)		186,235
Asia		(2,386	)		(644	)		(1,742	)		(3,782	)		(1,885	)		(1,897	)
Corporate		(2,776	)		(2,314	)		(462	)		(9,296	)		(7,622	)		(1,674	)

Total net income (loss) attributable to CAMAC Energy Inc. stockholders	$	(675	)	$	(188,557	)	$	187,882		$	(23,176	)	$	(194,903	)	$	171,727

Africa

Our revenues during the three and nine months ended September 30, 2011 were $12,593,000 and $37,485,000, respectively, as compared to $8,790,000 and $21,037,000 for the three and nine months ended September 30, 2010, respectively. The revenues increased by $3,803,000 and $16,448,000 during the three and nine months ended September 30, 2011, respectively, primarily due to Cost Oil related volumes (due to cost recovery of workover costs on well #5 in the Oyo Field) and higher revenue per barrel in the current period. This was partially offset by lower Profit Oil related volumes due to a smaller cargo size in 2011.

For the three months ended September 30, 2011 as compared to September 30, 2010, net income before impairment increased by $3,851,000 primarily due to the impact of Cost Oil revenue, partially offset by lower Profit Oil revenue.

For the three and nine months ended September 30, 2010 the impairment charge was $186,235,000 related to write down of oil and gas properties in the Oyo Field.

For the nine months ended September 30, 2011 as compared to September 30, 2010, net loss before impairment increased by $10,937,000 primarily due to the recognition in 2011 of workover cost of $25,747,000 related to well #5 in the Oyo Field, higher depreciation, depletion and amortization of $10,231,000, partially offset by an increase in Cost Oil revenue of $23,565,000 from our June and August 2011 lifting, related to workover cost for well #5 in the Oyo Field.

The results for the Africa segment for the three months and nine months ended September 30, 2011 should not be viewed as predictive of future results. The dollar amount of the Company’s participation in the expenditures of the PSC will vary from period to period; for amounts chargeable to expense as incurred rather than capitalized, the expense charge is likely to occur prior to recovery in revenues as Cost Oil because sales do not occur every month due to cargo size requirements. As of September 30, 2011 the Company has recorded all known expense for the workover on well #5 in the Oyo Field, but has still to recover a significant portion of that expense through future Cost Oil revenue recognition. However, such Cost Oil is also subject to recording of depletion expense charges on a unit-of-production rate basis as the oil is sold, which will reduce the impact of that future revenue on net income.

Asia

Our revenues in both the three and nine months ended September 30, 2011 were none as compared to $30,000 and $203,000 for the three and nine months ended September 30, 2010, respectively. The revenues decreased in both the three and nine months ended September 30, 2011, primarily due to the ceasing of activities in our EORP business since late 2010. Net loss for the Asia segment for the three and nine months ended September 30, 2011 was $2,386,000 and $3,782,000, respectively, as compared to $644,000 and $1,885,000 for the three and nine months ended September 30, 2010, respectively. The increase in net loss of $1,742,000 and $1,897,000 for the three and nine months ended September 30, 2011, respectively, was primarily due to $2,100,000 drilling costs related to the previously discussed ZJS-3 and ZJS-4 wells in the current period.

Corporate

Net loss attributable in the Corporate segment for the three and nine months ended September 30, 2011 was $2,776,000 and $9,296,000, respectively, as compared to $2,314,000 and $7,622,000 for the three and nine months ended September 30, 2010, respectively. The increase in net loss of $462,000 and $1,674,000 for the three and nine months ended September 30, 2011, respectively, was primarily due to higher salaries, benefits and bonus expenses, including officer severance benefits.

Liquidity and Capital Resources

As of September 30, 2011, the Company had cash and cash equivalents of $18,925,000, accounts receivable of $12,639,000, accounts payable of $35,121,000 and accrued expenses of $11,868,000. The net cash provided by (used in) each of the operating, investing and financing activities are summarized in the following table and discussed in further detail below (in thousands):


	Nine Months Ended September 30,
	2011			2010			Change
Net cash (used in) provided by operating activities	$	(3,433	)	$	9,508		$	(12,941	)
Net cash used in investing activities		(6,733	)		(38,029	)		31,296
Net cash provided by financing activities		177			35,736			(35,559	)
Effect of exchange rate changes on cash		(4	)		2			(6	)

Net (decrease) increase in cash and cash equivalents	$	(9,993	)	$	7,217		$	(17,210	)

During the nine months ended September 30, 2011, net cash used in operating activities was $3,433,000 as compared to $9,508,000 of net cash provided by operating activities for the nine months ended September 30, 2010. The net decrease of $12,941,000 was primarily due to cash payments related to the workover of well # 5 in the Oyo Field in the current period, an increase in net loss before non-cash expenses (primarily impairment, dry hole costs, depreciation, depletion and amortization and share-based compensation expense), partially offset by the collection of accounts receivable in the current period.

During the nine months ended September 30, 2011, net cash used in investing activities was $6,733,000 as compared to $38,029,000 in the nine months ended September 30, 2010. The decrease in cash used in investing activities of $31,296,000 primarily relates to prior period during which $38,880,000 cash was paid as partial consideration to acquire certain economic interests in the Oyo Field, as compared to the $5,000,000 payment related to the OML 120/121 Transaction and $2,100,000 related to exploration expenses for ZJS-3 and ZJS-4 wells in China in the current period.

During the nine months ended September 30, 2011, net cash provided by financing activities was $177,000 as compared to $35,736,000 in the nine months ended September 30, 2010. The decrease of $35,559,000 primarily relates to the prior period during which two registered direct offerings of equity securities occurred related to acquisition of the Oyo Contract Rights and proceeds from exercise of warrants.

Based upon current cash flow projections, management believes that the Company will have sufficient capital resources to meet projected cash flow requirements through September 2012 assuming no additional participation in Oyo Field operating and development costs through such date.

Our participation in Oyo Field operating and development costs and our continued operations beyond 2012 will depend on whether we are able to raise additional funds through equity, debt financing or strategic alliances. Previously, all of our financing had been raised through private placements and registered direct offerings of equity instruments, and debt financing arranged through a related party. Such additional funds may not become available on acceptable terms, if at all, and any additional funding obtained may not be sufficient to fund our future operations, including participation in the Oyo Field development.

Off-Balance Sheet Arrangements

We have no off balance sheet arrangements, other than normal operating leases and employee contracts, that have or are likely to have a current or future material effect on our financial condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources.

Tabular Disclosure of Contractual Obligations

Please see our Annual Report on Form 10-K for the year ended December 31, 2010, Part II, Item 7 for a table summarizing the Company’s significant contractual obligations as of December 31, 2010. No material changes to such information have occurred during the nine months ended September 30, 2011.

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company may be exposed to certain market risks related to changes in foreign currency exchange, interest rates, and commodity prices. Please see our Annual Report on Form 10-K for the year ended December 31, 2010 under Part II, Item 7A. No material changes to such information have occurred during the nine months ended September 30, 2011.

Item 4.

CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures.

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures.

As of the end of the period covered by this quarterly report, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act. This evaluation was carried out under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer. Based on this evaluation, these officers have concluded that, as of September 30, 2011, our disclosure controls and procedures are effective at a reasonable assurance level in ensuring that the information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

(b) Changes in Internal Control Over Financial Reporting.

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

On June 28, 2011, Mr. Abiola Lawal, former Executive Vice President and Chief Financial Officer of the Company, filed a lawsuit in Harris County, Texas District Court against the Company, alleging breach of contract and unlawful termination in connection with Mr. Lawal’s June 6, 2011 termination from the Company. On September 16, 2011, the Court issued an order staying the proceedings pending arbitration in view of the mandatory arbitration clause in the plaintiff’s employment agreement. On October 31, 2011, the plaintiff issued a written demand for arbitration making the same allegations as the stayed lawsuit. The Company believes the claims are without merit and intends to vigorously defend itself against such claims. See Note 11 of Notes to Unaudited Consolidated Financial Statements for additional details regarding Mr. Lawal’s separation from employment. From time to time we may be involved in various legal proceedings and claims in the ordinary course of our business. As of September 30, 2011 we do not believe the ultimate resolution of such actions or potential actions of which we are currently aware will have a material effect on our consolidated financial position or our net income or loss.

Item 1A.

Risk Factors

Please see our Annual Report on Form 10-K for the year ended December 31, 2010, Part I, Item 1A, for discussion on the risk factors. No material changes to such information have occurred during the nine months ended September 30, 2011.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None.

Stock Repurchases

The Company did not repurchase any shares of its Common Stock during the quarter ended September 30, 2011.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

(Removed and Reserved)

Item 5.

Other Information

None.

Item 6.

Exhibits


Exhibit Number		Description

3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of our Form 10-SB (File No. 000-52770) filed on August 15, 2007).

3.2		Amended and Restated Bylaws of the Company as of April 11, 2011 (incorporated by reference to Exhibit 3.1 of our Quarterly Report on Form 10-Q filed on May 3, 2011).

4.1		Registration Rights Agreement, dated as of February 15, 2011, by and among CAMAC Energy Inc., CAMAC Energy Holdings Limited, Allied Energy Plc, and CAMAC International (Nigeria) Limited (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K filed on February 16, 2011).

10.1		Executive Employment Agreement dated September 1, 2011, by and between Nicholas J. Evanoff and the Company (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed on September 7, 2011).

10.2		Executive Employment Agreement dated September 1, 2011, by and between Babatunde Omidele and the Company (incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K filed on September 7, 2011).

31.1		Certification of the Registrant’s Principal Executive Officer under Exchange Act Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of the Registrant’s Principal Financial Officer under Exchange Act Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of the Registrant’s Principal Executive Officer under 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of the Registrant’s Principal Financial Officer under 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101. INS		XBRL Instance Document.

101. SCH		XBRL Schema Document.

101. CAL		XBRL Calculation Linkbase Document.

101. LAB		XBRL Label Linkbase Document.

101. PRE		XBRL Presentation Linkbase Document.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 9, 2011


CAMAC Energy Inc.

By:		/S/ DR. KASE LUKMAN LAWAL

		Dr. Kase Lukman Lawal
		Chief Executive Officer (Principal Executive Officer)

EX-31.1 2 d230326dex311.htm SECTION 302 CERTIFICATION OF CEO Section 302 Certification of CEO

Exhibit 31.1

CERTIFICATION PURSUANT TO

15 U.S.C. § 7241

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I,	Dr. Kase Lukman Lawal, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of CAMAC Energy Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements and other financial information included in this report, fairly present, in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors:

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-31.2 3 d230326dex312.htm SECTION 302 CERTIFICATION OF CFO Section 302 Certification of CFO

Exhibit 31.2

CERTIFICATION PURSUANT TO

15 U.S.C. § 7241

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I,	Edward G. Caminos, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of CAMAC Energy Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements and other financial information included in this report, fairly present, in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors:

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-32.1 4 d230326dex321.htm SECTION 906 CERTIFICATION OF CEO Section 906 Certification of CEO

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. § 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CAMAC Energy Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dr. Kase Lukman Lawal, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

EX-32.2 5 d230326dex322.htm SECTION 906 CERTIFICATION OF CFO Section 906 Certification of CFO

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. § 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CAMAC Energy Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edward G. Caminos, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

EX-101.INS 6 cak-20110930.xml XBRL INSTANCE DOCUMENT 0001402281 2011-07-01 2011-09-30 0001402281 2010-09-30 0001402281 2009-12-31 0001402281 2010-07-01 2010-09-30 0001402281 2010-01-01 2010-09-30 0001402281 2011-09-30 0001402281 2010-12-31 0001402281 2011-11-03 0001402281 2011-01-01 2011-09-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 Q3 2011 2011-09-30 10-Q 0001402281 154543559 Accelerated Filer CAMAC Energy Inc.

NOTE 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses consist of the following (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="72%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">As of</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">September 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Contracting and development fees</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,308</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,329</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Personnel expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">259</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">606</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Liability for contingent acquisition cost</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">890</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">890</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Royalties</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,945</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,933</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Other Liabilities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">466</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">870</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,868</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,628</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>

63000

35121000

10411000

12639000

163000

27000

40628000

11868000

-120000

-225000

458523000

459798000

186235000

NOTE 3. IMPAIRMENT OF ASSETS During the interim period ended September 30, 2010 and in connection with the preparation of its Quarterly Report on Form 10-Q for the period ended September 30, 2010, the Company commissioned an independent petroleum engineers report for an estimate of its current crude oil net underground reserves and related future net revenues (net cash flows) on its interest in the Oyo Field in Nigeria. This was the first assessment post-acquisition that reflected the Company's current expected participation level in future operating and capital expenditures under the production sharing contract of this field. The amounts of such participation can have a significant effect on the allocation of net reserves by interest owner. The final reserve report was received by the Company on November 5, 2010 (the "Reserve Report"). Upon review of the Reserve Report, the Company determined there was an indication of possible impairment with respect to the Oyo Field. This was due to the impact of a revised unit-of-production depletion rate on the Oyo Field oil and gas leasehold asset. This rate would result in future operating losses on this asset if based on the existing carrying amount at September 30, 2010. The Company then determined that the September 30, 2010 aggregate undiscounted future net cash flows on the Company's interest in the Oyo Field (recoverable amounts) were less than the net carrying amount of that asset in property, plant and equipment. Accordingly, on November 5, 2010, the Company determined that the leasehold asset was impaired. The estimate of cash flows included the use of the above Reserve Report combined with management's assumptions of cash inflows and outflows directly resulting from the use of those assets in operations, including gross margin on sales and other costs to produce crude oil. This fair value was determined using "Level 3" inputs as defined in ASC Topic 820 (Fair Value Measurements and Disclosures). At September 30, 2010, a non-cash impairment charge of $186,235,000 was recorded in the Africa operating segment to adjust the Oyo Field carrying amount to estimated fair value based upon the present value of estimated future net cash flows.

247843000

232657000

42504000

32743000

NOTE 2. ASSET ACQUISITIONS The Company has acquired the following economic interests in oil and gas assets located in offshore Nigeria: Acquisition of Oyo Field Production Sharing Contract Interest On April 7, 2010, the Company consummated the acquisition of certain economic interests held by CAMAC Energy Holdings Limited ("CEHL") and two of its affiliates, Allied Energy Plc. ("Allied") and CAMAC International (Nigeria) Limited ("CINL") (collectively "CEHL Group") in a Production Sharing Contract (the "OML 120/121 PSC") with respect to an oilfield asset known as the Oyo Field located offshore Nigeria (the "Oyo Contract Rights"). The Oyo Field was under development through 2009, and oil production commenced in December 2009. As consideration for the Oyo Contract Rights, the Company paid CEHL Group $32 million in cash consideration (the "Cash Consideration") and issued to CEHL Group 89,467,120 shares of Company Common Stock, par value $0.001, representing approximately 62.74% of the Company's issued and outstanding Common Stock at closing (the "Consideration Shares"). In addition, if certain issued and outstanding warrants and options exercisable for an aggregate of 7,991,948 shares of Company Common Stock were exercised following the closing, then the Company was obligated to issue up to an additional 13,457,188 Consideration Shares to CEHL Group to maintain CEHL Group's approximately 62.74% interest in the Company. At June 30, 2011, due to warrant expirations, the maximum additional Consideration Shares obligations on the warrants and options had been reduced to 7,484,983 shares, of which 188,591 related to exercised warrants. As additional Cash Consideration, the Company agreed to pay CEHL Group $6.84 million on the earlier of sufficient receipt of oil proceeds from the Oyo Field or six months from the closing date. This amount was paid in July 2010. In connection with the closing on April 7, 2010, the Company and CEHL Group entered into a number of ancillary documents to consummate the transaction. Also, on April 7, 2010, the Company and CEHL Group entered into a Registration Rights Agreement, pursuant to which the Company was required to prepare and file with the SEC a registration statement on Form S-3 covering the resale of the Consideration Shares, in addition to providing unlimited "piggyback" registration rights to CEHL Group with respect to the Consideration Shares, in each case, subject to certain limitations and conditions. If any Consideration Shares were not covered by a registration statement within 18 months following the closing date, the Company would be required to pay liquidated damages to CEHL Group. As required, the Company filed a related Form S-3 with the SEC on May 21, 2010, which became effective on June 4, 2010. The original purchase cost for the acquisition of certain economic interests in CEHL Group's OML 120/121 PSC with respect to the Oyo Field was allocated as indicated in the table below. The measurement date was the closing date, April 7, 2010. The fair value of the consideration paid was determined at closing. The transaction was accounted for as an asset acquisition, and does not represent the acquisition of a business, as follows (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="80%"> </td> <td valign="bottom" width="13%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">As of April 7, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Accounts receivable</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,880</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Inventories</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,619</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Property cost of Oyo Contract Rights</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">393,648</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Current liabilities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,771</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total purchase cost</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">411,376</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> As disclosed above, one of the assets acquired as part of the Oyo Field interest was crude oil inventory which was recorded at fair value at the acquisition date. The sale of this acquired inventory and the related cost of sales are included in the three months ended June 30, 2010 revenues and cost of sales in the amounts of $11,827,000 and $11,715,000, respectively. OML 120/121 Transaction On December 10, 2010, the Company entered into a Purchase and Continuation Agreement (the "Purchase Agreement") with the CEHL Group, superseding all earlier related agreements. Pursuant to the Purchase Agreement, the Company agreed to acquire certain of the remainder of CEHL Group's interest in the OML 120/121 PSC (the "OML 120/121 Transaction" or the "Non-Oyo Contract Rights"). In April 2010 the Company had acquired from CEHL Group the Oyo Contract Rights in the OML 120/121 PSC. The OML 120/121 Transaction closed on February 15, 2011. The $5 million paid for acquiring the Non-Oyo Contract Rights is recorded as unproved oil and gas properties in the accompanying unaudited consolidated financial statements. Upon consummation of the acquisition of the Non-Oyo Contract Rights under the Purchase Agreement, the Company acquired certain of the remainder of CEHL Group's interest in the OML 120/121 PSC.   In exchange for the Non-Oyo Contract Rights, the Company agreed to an option-based consideration structure and paid $5.0 million in cash to CEHL Group upon the closing of the OML 120/121 Transaction on February 15, 2011. The Company has the option to elect to retain the Non-Oyo Contract Rights upon payment of additional consideration to CEHL Group as follows:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td valign="top" width="4%" align="left">a.</td> <td valign="top" align="left">First Milestone: Upon commencement of drilling of the first well outside of the Oyo Field under the OML 120/121 PSC, the Company may elect to retain the Non-Oyo Contract Rights upon payment to CEHL Group of $5 million (either in cash, or at CEHL Group's option, in shares); </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td valign="top" width="4%" align="left">b.</td> <td valign="top" align="left">Second Milestone: Upon discovery of hydrocarbons outside of the Oyo Field under the OML 120/121 PSC in sufficient quantities to warrant the commercial development thereof, the Company may elect to retain the Non-Oyo Contract Rights upon payment to CEHL Group of $5 million (either in cash, or at CEHL Group's option, in shares); </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td valign="top" width="4%" align="left">c.</td> <td valign="top" align="left">Third Milestone: Upon the approval by the Management Committee (as defined in the OML 120/121 PSC) of a Field Development Plan with respect to the development of non-Oyo Field areas under the OML 120/121, as approved by the Company, the Company may elect to retain the Non-Oyo Contract Rights upon payment to CEHL Group of $20 million (either in cash, or at CEHL Group's option, in shares); and </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td valign="top" width="4%" align="left">d.</td> <td valign="top" align="left">Fourth Milestone: Upon commencement of commercial hydrocarbon production outside of the Oyo Field under the OML 120/121, the Company may elect to retain the Non-Oyo Contract Rights (with no additional milestones or consideration required thereafter following payment in full of the following consideration) upon payment to CEHL Group, at CEHL Group's option of (i) $25 million in shares, or (ii) $25 million in cash through payment of up to 50% of the Company's net cash flows received from non-Oyo Field production under the PSC. </td></tr></table> If any of the above milestones are reached and the Company elects not to retain the Non-Oyo Contract Rights at that time, then all the Non-Oyo Contract Rights will automatically revert back to CEHL Group without any compensation due to the Company and with CEHL Group retaining all consideration paid by the Company to date. As of September 30, 2011, none of the above noted milestones were reached. Dr. Kase Lawal, the Company's Chief Executive Officer, Chairman and member of the Board of Directors, is a director of each of CEHL, CINL, and Allied. Dr. Lawal also owns 27.7% of CAMAC International Limited, which indirectly owns 100% of CEHL. As a result, if the milestones are reached, Dr. Lawal may at that time be deemed to have an indirect material interest in the transaction contemplated by the OML 120/121 Agreement. Chairman Lawal recused himself from participating in the consideration and approval by the Company's Board of Directors of the OML 120/121 Transaction.

3602000

10819000

28918000

18925000

7217000

-9993000

NOTE 14. SUPPLEMENTAL CASH FLOW INFORMATION The following represents our supplemental cash flow information (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr style="line-height: 0pt; visibility: hidden; color: white;"><td width="72%"> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">For Nine Months Ended September 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Supplemental disclosures of cash flow information</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Interest paid</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">114</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Income taxes paid</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Supplemental schedule of non-cash investing and financing activities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Common stock issued for services and fees</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,096</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Issuance costs paid as warrants issued</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">457</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Common stock issued for net assets acquired in acquisition</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">372,183</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>

NOTE 15. LITIGATION AND CONTINGENCIES On June 28, 2011, Mr. Abiola Lawal, former Executive Vice President and Chief Financial Officer of the Company, filed a lawsuit in Harris County, Texas District Court against the Company, alleging breach of contract and unlawful termination in connection with Mr. Lawal's June 6, 2011 termination from the Company. On September 16, 2011, the Court issued an order staying the proceedings pending arbitration in view of the mandatory arbitration clause in the plaintiff's employment agreement. On October 31, 2011, the plaintiff issued a written demand for arbitration making the same allegations as the stayed lawsuit. The Company believes the claims are without merit and intends to vigorously defend itself against such claims. See Note 11 for additional details regarding Mr. Lawal's separation from employment. From time to time we may be involved in various legal proceedings and claims in the ordinary course of our business. As of September 30, 2011 we do not believe the ultimate resolution of such actions or potential actions of which we are currently aware will have a material effect on our consolidated financial position or our net income or loss.

0.001

300000000

153611792

154543559

153611792

154543559

154000

NOTE 13. COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) was calculated as follows (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr style="line-height: 0pt; visibility: hidden; color: white;"><td width="61%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">For Three Months Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">For Nine Months Ended September 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net Loss</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(675</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(188,633</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(23,253</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(195,224</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> Other comprehensive income (loss) – pre-tax and net of tax:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Currency translation adjustment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(18</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(18</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(12</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Unrealized gain (loss) on investment in securities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(56</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">51</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(85</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(329</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total other comprehensive income (loss)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(74</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(103</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(341</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Comprehensive loss</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(749</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(188,585</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(23,356</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(195,565</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: Comprehensive (income) loss – Noncontrolling interests share:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Net loss plus pre-tax and net of tax other comprehensive income (loss)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">76</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">75</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">325</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Comprehensive loss – Camac Energy Inc. stockholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(749</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(188,509</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(23,281</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(195,240</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>

12143000

120000

216455000

197534000

59514000

12637000

2241000

2066000

10231000

3224000

-1.79

-1.32

-0.15

0.00

-1.79

-1.32

-0.15

0.00

NOTE 10. EARNINGS PER COMMON SHARE Basic earnings per common share ("EPS") are computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. The weighted average number of common shares outstanding for computing basic and diluted EPS for the three and nine months ended September 30, 2011 and 2010, respectively, were as follows in the table below (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="56%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">For Three Months Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">For Nine Months Ended September 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Basic</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">154,687</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">143,313</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">154,287</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">108,993</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Diluted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">154,687</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">143,313</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">154,287</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">108,993</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table> The number of stock options, warrants issued in stock offerings and restricted stock awards that were excluded from dilutive shares outstanding as these potentially dilutive securities are anti-dilutive because the Company was in a loss position, were as follows in the table below (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr style="line-height: 0pt; visibility: hidden; color: white;"><td width="54%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td nowrap="nowrap">000000000000</td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Three Months Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Nine Months Ended September 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Stock options</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">91</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">421</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">133</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">439</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Warrants issued in stock offering</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">786</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">193</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">900</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Restricted stock awards</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">245</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">286</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">91</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,452</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">611</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,625</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>

2000

-4000

2100000

248000

88000

2855000

2428000

NOTE 12. FINANCIAL INSTRUMENTS FAIR VALUES AND FAIR VALUE ADJUSTMENTS The September 30, 2011, unaudited consolidated balance sheet includes an available-for-sale equity investment in a nonsubsidiary company carried at a fair value of $187,000. The fair value was determined using "Level 1" inputs as defined in ASC Topic 820 (Fair Value Measurements and Disclosures). Level 1 inputs represent inputs observable in an active market, which in this case is a public active stock market. At September 30, 2011, the carrying amounts of the Company's other financial instruments, which include cash equivalents, short-term and long-term investments, trade receivables, deposits, long-term advances, accounts payable and accrued expenses approximate their fair values, due to the short-term nature and maturities of many of the above listed items.

11000

17000

9086000

2759000

11015000

3341000

-195211000

-188716000

-22130000

-122000

NOTE 7. INCOME TAXES For the fiscal 2011 periods presented in the accompanying consolidated statements of operations, total net losses attributable to CAMAC Energy Inc. stockholders and the Africa segment include a net charge of $508,000 to income tax expense representing adjustments between the original book basis income tax provision and the Company's allocated share of the year 2010 Nigeria Petroleum Profits Tax return filed for the OML 120/121 PSC in September 2011. The adjustments recorded were based upon changes deemed more likely than not to be sustained. The Company also has unrecognized tax benefits of $2,513,000 related to the 2010 Nigeria Petroleum Profits Tax return for which the future realization is uncertain at present; accordingly, the tax benefit has been fully offset by a valuation allowance. Further, as part of the above adjustments, the Company has recorded approximately $548,000 in other current assets for excess 2010 Nigeria Petroleum Profits Tax paid into the escrow account of the OML 120/121 PSC. For 2011, the Company does not anticipate any tax expense related to Nigeria Petroleum Profits Tax due to reduced production levels.

13000

-83000

1123000

553000

15000

35058000

-4536000

560000

2693000

-28760000

105000

-136000

-5514000

-72000

20000

-131000

114000

81000

72000

7000

1000

13000

3000

6502000

6266000

35413000

3644000

40854000

47016000

247843000

232657000

40854000

47016000

NOTE 6. LONG TERM NOTE PAYABLE – RELATED PARTY On June 6, 2011, CAMAC Petroleum Limited ("CPL"), a wholly owned subsidiary of the Company, executed a Promissory Note (the "Promissory Note") in favor of Allied (the "Lender"). Under the terms of the Promissory Note, the Lender agreed to make loans to CPL, from time to time and pursuant to requests by CPL, in an aggregate sum of up to $25.0 million. On June 8, 2011, CPL received initial loan proceeds of $25.0 million under the Promissory Note. Interest accrues on outstanding principal under the Promissory Note at a rate of 30 day LIBOR plus 2% per annum. The entire loan outstanding of $25.0 million was repaid on August 23, 2011. CPL may prepay and re-borrow all or a portion of such amount from time to time, but the unpaid aggregate outstanding principal amount of all loans will mature on June 6, 2013. Pursuant to the Promissory Note and as a condition to the obligations of the Lender to perform under the Promissory Note, on June 6, 2011, the Company, as direct parent of CPL, executed a Guaranty Agreement ("Guaranty Agreement") in favor of the Lender. Under the Guaranty Agreement, the Company irrevocably, unconditionally and absolutely guarantees all of CPL's obligations under the Promissory Note. Dr. Kase Lawal, the Company's Chairman, Chief Executive Officer, and member of the Board of Directors, is a director of each of CEHL, CINL, and the Lender. Dr. Lawal also owns 27.7% of CAMAC International Limited, which indirectly owns 100% of CEHL, and CINL and the Lender are each wholly-owned subsidiaries of CEHL. As a result, Dr. Lawal is deemed to have an indirect material interest in the transaction contemplated by the Promissory Note. Dr. Lawal fully disclosed the material facts as to his relationship to the Lender prior to Board approval.

-643000

15000

35736000

177000

-38029000

-6733000

9508000

-3433000

-194903000

-188557000

-23176000

-675000

-321000

-76000

-77000

4000

-2000

-101000

-78000

204523000

199387000

21240000

8820000

37485000

12593000

21037000

8790000

37485000

12593000

-195215000

-188714000

-22029000

-44000

NOTE 1. COMPANY DESCRIPTION, SIGNIFICANT ACCOUNTING POLICIES Company Description CAMAC Energy Inc. (the "Company" or "CAMAC") is a publicly traded Company which engages in the exploration, development, and production of oil and gas outside the U.S., directly and through joint ventures and other ventures in which it may participate. The Company's name was changed from Pacific Asia Petroleum, Inc. ("PAP") to CAMAC Energy Inc. upon the change in control resulting from the acquisition of oil and gas properties located in offshore Nigeria on April 7, 2010. The Company operates in the upstream segment of the oil and gas industry in exploration and producing activities. The Company's corporate headquarters is located in Houston, Texas and currently the Company has interests in OML 120/121 oil and gas leases in deep water offshore Nigeria along with the rights to gas acreage under contract in China. Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of CAMAC and its wholly and majority owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous periods include certain reclassifications that were made to conform to current period's presentation. Such reclassifications have no impact on previously reported net loss, equity or cash flows. The accompanying unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for filing of Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the interim periods. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Reports on Forms10-K and 10-K/A for the year ended December 31, 2010. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for any subsequent quarter or for the year ending December 31, 2011. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates based on assumptions. Estimates affect the reported amounts of assets and liabilities, disclosure of contingent liabilities, and the reported amounts of revenues and expenses during the reporting periods. Accordingly, our accounting estimates require the exercise of judgment. While management believes that the estimates and assumptions used in preparation of unaudited consolidated financial statements are appropriate, actual results could differ from those estimates. Estimates that may have a significant effect include oil and natural gas reserve quantities, depreciation, depletion and amortization relating to oil and natural gas properties, and income taxes. The accounting estimates used in the preparation of the unaudited consolidated financial statements may change as new events occur, more experience is acquired, additional information is obtained and our operating environment changes. For the period from inception of the Company through March 31, 2010, the Company's consolidated financial statements were prepared as a development stage company. In the three months ended June 30, 2010 the Company commenced the recognition of significant revenues from operating assets located in Nigeria and at that time ceased reporting as a development stage company. Recently Issued Accounting Standards Not Yet Adopted In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2011-05 amending Accounting Standard Codification ("ASC") Topic 220 related to comprehensive income. The amendment to ASC 220 requires companies to present items of net income, items of other comprehensive income ("OCI") and total comprehensive income in one continuous statement or two separate but consecutive statements. Companies will no longer be allowed to present OCI in the statement of stockholders equity. This ASU is effective in interim and annual periods beginning after December 15, 2011. Early adoption is permitted. The Company is presently evaluating the impact, if any, of this ASU on its consolidated financial statements. In May 2011, FASB issued ASU 2011-04, which generally aligns the principles for fair value measurements ("ASC 820") and the related disclosures under U.S. GAAP and International Financial Reporting Standards ("IFRS"). The amendments to ASC 820 generally relate to changes to a principle or requirement for measuring fair value, clarifications of the FASB's intent regarding the application of existing requirements and additional disclosure requirements. This ASU is effective in interim and annual periods beginning after December 15, 2011. Early adoption is not permitted. The Company is presently evaluating the impact, if any of this ASU on its consolidated financial statements.

2847000

1179000

360000

229000

3000

203000

30000

39515000

7120000

0.001

50000000

25000000

35128000

1506000

256000

154000

177000

454000

-195224000

-188633000

-23253000

-675000

NOTE 4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of following (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="72%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">September 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Oil and gas properties:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Proved oil and gas properties</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">206,212</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">206,212</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Less: Accumulated depreciation, depletion and amortization</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,975</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,917</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Proved oil and gas properties, net</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">194,237</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">204,295</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Unproved oil and gas properties</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,150</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">228</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Oil and gas properties, net</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">199,387</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">204,523</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Property, plant and equipment, other</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">777</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">845</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Less: Accumulated depreciation</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">479</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">389</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Property, plant and equipment, other, net</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">298</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">456</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Total property, plant and equipment, net</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">199,685</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">204,979</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> During the quarter ended September 30, 2011, the Company expensed approximately $2,100,000 as exploratory expenses related to the ZJS-3 and ZJS-4 wells.

204979000

199685000

456000

298000

NOTE 11. RELATED PARTY TRANSACTIONS OML 120/121 Transaction In April 2010, the Company had acquired from CEHL Group, the Oyo Contract Rights in an OML 120/121 PSC. On December 10, 2010, the Company entered into a Purchase and Continuation Agreement (the "Purchase Agreement") with CEHL Group, superseding all earlier related agreements. Pursuant to the Purchase Agreement, the Company agreed to acquire certain of the remainder of CEHL Group's interest in the OML 120/121 PSC (the "OML 120/121 Transaction" or the "Non-Oyo Contract Rights"). The OML 120/121 Transaction closed on February 15, 2011. Upon consummation of the acquisition of the Non-Oyo Contract Rights under the Purchase Agreement, the Company acquired certain of the remainder of CEHL Group's interest in the OML 120/121 PSC. Please see Note 2 for a detailed description of the OML 120/121 Transaction. Term Credit Facility Commitment Letter and Promissory Note with Allied On June 6, 2011, CPL, a wholly owned subsidiary of the Company, executed the Promissory Note in favor of Allied. Under the terms of the Promissory Note, the Lender agreed to make loans to CPL from time to time and pursuant to requests by CPL, in an aggregate sum of up to $25.0 million. On June 8, 2011, CPL received initial loan proceeds of $25.0 million under the Promissory Note. Interest accrues on outstanding principal under the Promissory Note at a rate of 30 day LIBOR plus 2% per annum. The entire loan outstanding of $25.0 million was repaid on August 23, 2011. CPL may prepay and re-borrow all or a portion of such amount from time to time, but the unpaid aggregate outstanding principal amount of all loans will mature on June 6, 2013. Please see Note 6 for a detailed description of the Promissory Note and related transactions.   Separation and Release Agreement with Byron A. Dunn On April 11, 2011, in connection with Mr. Dunn's resignation as the Company's President, Chief Executive Officer, and member of the Board of Directors, the Company agreed to provide Mr. Dunn with the following severance and other benefits pursuant to a Separation Agreement and General Release of Claims entered into by and between Mr. Dunn and the Company: (i) the Company agreed to pay Mr. Dunn $400,000 in cash upon the expiration of seven days following the effective date (which amount was paid on April 19, 2011), and $200,000 in cash ninety days following the effective date of the severance agreement (which amount was paid on or about July 11, 2011); (ii) monthly reimbursement of Mr. Dunn's health benefits under the Company's group health and dental plan for up to eighteen months following the effective date of the severance agreement; and (iii) upon the expiration of seven days following the effective date of the severance agreement, 250,000 shares of restricted stock issued to Mr. Dunn under the Company's 2009 Equity Incentive Plan shall become fully vested (which became fully vested on April 19, 2011). In addition, the Company and Mr. Dunn agreed to certain other customary terms and conditions, including a release of potential claims, preservation of proprietary and confidential information, and indemnities. The Separation and General Release of Claims Agreement extinguishes all rights, if any, which Mr. Dunn may have, contractual or otherwise, relating to his employment with Company, including any rights to severance benefits under his Employment Agreement. Separation of Abiola L. Lawal Effective June 6, 2011, Abiola L. Lawal (no relation to Dr. Kase Lawal) was terminated from employment with the Company as Executive Vice President and Chief Financial Officer, due to Mr. Lawal's unwillingness to accept a reassignment to the senior executive position of Senior Vice President, Strategy and New Ventures, which was offered by the Company to Mr. Lawal. On July 6, 2011, the Company paid to Mr. Lawal all severance amounts due under the Amended and Restated Employment Agreement that was entered into on March 8, 2011, including (i) $630,000 representing twenty-four (24) months of Mr. Lawal's base salary, (ii) $315,000 representing Mr. Lawal's target bonus for 2011, (iii) $29,400 representing required 401(k) contributions, and (iv) acceleration of vesting of all outstanding stock options and restricted stock held by Mr. Lawal. The Company also confirmed that it would provide up to $20,000 in outplacement services and continued insurance coverage for Mr. Lawal as required by that contract. Also refer to Note 15, Litigation and Contingencies. Transactions with Related Parties Our transactions with related parties, primarily CEHL Group, for the periods presented in the accompanying consolidated financial statements are reported below (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="41%"> </td> <td valign="bottom" width="11%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="11%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="11%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="11%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center">Three Months Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center">Nine Months Ended September 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total costs and expenses</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,495</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,712</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,660</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Total other expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">81</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">114</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total related party expenses</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">126</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,495</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,826</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,660</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="16"> </td> <td height="16" colspan="8"> </td> <td height="16" colspan="8"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center">Receivables</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center">Payables</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center">As of September 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center">As of December 31, 2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center">As of September 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center">As of December 31, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> EORP related parties</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">39</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> CEHL Group</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">890</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,244</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">39</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">890</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,244</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>

25000000

-250925000

-274101000

NOTE 5. OPERATING SEGMENT DATA Our segments derive revenues from the sale of oil and gas products. The revenues, net income (loss) attributable to CAMAC Energy Inc., and assets of each of the reporting segments, plus the corporate function, are reported below (in thousands):   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="55%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Three Months Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Nine Months Ended September 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Revenues</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Africa</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,593</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,790</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,485</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21,037</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Asia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">203</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Total revenues</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,593</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,820</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,485</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21,240</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="16"> </td> <td height="16" colspan="8"> </td> <td height="16" colspan="8"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Three Months Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Nine Months Ended September 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net Income (Loss) attributable to CAMAC Energy Inc. stockholders</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Africa – before impairment</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,487</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">636</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(10,098</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">839</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Africa – impairment</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(186,235</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(186,235</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Asia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,386</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(644</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,782</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,885</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Corporate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,776</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,314</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,296</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,622</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Net income (loss) attributable to CAMAC Energy Inc. stockholders</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(675</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(188,557</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(23,176</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(194,903</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="72%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">As of</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">September 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Africa</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">212,455</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">216,721</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Asia</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">260</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">408</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Corporate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,942</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,714</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total assets</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">232,657</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">247,843</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>

3404000

1832000

256000

207632000

185626000

206989000

185641000

NOTE 9. EQUITY During the three and nine months ended September 30, 2011, the Company issued 228,000 and 322,694 shares, respectively, of Common Stock on exercises of options and warrants. Under the Company's 2009 Equity Incentive Plan, the Company may issue stock, options or units and restricted stock awards to result in issuance of a maximum aggregate of 12,000,000 shares of Common Stock. Options awarded expire 10 years from date of grant or shorter term as fixed by the Board of Directors. During the three months ended September 30, 2011, the Company granted a total of 2,700,000 stock options and 550,000 shares of restricted stock awards with vesting periods from 12 months to 36 months. As of September 30, 2011, approximately 4,213,000 shares remain available for future grants under the 2009 Equity Incentive Plan.

NOTE 16. SUBSEQUENT EVENTS The Company evaluated events and transactions that occurred after the balance sheet date but before the unaudited consolidated financial statements were filed with the SEC, noting no events or transactions which require adjustment to or disclosure in these unaudited consolidated financial statements.

108993000

143313000

154287000

154687000

108993000

143313000

154287000

154687000

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Exploratory expenses Depreciation, Depletion and Amortization Depreciation, depletion and amortization Depreciation, Depletion and Amortization, Total Depreciation, depletion and amortization expense Asset Impairment Charges Impairment of assets Asset Impairment Charges, Total General and Administrative Expense General and administrative expenses General and Administrative Expense, Total Costs and Expenses Total costs and expenses Operating Income (Loss) Operating loss Other income (expense) Investment Income, Interest Interest income Interest Expense Interest expense Interest expense Interest Expense, Total Other Nonoperating Expense Other expense Other expense Other Nonoperating Expense, Total Nonoperating Income (Expense) Total other income (expense) Total other income (expense) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest Net loss before income taxes and noncontrolling interests Net loss before 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Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2011	Dec. 31, 2010
Consolidated Balance Sheets [Abstract]
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	300,000,000	300,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	154,543,559	153,611,792
Common stock, shares outstanding	154,543,559	153,611,792

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Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues
Crude oil	$ 12,593	$ 8,790	$ 37,485	$ 21,037
Other operating revenue		30		203
Total revenues	12,593	8,820	37,485	21,240
Costs and expenses
Lease operating expenses	3,644	6,266	35,413	6,502
Cost of sales		120		12,143
Exploratory expenses	2,428	88	2,855	248
Depreciation, depletion and amortization	3,224	2,066	10,231	2,241
Impairment of assets		186,235		186,235
General and administrative expenses	3,341	2,759	11,015	9,086
Total costs and expenses	12,637	197,534	59,514	216,455
Operating loss	(44)	(188,714)	(22,029)	(195,215)
Other income (expense)
Interest income	3	1	13	7
Interest expense	(81)		(114)
Other expense		(3)		(3)
Total other income (expense)	(78)	(2)	(101)	4
Net loss before income taxes and noncontrolling interests	(122)	(188,716)	(22,130)	(195,211)
Income tax expense (benefit)	553	(83)	1,123	13
Net loss	(675)	(188,633)	(23,253)	(195,224)
Less: Net loss attributable to noncontrolling interests		76	77	321
Net Loss attributable to CAMAC Energy Inc. stockholders	$ (675)	$ (188,557)	$ (23,176)	$ (194,903)
Net loss per common share attributable to CAMAC Energy Inc. common stockholders
Basic	$ 0.00	$ (1.32)	$ (0.15)	$ (1.79)
Diluted	$ 0.00	$ (1.32)	$ (0.15)	$ (1.79)
Weighted average number of common shares outstanding
Basic	154,687	143,313	154,287	108,993
Diluted	154,687	143,313	154,287	108,993

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Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2011	Nov. 03, 2011
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2011
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2011
Entity Registrant Name	CAMAC Energy Inc.
Entity Central Index Key	0001402281
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
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Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes [Abstract]

Income Taxes

NOTE 7. INCOME TAXES

For the fiscal 2011 periods presented in the accompanying consolidated statements of operations, total net losses attributable to CAMAC Energy Inc. stockholders and the Africa segment include a net charge of $508,000 to income tax expense representing adjustments between the original book basis income tax provision and the Company's allocated share of the year 2010 Nigeria Petroleum Profits Tax return filed for the OML 120/121 PSC in September 2011. The adjustments recorded were based upon changes deemed more likely than not to be sustained. The Company also has unrecognized tax benefits of $2,513,000 related to the 2010 Nigeria Petroleum Profits Tax return for which the future realization is uncertain at present; accordingly, the tax benefit has been fully offset by a valuation allowance. Further, as part of the above adjustments, the Company has recorded approximately $548,000 in other current assets for excess 2010 Nigeria Petroleum Profits Tax paid into the escrow account of the OML 120/121 PSC.

For 2011, the Company does not anticipate any tax expense related to Nigeria Petroleum Profits Tax due to reduced production levels.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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-Topic 235

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-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

XML 16 R17.htm IDEA: XBRL DOCUMENT

Financial Instruments Fair Values And Fair Value Adjustments

9 Months Ended

Sep. 30, 2011

Financial Instruments Fair Values And Fair Value Adjustments [Abstract]

Financial Instruments Fair Values And Fair Value Adjustments

NOTE 12. FINANCIAL INSTRUMENTS FAIR VALUES AND FAIR VALUE ADJUSTMENTS

The September 30, 2011, unaudited consolidated balance sheet includes an available-for-sale equity investment in a nonsubsidiary company carried at a fair value of $187,000. The fair value was determined using "Level 1" inputs as defined in ASC Topic 820 (Fair Value Measurements and Disclosures). Level 1 inputs represent inputs observable in an active market, which in this case is a public active stock market.

At September 30, 2011, the carrying amounts of the Company's other financial instruments, which include cash equivalents, short-term and long-term investments, trade receivables, deposits, long-term advances, accounts payable and accrued expenses approximate their fair values, due to the short-term nature and maturities of many of the above listed items.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

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-SubTopic 10

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-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44A, 44B

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-Topic 820

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-Number 107

-Paragraph 3, 10, 14, 15

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-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32, 33, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

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Impairment Of Assets

9 Months Ended

Sep. 30, 2011

Impairment Of Assets [Abstract]

Impairment Of Assets

NOTE 3. IMPAIRMENT OF ASSETS

During the interim period ended September 30, 2010 and in connection with the preparation of its Quarterly Report on Form 10-Q for the period ended September 30, 2010, the Company commissioned an independent petroleum engineers report for an estimate of its current crude oil net underground reserves and related future net revenues (net cash flows) on its interest in the Oyo Field in Nigeria. This was the first assessment post-acquisition that reflected the Company's current expected participation level in future operating and capital expenditures under the production sharing contract of this field. The amounts of such participation can have a significant effect on the allocation of net reserves by interest owner. The final reserve report was received by the Company on November 5, 2010 (the "Reserve Report").

The Company then determined that the September 30, 2010 aggregate undiscounted future net cash flows on the Company's interest in the Oyo Field (recoverable amounts) were less than the net carrying amount of that asset in property, plant and equipment. Accordingly, on November 5, 2010, the Company determined that the leasehold asset was impaired. The estimate of cash flows included the use of the above Reserve Report combined with management's assumptions of cash inflows and outflows directly resulting from the use of those assets in operations, including gross margin on sales and other costs to produce crude oil. This fair value was determined using "Level 3" inputs as defined in ASC Topic 820 (Fair Value Measurements and Disclosures).

XML 18 R14.htm IDEA: XBRL DOCUMENT

Equity

9 Months Ended

Sep. 30, 2011

Equity [Abstract]

Equity

NOTE 9. EQUITY

During the three and nine months ended September 30, 2011, the Company issued 228,000 and 322,694 shares, respectively, of Common Stock on exercises of options and warrants.

Under the Company's 2009 Equity Incentive Plan, the Company may issue stock, options or units and restricted stock awards to result in issuance of a maximum aggregate of 12,000,000 shares of Common Stock. Options awarded expire 10 years from date of grant or shorter term as fixed by the Board of Directors. During the three months ended September 30, 2011, the Company granted a total of 2,700,000 stock options and 550,000 shares of restricted stock awards with vesting periods from 12 months to 36 months. As of September 30, 2011, approximately 4,213,000 shares remain available for future grants under the 2009 Equity Incentive Plan.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

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-Name Accounting Standards Codification

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-Subparagraph (SAB TOPIC 4.E)

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-Name Statement of Financial Accounting Standard (FAS)

-Number 129

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

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-Name Regulation S-X (SX)

-Number 210

-Section 08

-Article 4

Reference 10: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-Name Regulation S-X (SX)

-Number 210

-Article 4

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-Paragraph d

Reference 15: http://www.xbrl.org/2003/role/presentationRef

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-Paragraph 1

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-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Name Accounting Research Bulletin (ARB)

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-Name Accounting Principles Board Opinion (APB)

-Number 12

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Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2011

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

NOTE 14. SUPPLEMENTAL CASH FLOW INFORMATION

The following represents our supplemental cash flow information (in thousands):

		000000000000		000000000000
	For Nine Months Ended September 30,
	2011		2010
Supplemental disclosures of cash flow information
Interest paid	$	114	$	—
Income taxes paid	$	—	$	—

Supplemental schedule of non-cash investing and financing activities

Common stock issued for services and fees	$	—	$	1,096
Issuance costs paid as warrants issued	$	—	$	457
Common stock issued for net assets acquired in acquisition	$	—	$	372,183

XML 20 R15.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

Earnings Per Common Share [Abstract]

Earnings Per Common Share

NOTE 10. EARNINGS PER COMMON SHARE

Basic earnings per common share ("EPS") are computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. The weighted average number of common shares outstanding for computing basic and diluted EPS for the three and nine months ended September 30, 2011 and 2010, respectively, were as follows in the table below (in thousands):


	For Three Months Ended September 30,				For Nine Months Ended September 30,
	2011		2010		2011		2010
Basic		154,687		143,313		154,287		108,993
Diluted		154,687		143,313		154,287		108,993

		000000000000		000000000000		000000000000		000000000000
	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Stock options		91		421		133		439
Warrants issued in stock offering		—		786		193		900
Restricted stock awards		—		245		285		286

Total		91		1,452		611		1,625

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Accrued Expenses And Other Current Liabilities

9 Months Ended

Sep. 30, 2011

Accrued Expenses And Other Current Liabilities [Abstract]

Accrued Expenses And Other Current Liabilities

NOTE 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consist of the following (in thousands):


	As of
	September 30, 2011		December 31, 2010
Contracting and development fees	$	7,308	$	32,329
Personnel expenses		259		606
Liability for contingent acquisition cost		890		890
Royalties		2,945		5,933
Other Liabilities		466		870

	$	11,868	$	40,628

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Company Description, Significant Accounting Policies

9 Months Ended

Sep. 30, 2011

Company Description, Significant Accounting Policies [Abstract]

Company Description, Significant Accounting Policies

NOTE 1. COMPANY DESCRIPTION, SIGNIFICANT ACCOUNTING POLICIES

Company Description

CAMAC Energy Inc. (the "Company" or "CAMAC") is a publicly traded Company which engages in the exploration, development, and production of oil and gas outside the U.S., directly and through joint ventures and other ventures in which it may participate. The Company's name was changed from Pacific Asia Petroleum, Inc. ("PAP") to CAMAC Energy Inc. upon the change in control resulting from the acquisition of oil and gas properties located in offshore Nigeria on April 7, 2010.

The Company operates in the upstream segment of the oil and gas industry in exploration and producing activities. The Company's corporate headquarters is located in Houston, Texas and currently the Company has interests in OML 120/121 oil and gas leases in deep water offshore Nigeria along with the rights to gas acreage under contract in China.

Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of CAMAC and its wholly and majority owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous periods include certain reclassifications that were made to conform to current period's presentation. Such reclassifications have no impact on previously reported net loss, equity or cash flows.

The accompanying unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for filing of Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the interim periods. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Reports on Forms10-K and 10-K/A for the year ended December 31, 2010. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for any subsequent quarter or for the year ending December 31, 2011.

For the period from inception of the Company through March 31, 2010, the Company's consolidated financial statements were prepared as a development stage company. In the three months ended June 30, 2010 the Company commenced the recognition of significant revenues from operating assets located in Nigeria and at that time ceased reporting as a development stage company.

Recently Issued Accounting Standards Not Yet Adopted

In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2011-05 amending Accounting Standard Codification ("ASC") Topic 220 related to comprehensive income. The amendment to ASC 220 requires companies to present items of net income, items of other comprehensive income ("OCI") and total comprehensive income in one continuous statement or two separate but consecutive statements. Companies will no longer be allowed to present OCI in the statement of stockholders equity. This ASU is effective in interim and annual periods beginning after December 15, 2011. Early adoption is permitted. The Company is presently evaluating the impact, if any, of this ASU on its consolidated financial statements.

In May 2011, FASB issued ASU 2011-04, which generally aligns the principles for fair value measurements ("ASC 820") and the related disclosures under U.S. GAAP and International Financial Reporting Standards ("IFRS"). The amendments to ASC 820 generally relate to changes to a principle or requirement for measuring fair value, clarifications of the FASB's intent regarding the application of existing requirements and additional disclosure requirements. This ASU is effective in interim and annual periods beginning after December 15, 2011. Early adoption is not permitted. The Company is presently evaluating the impact, if any of this ASU on its consolidated financial statements.

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Property, Plant And Equipment

9 Months Ended

Sep. 30, 2011

Property, Plant And Equipment [Abstract]

Property, Plant And Equipment

NOTE 4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of following (in thousands):


	September 30, 2011		December 31, 2010
Oil and gas properties:
Proved oil and gas properties	$	206,212	$	206,212
Less: Accumulated depreciation, depletion and amortization		11,975		1,917

Proved oil and gas properties, net		194,237		204,295
Unproved oil and gas properties		5,150		228

Oil and gas properties, net		199,387		204,523

Property, plant and equipment, other		777		845
Less: Accumulated depreciation		479		389

Property, plant and equipment, other, net		298		456

Total property, plant and equipment, net	$	199,685	$	204,979

During the quarter ended September 30, 2011, the Company expensed approximately $2,100,000 as exploratory expenses related to the ZJS-3 and ZJS-4 wells.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

XML 24 R10.htm IDEA: XBRL DOCUMENT

Operating Segment Data

9 Months Ended

Sep. 30, 2011

Operating Segment Data [Abstract]

Operating Segment Data

NOTE 5. OPERATING SEGMENT DATA


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Revenues
Africa	$	12,593		$	8,790		$	37,485		$	21,037
Asia		—			30			—			203

Total revenues	$	12,593		$	8,820		$	37,485		$	21,240


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Net Income (Loss) attributable to CAMAC Energy Inc. stockholders
Africa – before impairment	$	4,487		$	636		$	(10,098	)	$	839
Africa – impairment		—			(186,235	)		—			(186,235	)
Asia		(2,386	)		(644	)		(3,782	)		(1,885	)
Corporate		(2,776	)		(2,314	)		(9,296	)		(7,622	)

Net income (loss) attributable to CAMAC Energy Inc. stockholders	$	(675	)	$	(188,557	)	$	(23,176	)	$	(194,903	)


	As of
	September 30, 2011		December 31, 2010
Assets
Africa	$	212,455	$	216,721
Asia		260		408
Corporate		19,942		30,714

Total assets	$	232,657	$	247,843

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2011

Comprehensive Income (Loss) [Abstract]

Comprehensive Income (Loss)

NOTE 13. COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) was calculated as follows (in thousands):

		000000000000			000000000000			000000000000			000000000000
	For Three Months Ended September 30,						For Nine Months Ended September 30,
	2011			2010			2011			2010
Net Loss	$	(675	)	$	(188,633	)	$	(23,253	)	$	(195,224	)

Other comprehensive income (loss) – pre-tax and net of tax:
Currency translation adjustment		(18	)		(3	)		(18	)		(12	)
Unrealized gain (loss) on investment in securities		(56	)		51			(85	)		(329	)

Total other comprehensive income (loss)		(74	)		48			(103	)		(341	)

Comprehensive loss		(749	)		(188,585	)		(23,356	)		(195,565	)

Less: Comprehensive (income) loss – Noncontrolling interests share:
Net loss plus pre-tax and net of tax other comprehensive income (loss)		—			76			75			325

Comprehensive loss – Camac Energy Inc. stockholders	$	(749	)	$	(188,509	)	$	(23,281	)	$	(195,240	)

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

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Long Term Note Payable - Related Party
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Sep. 30, 2011
Long Term Note Payable - Related Party [Abstract]
Long Term Note Payable - Related Party
NOTE 6. LONG TERM NOTE PAYABLE – RELATED PARTY

On June 6, 2011, CAMAC Petroleum Limited ("CPL"), a wholly owned subsidiary of the Company, executed a Promissory Note (the "Promissory Note") in favor of Allied (the "Lender"). Under the terms of the Promissory Note, the Lender agreed to make loans to CPL, from time to time and pursuant to requests by CPL, in an aggregate sum of up to $25.0 million. On June 8, 2011, CPL received initial loan proceeds of $25.0 million under the Promissory Note. Interest accrues on outstanding principal under the Promissory Note at a rate of 30 day LIBOR plus 2% per annum. The entire loan outstanding of $25.0 million was repaid on August 23, 2011. CPL may prepay and re-borrow all or a portion of such amount from time to time, but the unpaid aggregate outstanding principal amount of all loans will mature on June 6, 2013.

Pursuant to the Promissory Note and as a condition to the obligations of the Lender to perform under the Promissory Note, on June 6, 2011, the Company, as direct parent of CPL, executed a Guaranty Agreement ("Guaranty Agreement") in favor of the Lender. Under the Guaranty Agreement, the Company irrevocably, unconditionally and absolutely guarantees all of CPL's obligations under the Promissory Note.

Dr. Kase Lawal, the Company's Chairman, Chief Executive Officer, and member of the Board of Directors, is a director of each of CEHL, CINL, and the Lender. Dr. Lawal also owns 27.7% of CAMAC International Limited, which indirectly owns 100% of CEHL, and CINL and the Lender are each wholly-owned subsidiaries of CEHL. As a result, Dr. Lawal is deemed to have an indirect material interest in the transaction contemplated by the Promissory Note. Dr. Lawal fully disclosed the material facts as to his relationship to the Lender prior to Board approval.
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Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract]
Subsequent Events
NOTE 16. SUBSEQUENT EVENTS

The Company evaluated events and transactions that occurred after the balance sheet date but before the unaudited consolidated financial statements were filed with the SEC, noting no events or transactions which require adjustment to or disclosure in these unaudited consolidated financial statements.
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Consolidated Statements Of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities
Net loss $ (23,253) $ (195,224)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Currency transaction gain (17) (11)
Share-based compensation expense 1,832 3,404
Dry hole costs 2,100
Impairment of assets 186,235
Depreciation, depletion and amortization expense 10,231 2,241
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable and other current assets (560) 4,536
Decrease in inventories 72 5,514
Increase in accounts payable 35,058 15
(Decrease) increase in income taxes payable (136) 105
(Decrease) increase in accrued expenses (28,760) 2,693
Net cash (used in) provided by operating activities (3,433) 9,508
Cash flows from investing activities
Net sales of available for sale securities 256 1,506
Decrease (increase) in other assets 131 (20)
Additions to property, plant and equipment (7,120) (39,515)
Net cash used in investing activities (6,733) (38,029)
Cash flows from financing activities
Proceeds from long-term note payable-related party 25,000
Repayment of long-term note payable-related party (25,000)
Proceeds from exercise of stock options 177 154
Proceeds from exercise of warrants 454
Issuance of common stock net of issuance costs 35,128
Net cash provided by financing activities 177 35,736
Effect of exchange rate changes on cash (4) 2
Net (decrease) increase in cash and cash equivalents (9,993) 7,217
Cash and cash equivalents at beginning of period 28,918 3,602
Cash and cash equivalents at end of period $ 18,925 $ 10,819
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Asset Acquisitions
9 Months Ended
Sep. 30, 2011
Asset Acquisitions [Abstract]
Asset Acquisitions
NOTE 2. ASSET ACQUISITIONS

The Company has acquired the following economic interests in oil and gas assets located in offshore Nigeria:

Acquisition of Oyo Field Production Sharing Contract Interest

On April 7, 2010, the Company consummated the acquisition of certain economic interests held by CAMAC Energy Holdings Limited ("CEHL") and two of its affiliates, Allied Energy Plc. ("Allied") and CAMAC International (Nigeria) Limited ("CINL") (collectively "CEHL Group") in a Production Sharing Contract (the "OML 120/121 PSC") with respect to an oilfield asset known as the Oyo Field located offshore Nigeria (the "Oyo Contract Rights"). The Oyo Field was under development through 2009, and oil production commenced in December 2009. As consideration for the Oyo Contract Rights, the Company paid CEHL Group $32 million in cash consideration (the "Cash Consideration") and issued to CEHL Group 89,467,120 shares of Company Common Stock, par value $0.001, representing approximately 62.74% of the Company's issued and outstanding Common Stock at closing (the "Consideration Shares"). In addition, if certain issued and outstanding warrants and options exercisable for an aggregate of 7,991,948 shares of Company Common Stock were exercised following the closing, then the Company was obligated to issue up to an additional 13,457,188 Consideration Shares to CEHL Group to maintain CEHL Group's approximately 62.74% interest in the Company. At June 30, 2011, due to warrant expirations, the maximum additional Consideration Shares obligations on the warrants and options had been reduced to 7,484,983 shares, of which 188,591 related to exercised warrants. As additional Cash Consideration, the Company agreed to pay CEHL Group $6.84 million on the earlier of sufficient receipt of oil proceeds from the Oyo Field or six months from the closing date. This amount was paid in July 2010. In connection with the closing on April 7, 2010, the Company and CEHL Group entered into a number of ancillary documents to consummate the transaction.

Also, on April 7, 2010, the Company and CEHL Group entered into a Registration Rights Agreement, pursuant to which the Company was required to prepare and file with the SEC a registration statement on Form S-3 covering the resale of the Consideration Shares, in addition to providing unlimited "piggyback" registration rights to CEHL Group with respect to the Consideration Shares, in each case, subject to certain limitations and conditions. If any Consideration Shares were not covered by a registration statement within 18 months following the closing date, the Company would be required to pay liquidated damages to CEHL Group. As required, the Company filed a related Form S-3 with the SEC on May 21, 2010, which became effective on June 4, 2010.

The original purchase cost for the acquisition of certain economic interests in CEHL Group's OML 120/121 PSC with respect to the Oyo Field was allocated as indicated in the table below. The measurement date was the closing date, April 7, 2010. The fair value of the consideration paid was determined at closing. The transaction was accounted for as an asset acquisition, and does not represent the acquisition of a business, as follows (in thousands):

 As of April 7, 2010

Accounts receivable
 $ 13,880

Inventories
 11,619

Property cost of Oyo Contract Rights
 393,648

Current liabilities
 (7,771 )



Total purchase cost
 $ 411,376



As disclosed above, one of the assets acquired as part of the Oyo Field interest was crude oil inventory which was recorded at fair value at the acquisition date. The sale of this acquired inventory and the related cost of sales are included in the three months ended June 30, 2010 revenues and cost of sales in the amounts of $11,827,000 and $11,715,000, respectively.

OML 120/121 Transaction

On December 10, 2010, the Company entered into a Purchase and Continuation Agreement (the "Purchase Agreement") with the CEHL Group, superseding all earlier related agreements. Pursuant to the Purchase Agreement, the Company agreed to acquire certain of the remainder of CEHL Group's interest in the OML 120/121 PSC (the "OML 120/121 Transaction" or the "Non-Oyo Contract Rights"). In April 2010 the Company had acquired from CEHL Group the Oyo Contract Rights in the OML 120/121 PSC. The OML 120/121 Transaction closed on February 15, 2011. The $5 million paid for acquiring the Non-Oyo Contract Rights is recorded as unproved oil and gas properties in the accompanying unaudited consolidated financial statements. Upon consummation of the acquisition of the Non-Oyo Contract Rights under the Purchase Agreement, the Company acquired certain of the remainder of CEHL Group's interest in the OML 120/121 PSC.

In exchange for the Non-Oyo Contract Rights, the Company agreed to an option-based consideration structure and paid $5.0 million in cash to CEHL Group upon the closing of the OML 120/121 Transaction on February 15, 2011. The Company has the option to elect to retain the Non-Oyo Contract Rights upon payment of additional consideration to CEHL Group as follows:

a. First Milestone: Upon commencement of drilling of the first well outside of the Oyo Field under the OML 120/121 PSC, the Company may elect to retain the Non-Oyo Contract Rights upon payment to CEHL Group of $5 million (either in cash, or at CEHL Group's option, in shares);

b. Second Milestone: Upon discovery of hydrocarbons outside of the Oyo Field under the OML 120/121 PSC in sufficient quantities to warrant the commercial development thereof, the Company may elect to retain the Non-Oyo Contract Rights upon payment to CEHL Group of $5 million (either in cash, or at CEHL Group's option, in shares);

c. Third Milestone: Upon the approval by the Management Committee (as defined in the OML 120/121 PSC) of a Field Development Plan with respect to the development of non-Oyo Field areas under the OML 120/121, as approved by the Company, the Company may elect to retain the Non-Oyo Contract Rights upon payment to CEHL Group of $20 million (either in cash, or at CEHL Group's option, in shares); and

d. Fourth Milestone: Upon commencement of commercial hydrocarbon production outside of the Oyo Field under the OML 120/121, the Company may elect to retain the Non-Oyo Contract Rights (with no additional milestones or consideration required thereafter following payment in full of the following consideration) upon payment to CEHL Group, at CEHL Group's option of (i) $25 million in shares, or (ii) $25 million in cash through payment of up to 50% of the Company's net cash flows received from non-Oyo Field production under the PSC.

If any of the above milestones are reached and the Company elects not to retain the Non-Oyo Contract Rights at that time, then all the Non-Oyo Contract Rights will automatically revert back to CEHL Group without any compensation due to the Company and with CEHL Group retaining all consideration paid by the Company to date. As of September 30, 2011, none of the above noted milestones were reached.

Dr. Kase Lawal, the Company's Chief Executive Officer, Chairman and member of the Board of Directors, is a director of each of CEHL, CINL, and Allied. Dr. Lawal also owns 27.7% of CAMAC International Limited, which indirectly owns 100% of CEHL. As a result, if the milestones are reached, Dr. Lawal may at that time be deemed to have an indirect material interest in the transaction contemplated by the OML 120/121 Agreement. Chairman Lawal recused himself from participating in the consideration and approval by the Company's Board of Directors of the OML 120/121 Transaction.
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Related Party Transactions
9 Months Ended
Sep. 30, 2011
Related Party Transactions [Abstract]
Related Party Transactions
NOTE 11. RELATED PARTY TRANSACTIONS

OML 120/121 Transaction

In April 2010, the Company had acquired from CEHL Group, the Oyo Contract Rights in an OML 120/121 PSC. On December 10, 2010, the Company entered into a Purchase and Continuation Agreement (the "Purchase Agreement") with CEHL Group, superseding all earlier related agreements. Pursuant to the Purchase Agreement, the Company agreed to acquire certain of the remainder of CEHL Group's interest in the OML 120/121 PSC (the "OML 120/121 Transaction" or the "Non-Oyo Contract Rights"). The OML 120/121 Transaction closed on February 15, 2011. Upon consummation of the acquisition of the Non-Oyo Contract Rights under the Purchase Agreement, the Company acquired certain of the remainder of CEHL Group's interest in the OML 120/121 PSC. Please see Note 2 for a detailed description of the OML 120/121 Transaction.

Term Credit Facility Commitment Letter and Promissory Note with Allied

On June 6, 2011, CPL, a wholly owned subsidiary of the Company, executed the Promissory Note in favor of Allied. Under the terms of the Promissory Note, the Lender agreed to make loans to CPL from time to time and pursuant to requests by CPL, in an aggregate sum of up to $25.0 million. On June 8, 2011, CPL received initial loan proceeds of $25.0 million under the Promissory Note. Interest accrues on outstanding principal under the Promissory Note at a rate of 30 day LIBOR plus 2% per annum. The entire loan outstanding of $25.0 million was repaid on August 23, 2011. CPL may prepay and re-borrow all or a portion of such amount from time to time, but the unpaid aggregate outstanding principal amount of all loans will mature on June 6, 2013. Please see Note 6 for a detailed description of the Promissory Note and related transactions.

Separation and Release Agreement with Byron A. Dunn

On April 11, 2011, in connection with Mr. Dunn's resignation as the Company's President, Chief Executive Officer, and member of the Board of Directors, the Company agreed to provide Mr. Dunn with the following severance and other benefits pursuant to a Separation Agreement and General Release of Claims entered into by and between Mr. Dunn and the Company: (i) the Company agreed to pay Mr. Dunn $400,000 in cash upon the expiration of seven days following the effective date (which amount was paid on April 19, 2011), and $200,000 in cash ninety days following the effective date of the severance agreement (which amount was paid on or about July 11, 2011); (ii) monthly reimbursement of Mr. Dunn's health benefits under the Company's group health and dental plan for up to eighteen months following the effective date of the severance agreement; and (iii) upon the expiration of seven days following the effective date of the severance agreement, 250,000 shares of restricted stock issued to Mr. Dunn under the Company's 2009 Equity Incentive Plan shall become fully vested (which became fully vested on April 19, 2011). In addition, the Company and Mr. Dunn agreed to certain other customary terms and conditions, including a release of potential claims, preservation of proprietary and confidential information, and indemnities.

The Separation and General Release of Claims Agreement extinguishes all rights, if any, which Mr. Dunn may have, contractual or otherwise, relating to his employment with Company, including any rights to severance benefits under his Employment Agreement.

Separation of Abiola L. Lawal

Effective June 6, 2011, Abiola L. Lawal (no relation to Dr. Kase Lawal) was terminated from employment with the Company as Executive Vice President and Chief Financial Officer, due to Mr. Lawal's unwillingness to accept a reassignment to the senior executive position of Senior Vice President, Strategy and New Ventures, which was offered by the Company to Mr. Lawal. On July 6, 2011, the Company paid to Mr. Lawal all severance amounts due under the Amended and Restated Employment Agreement that was entered into on March 8, 2011, including (i) $630,000 representing twenty-four (24) months of Mr. Lawal's base salary, (ii) $315,000 representing Mr. Lawal's target bonus for 2011, (iii) $29,400 representing required 401(k) contributions, and (iv) acceleration of vesting of all outstanding stock options and restricted stock held by Mr. Lawal. The Company also confirmed that it would provide up to $20,000 in outplacement services and continued insurance coverage for Mr. Lawal as required by that contract. Also refer to Note 15, Litigation and Contingencies.

Transactions with Related Parties

Our transactions with related parties, primarily CEHL Group, for the periods presented in the accompanying consolidated financial statements are reported below (in thousands):

 Three Months Ended September 30, Nine Months Ended September 30,

 2011 2010 2011 2010

Total costs and expenses
 $ 45 $ 1,495 $ 1,712 $ 1,660

Total other expenses
 81 — 114 —









Total related party expenses
 $ 126 $ 1,495 $ 1,826 $ 1,660









 Receivables Payables

 As of September 30,
2011 As of December 31,
2010 As of September 30,
2011 As of December 31,
2010

EORP related parties
 — 39 — —

CEHL Group
 — — 890 2,244

Total
 — 39 890 2,244
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Litigation And Contingencies
9 Months Ended
Sep. 30, 2011
Litigation And Contingencies [Abstract]
Litigation And Contingencies
NOTE 15. LITIGATION AND CONTINGENCIES

On June 28, 2011, Mr. Abiola Lawal, former Executive Vice President and Chief Financial Officer of the Company, filed a lawsuit in Harris County, Texas District Court against the Company, alleging breach of contract and unlawful termination in connection with Mr. Lawal's June 6, 2011 termination from the Company. On September 16, 2011, the Court issued an order staying the proceedings pending arbitration in view of the mandatory arbitration clause in the plaintiff's employment agreement. On October 31, 2011, the plaintiff issued a written demand for arbitration making the same allegations as the stayed lawsuit. The Company believes the claims are without merit and intends to vigorously defend itself against such claims. See Note 11 for additional details regarding Mr. Lawal's separation from employment.

From time to time we may be involved in various legal proceedings and claims in the ordinary course of our business. As of September 30, 2011 we do not believe the ultimate resolution of such actions or potential actions of which we are currently aware will have a material effect on our consolidated financial position or our net income or loss.
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Consolidated Balance Sheets (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
ASSETS
Cash and cash equivalents $ 18,925 $ 28,918
Short-term investments 256
Accounts receivable 12,639 10,411
Inventories 72
Other current assets 1,179 2,847
Total current assets 32,743 42,504
Property, plant and equipment, net
Oil and gas properties (successful efforts method of accounting) 199,387 204,523
Property, plant and equipment, other 298 456
Total property, plant and equipment, net 199,685 204,979
Other assets 229 360
Total Assets 232,657 247,843
LIABILITIES AND EQUITY
Accounts payable 35,121 63
Income taxes payable 27 163
Accrued expenses 11,868 40,628
Total current liabilities 47,016 40,854
Long-term note payable-related party
Total liabilities 47,016 40,854
Commitments and Contingencies:
Equity
Preferred stock, Authorized-50,000,000 shares at $0.001 par value Issued and Outstanding-None as of September 30, 2011 and December 31, 2010
Common stock, Authorized-300,000,000 shares at $0.001 par value Issued and outstanding-154,543,559 shares as of September 30, 2011 and 153,611,792 shares as of December 31, 2010 154 154
Paid-in capital 459,798 458,523
Accumulated deficit (274,101) (250,925)
Other comprehensive income (loss) (225) (120)
Total stockholders' equity-CAMAC Energy Inc. 185,626 207,632
Noncontrolling interests 15 (643)
Total equity 185,641 206,989
Total Liabilities and Equity $ 232,657 $ 247,843
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Consolidated Statements Of Cash Flows (USD $) In Thousands	9 Months Ended
Consolidated Statements Of Cash Flows (USD $) In Thousands	Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities
Net loss	$ (23,253)	$ (195,224)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Currency transaction gain	(17)	(11)
Share-based compensation expense	1,832	3,404
Dry hole costs	2,100
Impairment of assets		186,235
Depreciation, depletion and amortization expense	10,231	2,241
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable and other current assets	(560)	4,536
Decrease in inventories	72	5,514
Increase in accounts payable	35,058	15
(Decrease) increase in income taxes payable	(136)	105
(Decrease) increase in accrued expenses	(28,760)	2,693
Net cash (used in) provided by operating activities	(3,433)	9,508
Cash flows from investing activities
Net sales of available for sale securities	256	1,506
Decrease (increase) in other assets	131	(20)
Additions to property, plant and equipment	(7,120)	(39,515)
Net cash used in investing activities	(6,733)	(38,029)
Cash flows from financing activities
Proceeds from long-term note payable-related party	25,000
Repayment of long-term note payable-related party	(25,000)
Proceeds from exercise of stock options	177	154
Proceeds from exercise of warrants		454
Issuance of common stock net of issuance costs		35,128
Net cash provided by financing activities	177	35,736
Effect of exchange rate changes on cash	(4)	2
Net (decrease) increase in cash and cash equivalents	(9,993)	7,217
Cash and cash equivalents at beginning of period	28,918	3,602
Cash and cash equivalents at end of period	$ 18,925	$ 10,819