8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report: August 9, 2010

Date of earliest event reported: August 6, 2010

_________________

CAMAC ENERGY INC.
(Exact name of registrant as specified in its charter)

_________________

Delaware
(State or other jurisdiction of incorporation)

001-34525	30-0349798
(Commission File Number)	(IRS Employer Identification Number)

250 East Hartsdale Ave., Hartsdale, New York 10530
(Address of principal executive offices)

(914) 472-6070
(Registrant’s telephone number, including area code)

_________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[   ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[   ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[   ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

     On August 9, 2010, CAMAC Energy Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2010. A copy of the press release is furnished as Exhibit 99.1 hereto.

     The press release furnished as Exhibit 99.1 hereto contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact, are “forward-looking statements,” including statements regarding the Company’s business strategy, plans and objective and statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “should,” “believes,” “expects,” “anticipates” or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of their respective dates. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

     In accordance with General Instruction B.2. of Form 8-K, the information in this Report, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

     On August 6, 2010, the Company entered into a memorandum of understanding (the “MOU”) with CAMAC Energy Holdings Limited, CAMAC International (Nigeria) Limited, and Allied Energy Resources Nigeria Limited (collectively, “CAMAC”). Pursuant to the MOU, the Company will engage in negotiations and related due diligence with CAMAC with regard to a contemplated definitive agreement for the acquisition of CAMAC’s full interest in a Production Sharing Contract which relates to those certain Oil Mining Leases 120 and 121 granted to CAMAC by the Federal Republic of Nigeria with respect to oil and gas assets offshore of Nigeria. The MOU is non-binding except as it relates to access to information, exclusivity of negotiation rights until October 31, 2010, and governing jurisdiction.

     In accordance with General Instruction B.2. of Form 8-K, the information in this Report shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information set forth in, or in any exhibit to, this Form 8-K shall not be deemed an admission as to the materiality of any information in this report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Description

99.1 Press Release dated August 9, 2010.

SIGNATURES

      Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 9, 2010

CAMAC Energy Inc.

By: /s/ Abiola L. Lawal                
      Abiola L. Lawal 
      Chief Financial Officer

EXHIBITS

Exhibit	Description
99.1	Press Release dated August 9, 2010.

EX-99.1

CAMAC ENERGY REPORTS SECOND QUARTER RESULTS

- Positive net cash flow from operations of $15.6 million

- Cash and cash equivalents of $22 million

Hartsdale, New York, August 9, 2010: CAMAC Energy Inc. (NYSE Amex: CAK), today announced its fiscal second-quarter results for the period ended June 30, 2010.

For the quarter ended June 30, 2010, net cash provided by operating activities was $15.6 million, compared to net cash used in operating activities of $2.6 million in the same period in 2009. The increase in operating cash flow is due primarily to the inflow of cash from CAMAC Energy’s newly acquired interest in the Oyo Oilfield.

For the most recent quarter, CAMAC Energy reported operating revenues of $12.3 million, of which $12.2 million came from the proceeds of crude oil sold from the Oyo Oilfield in Nigeria and $95,000 by the Enhanced Oil Recovery and Production (EORP) business in China, compared to no revenues for the quarter ended June 30, 2009.

The Company’s CFO, Mr. Abiola Lawal, commented “This was an excellent quarter for the Company as we transformed from a development stage company to a producing company. Consequently, we are seeing a transformation in the cash flow story as second quarter cash flow from operations increased to a positive $15.6 million from a negative $2.6 million for the same period last year.”

Net income for the quarter was a loss of $3.2 million, or $0.02 per share, compared to a loss of $2.2 million, or $0.5 per share in the fiscal second quarter 2009. Though the Company recorded significant sales revenues during the second quarter 2010, revenue arose from the sale of crude oil inventory included in the Oyo Field assets acquired on April 7, 2010, the initial inventory amount was fully charged to cost of sales. As a consequence of this one time low margin sale, there was a larger net loss of $1.0 million for the second quarter of 2010 compared with 2009.

Liquidity and Capital Resources

CAMAC Energy at June 30, 2010 had no short-term or long-term debt, other than $6.8 million related to the Oyo Oilfield acquisition, which was paid in full July 2010.

As of June 30, 2010, cash, cash equivalents and short-term investments were $22.2 million. Net working capital was $14.5 million.

Operations Review

On April 7, 2010, CAMAC Energy Inc. then Pacific Asia Petroleum Inc. completed the acquisition of all the interest held by CAMAC Energy Holdings Limited and certain of its affiliates (“CAMAC International”) in a Production Sharing Contract for the Oyo Oilfield.

Currently, there are two producing wells in the Oyo Oilfield which started production in December, 2009. The field development plan provides for at least two additional oil producing wells, which if successful, are anticipated to result in increased production rates and reserves for the field. Revenue per barrel on crude oil sold during the period was $87.37.

In China, CAMAC Energy has 100% of the foreign contract interest in the Zijinshan production sharing contract (PSC) in partnership with PetroChina CBM. Currently, the Company plans to drill two wells in the third quarter 2010.

"The company continues to aggressively evaluate additional opportunities to enhance its asset portfolio in both Africa and China," stated Bill Dozier, the Company’s Interim CEO. "The Oyo Oilfield represents a significant initial step in CAMAC Energy's growth objectives."

CAMAC Energy to Host Second Quarter 2010 Conference Call

CAMAC Energy will hold a conference call today at 2:00 pm Eastern Time (12:00 pm Central Time) to discuss these results. To participate in the conference call, please dial (888) 814-5956 (toll free) or (970) 315-0487 (toll) at least 10 minutes prior to the start of the call. Callers will need to reference confirmation code: 88909952.

A listen-only live webcast of the call will be available on CAMAC Energy's website www.camacenergy.com under the “Investors” page.

The webcast will be archived on CAMAC Energy’s website following the call. A replay of the call can also be accessed until midnight, August 16, 2010 by dialing (800) 642-1687 (toll free) or (706) 645-9291 (toll).

About CAMAC Energy

CAMAC Energy Inc. (NYSE Amex: CAK) is a U.S.-based energy company engaged in the exploration, development, production and distribution of oil and gas. CAMAC Energy focuses on early cash flow and high-return global energy projects and currently has operations in Nigeria and, through its Pacific Asia Petroleum subsidiaries, in China. CAMAC Energy's principal assets include interests in the Oyo Oilfield, an offshore oil asset in deepwater Nigeria that started production in December 2009, a 100% interest in the Zijinshan gas asset located in the Shanxi Province, China, and the Enhanced Oil Recovery and Production business in Northern China. CAMAC Energy was founded in 2005 and was formerly known as Pacific Asia Petroleum, Inc. CAMAC Energy has offices in Houston, Texas; Hartsdale, New York; Beijing, China and Lagos, Nigeria.

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Media Contact:

CAMAC Energy Inc.
Bonnie Tang
PR@camacenergy.com
(914) 472-6070
www.camacenergy.com

Investor Relations Contact:

Liviakis Financial Communications, Inc
John Liviakis
(415) 389-4670
John@Liviakis.com
www.liviakis.com

Cautionary Statement Relevant To Forward-Looking Information

This press release may contain certain “forward-looking statements” relating to the business of CAMAC Energy Inc. (the “Company”) and its subsidiaries. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the general ability of CAMAC Energy Inc. to achieve its commercial objectives; the business strategy, plans and objectives of CAMAC Energy Inc. and its subsidiaries; and any other statements of non-historical information. Words such as “anticipates,” “expects,” “plans,” “projects,” “believes,” “seeks,” “estimates,” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management’s current expectations, estimates and projections, are not guarantees of future performance, and are subject to a variety of risks, uncertainties and other factors, some of which are beyond CAMAC Energy Inc.’s control and are difficult to predict, including those discussed in CAMAC Energy Inc.'s periodic reports that are filed with the SEC and available on its website (http://www.sec.gov). You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, CAMAC Energy Inc. undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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