Providing investors with the
tools to make informed decisions.
Providing investors with the
tools to make informed decisions.
 Tracking 1271 U.S. listed China Stocks and Counting...
 Tracking 3167 U.S. Stocks and Counting...

 Camac Energy Inc. (NYSE AMEX:CAK)

Sunday, July 29, 2012

HOUSTON, July 24, 2012 /PRNewswire/ -- CAMAC Energy Inc. (NYSE Amex: CAK) today announced that it has signed a definitive share sale and purchase agreement to divest its interest in the Zijinshan Gas Block in China to Leyshon Resources Limited (AIM/ASX:LRL) ("Leyshon"), a natural resources mining company based in Beijing.

Under the agreed terms, CAMAC Energy will divest its wholly-owned Hong Kong subsidiary Pacific Asia Petroleum Limited (PAPL) for a cash consideration of $2.5 million and 10 million fully paid ordinary shares in Leyshon. The transaction is expected to close within 14 days.

The Company was advised by Somerley Limited in Hong Kong.

"CAMAC Energy is pleased to execute this definitive share sale and purchase agreement with Leyshon Resources for the sale of our Chinese assets," said Chairman and CEO, Dr. Kase Lawal. "In addition to providing a cash infusion and a shareholder interest in Leyshon, this transaction also eliminates the Company's future financial obligations for overhead and exploration expense in China. All proceeds and savings will be reinvested in our African exploration projects. Finally, I'd like to thank all of our employees in China for their years of dedicated service, and I wish them well as they join the team at Leyshon Resources."

Wednesday, February 8, 2012
As previously reported, on December 30, 2011, CAMAC Energy Inc. (“CAMAC Energy” or the “Company”) entered into a Deed of Warranty and Implementation Agreement (the “Agreement”) with certain major shareholders (the “Principal Shareholders”) of Avana Petroleum Limited, a private Isle of Man company (“Avana”), relating to the purchase of one hundred percent of the issued share capital of Avana for a total purchase price of up to US$15 million, payable in shares of the Company’s common stock. On January 30, 2012, the Company formally notified the Principal Shareholders of its intention not to proceed with the Agreement due to the fact that certain obligations and conditions to completion were not fulfilled by the required deadlines. The Company does not believe it will incur any material liability as a result of its withdrawal from the Agreement.