CAMAC Energy Inc. Responds to Investor Inquiries Regarding Relationship with CAMAC International and Announces Change in Timing of Year-End Press Release and Fourth Quarter Results Conference Call

HOUSTON--(BUSINESS WIRE)--CAMAC Energy Inc. (NYSE: Amex: CAK), a U.S.-based energy company engaged in the exploration, development and production of oil and gas, was founded in 2005 by a group of oil executives from global energy companies with the initial focus on energy projects in China. In April 2010, the Company expanded its early cash flow and high-return strategy beyond the Pacific Rim and into West Africa by successfully acquiring an interest in a production sharing contract with respect to the Oyo Field, which is operated by the Nigerian Agip Exploration Limited, a subsidiary of ENI. The Company acquired its Oyo Field interest, and subsequently in February 2011 its interest in the broader OML 120/121 asset located offshore Nigeria, from privately-held CAMAC International and certain affiliates thereof.

Certain recent news stories have created some market confusion over the extent to which CAMAC Energy and CAMAC International are related. CAMAC Energy’s officers and management do not have any knowledge of, or involvement with, any of the issues involving CAMAC International as described in the recent press.

CAMAC Energy and CAMAC International are separate and distinct legal entities. While as a result of the April 2010 Oyo Field transaction, CAMAC International and certain of its affiliates collectively own approximately 58% of CAMAC Energy’s capital stock, with Dr. Kase Lawal serving as the non-executive Chairman of CAMAC Energy and Chairman of CAMAC International, the management, executive officers, Boards of Directors, and operations of each these entities are separate and distinct. As part of the handover of the Oyo Field and OML 120/121 assets from CAMAC International to CAMAC Energy, CAMAC Energy and CAMAC International’s affiliate, Allied Energy, are parties to a Technical Services Agreement. However, as previously disclosed by the Company, this agreement is in the process of being wound down and is scheduled to expire effective March 31, 2011. In addition, the Company has a right of first refusal with respect to any and all licenses, leases and other contract rights for the exploration or production of oil or natural gas currently held or acquired by CAMAC International and certain of its affiliates that they offer for sale, transfer, license or other disposition, although the Company has no obligation to acquire such licenses, leases or rights and is not considering or evaluating any such opportunities at the present time.

Byron Dunn, the Company’s President and Chief Executive Officer, commented: “The Company reaffirms its commitment to preserving and growing value for its shareholders – both large and small – and its management and Board of Directors has established policies and procedures designed to preserve and maximize such shareholder value. All transactions between CAMAC Energy and CAMAC International or its affiliates are at arms’ length and subject to careful scrutiny and evaluation by the Company’s management team and independent members of the Company’s Board of Directors through the Company’s established related party transaction review and approval policies.”

For further information on the background, corporate structure, executive officers, management, and Board of Directors of CAMAC Energy, please see the “About Us” section on the Company’s corporate website at www.camacenergy.com and in the Company’s public filings with the U.S. Securities and Exchange Commission.

Change in Timing of Year-End Press Release and Fourth Quarter Results Conference Call

The Company today announced a change in the timing of its year-end press release and fourth quarter results conference call. The Company will now be hosting its 2010 fiscal year-end and fourth quarter financial results conference call at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on Thursday, March 10, 2011. Hosting the call will be Byron A. Dunn, President and CEO, and Abiola L. Lawal, Executive Vice President and Chief Financial Officer.

Earnings Call details –
Date:	Thursday, March 10, 2011
Time:	4:00 p.m. CT / 5:00 p.m. ET
Participate:	The call can be accessed live over the telephone by dialing [phone] or for international callers, [phone].
Listen only:	A live webcast of the call will be available on the Company's website www.camacenergy.com under the “Investors – Events & Presentation” section.
Replay:	A replay will be available shortly after the conference call and can be accessed by dialing [phone] or for international callers, [phone]. The passcode for the replay is 367938. The telephone replay will be available until March 24, 2011. The webcast will also be archived on the Company's website shortly following the call for approximately 30 days.

Forward-Looking Statements

This press release may contain certain “forward-looking statements” relating to the business of CAMAC Energy Inc. and its subsidiaries. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the availability of asset acquisitions arising out of the right of first refusal agreement with CAMAC International; 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 United States Securities and Exchange Commission 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.