Erin Energy Corp (ERINQ)

[Rufiji]

Northern Offshore Suing for more than $50m




I didn't know who would sue first but here you have it:

"HOUSTON, TEXAS – January 12, 2015 -- Northern Offshore, Ltd. (the "Company") (Oslo Børs: NOF.OL) announced today that on January 2, 2015 it issued a Notice of Contract Termination to Oceanic Consultants Nigeria Ltd. (Oceanic), an affiliate of Houston, Texas based CAMAC Energy Inc. (CAMAC) for the Energy Searcher drilling contract. CAMAC guaranteed Oceanic's obligations under the drilling contract. The Company believes that Oceanic breached various terms of the drilling contract and will be filing a claim for in excess of $50 million associated with this matter pursuant to the arbitration provisions of the contract.
The Company hopes to have the rig demobilized out of Nigeria by late January."

[NonGolfer]

They registered the previously unregistered, defacto restricted shares.

Doesn't necessarily mean they want to sell, or sell at the price of .305, which was used as an average on the date of filing to estimated related fees.

It could mean they're getting ready to bail, or could mean they are preparing to be able to sell at a gain, when and if that ever comes.

[Rufiji]

Kase and PIC are trying to sell!







The company is bankrupt and the two major shareholders are trying to dump all of their holdings. It was always a joke.

http://www.sec.gov/Archives/edgar/data/1402281/000119312514448907/d839598ds3.htm

[nkfd13]

Slow but sure, oil prices will not stay down and this will be a nice pickup

[kawatan]

14 million shorts need to cover.
Now would be a good time, before the next pr

[ihubabubba]

CAMAC Energy is acquiring 3D seismic offshore Gambia. This is the final step towards drilling an exploration well. #makingprogressinallfourcountries

[RickKayne]

That's good to hear. There were so many articles that hit my news alerts about the environmental concerns..
Let's get some $$$ numbers out of Nigeria already.

[ihubabubba]

The 2D seismic acquisition has begun onshore Kenya on both blocks in all areas other than the Arabuko Sokoke forest. The forest is a very small part of one block out of CAMAC's nine million acres on four blocks in Kenya. 2D seismic was shot offshore Kenya earlier this year. #makingprogress

[Rufiji]

I suspect that they ran out of money! As I mentioned, the Zenith loan was only finalised on 5 September and they would still need to draw down from that. It is interesting that they drew down another $10.6m on the Allied promissory note in the quarter and $50m from Zenith. Accounts payable and accruals have increased significantly indicating late payments.

They are also repaying portions of the promissory note with oil-in-kind.

Further, they continue to make adjustments to the Allied transaction which was supposed to have been finalised on February 21.

The drill ship costs $285k/day to sit idle in the water, it costs a lot more when it is drilling.

[DazzlingDil]

Thanks but something is still not right - it does not take so many days to "replace hoses" - these should be spares. Unless these were manufactured new (very odd)??? Or the BOP was leaking and had to be taken apart..... Anyways something is amiss........

[Rufiji]

I think what you have missed here is the delay due to 'leaks' in the BOP. On September 12, CAK issued this statement in a press release:

"The Company has temporarily halted drilling on the Energy Searcher drillship, which is drilling the horizontal portion of the Oyo-8 well in the Oyo field. This was due to leaks in some control system hoses of the well's blow out preventer. Replacement hoses have been ordered and are en route to the drilling site. The Company expects to resume drilling operations within two weeks, while the current offshore installation work continues."
http://www.marketwired.com/press-release/CAMAC-Energy-Provides-Operational-Update-NYSE%20MKT-CAK-1946851.htm

But, on September 15, Northern Offshore, the owner of the drill ship, issued this statement in a press release:
"September 15, 2014 -- Northern Offshore, Ltd. (Oslo BØrs: NOF.OL) today announced that the drillship Energy Searcher under contract in Nigeria, has experienced technical problems with the control hoses to the unit’s blowout preventer. The repairs are underway and are expected to be completed soon allowing operations to resume within two (2) weeks. The Company expects its consolidated financial results for the third quarter 2014 to be negatively impacted by a reduction of approximately forty-five days of revenue for this unit."

Northern Offshore's estimated loss of 45 days of revenue indicates that the 'problems' occurred on August 15 and both company's remained silent for 30 days!

Now, CAK only secured the Zenith financing on September 5 and by August 15, CAK would have been running on empty ito its cash position.

As it turns out, 'repairs' were effected quicker than both companies anticipated and Northern Offshore only lost 30 days of revenue in the September quarter. http://phx.corporate-ir.net/phoenix.zhtml?c=157788&p=irol-IRHome

Still, as you point out, this does not account for a five month delay.

[DazzlingDil]

I have seen Gina Din's history - seems that she has come a long way with a lot of hard work (just from you-tube etc.) However, she admits in a video that she does not know much about oil and Kase is a "friend" who got her interested. Partnerships are good but this one is headed for disaster, because of clear ethics problems, and will impact the credibility of Gina Din organization. In the long run one cannot strong arm in the oil and gas business, as is being done in Kenya, it will catch up to Camac Energy and the company will have to bear the consequences. It is a pity that Kenyans are allowing this. I hope the journalists/ relevant decision makers and more importantly the public reads this blog.

Nobody has spoken of the cost to plug and abandon the two wells - it will be >$50M further in the hole. You are so right, Camac Energy has the tendency to keep the public hanging until next quarter hoping the 4 months can change things around - again this will finally catch up with no place to go. I predict that the operations to getting oil from the first well will be 5 months from now - plugging two wells, taking equipment off, redrilling and later completing the well and then the connecting. As mentioned earlier, the major and riskier operations are a long ways away.

Kase mentioned the 2-week BOP issue was the reason for the delay in meeting December target. This cannot be true as how can a two week problem cause a 5-month miscalculation? Everybody has and is being taken for a ride. I noticed that Seguin was not in the conference call. Does a technical person not need to be there when such fantastic delays are occurring. Finally, I have the following - look at the board of directors at Camac Energy - including the recent South African PAC appointee -none have any expertise in the O&G business. What is the likelihood that they are rubber stamping on what is going on and nobody can or will ask the questions on the continuing mess. Changes have to made otherwise the investors are going to loose their shirts.

The key to understanding all this is the status of the lawsuits and if Camac Energy misled investors I n the early part of the year. What is the possibility that, if there is reason of doubt, the behavior pattern continues.

[Rufiji]

DD,

It gets suspicious that certain articles highlighting environmental concerns have been pulled from Kenya's Nation Media Group. One of Camac's Kenyan directors is Gina Din who is a 'spin doctor and I suspect has influence there.

The company is in deep trouble and without a further infusion of debt or capital, we will not be seeing any oil in Q1 2015.

I have the three analyst reports and they are the usual 'sell side' nonsense but what is interesting is that two of the reports have capital expenditure for 2014 at $200m or above. The failed bond prospectus to raise $300m in January this year also has capital expenditure as follows:

"Oyo 7: Completion, installation and hook up $60m

Oyo 8: Drilling, completion, installation and hook up $120m

Oyo 9: Drilling, completion, installation and hook up $120m"

McNeil, the CFO, also said at the first quarter conference call that the capex budget for 2014 was $180m. Capex at September 30 was $59m and going by Camac's own figures, they need another $60m for each well to complete the horizontal sections.

I suspect that the next news flow will be waxing lyrical about Ghana and Gambia but we'll have to wait another four and half months before we get audited financial statements.

[DazzlingDil]

Rufiji,
It is good to see that you are you are uniformly conscientious and willing to make/bring out observations of what is arrogant, callous and irresponsible attitude of Camac Energy.
Your observation and that of the environmental groups and other indigenous people of Kenya is very critical. It is obvious that the Kenya government is new to this but is setting a very dangerous and risky precedence by allowing such activities in protected and Nationally sensitive lands no amount of progress can equate to the potential negative possibilities and the magnitude of these actions. In this time and age, of intense worldwide environmental concerns, such activity without EIA is just very rash. Would this be allowed in Kenya for established multi-nationals. Again, look at what has happened worldwide. Alternatively, would Camac Energy do this in the US or any developed country?? I hope better sense prevails with the Kenyan regulators /government and they do the right thing, of putting on hold any activity unless an EIA is done, regardless of the what seems to be a cozy relationship with Camac Energy and the government. The government may not want to side with a policy that will lead to major issues in the future for the country and also the oil industry - of setting such precedence.

On another note, over the past year there has been a lot of talk of "Miocene" this and that in OML 120/121 - the questions that needs to be asked are why exploration is the next step when there has been so much made of "new zones" in Oyo 8 - I have read about reaching targets 14kbopd by end 2014 and 20kbopd by 2015?? Also, even if one does discover Miocene, at >$60M an exploration well, the main questions still are when will appraisal be completed and at what costs and most importantly when will these new Miocene assets be brought on line and how much would it cost, what would be the economics?

Camac Energy is in trouble - they have lost 50% of value since PAC bailed them out and this has still to bottom out. I do not know who the stock analysts are but the key issues at Camac Energy are not being looked at!

[Rufiji]

Seismic Activity in a National Park:



http://www.the-star.co.ke/news/outcry-oil-explorers-now-enter-coasts-biggest-forest

The largest remaining fragment of the East African coastal forest, Arabuko Sokoke, is under threat following plans to conduct oil and gas exploration inside the forest.

Conservationists say the seismic survey and oil drilling within the forest will endanger the globally endangered mammals, birds and world-famous Kipepeo Butterfly Project.Arabuko Sokoke is also home to four globally endangered mammals and six globally threatened birds.

The exploration will be conducted in block L16, which covers the forest and the larger part of Kilifi County.The exploration would take three months and if oil or gas is found, most of the forest will be in danger.

The government contracted CAMAK Energy Kenya limited, who gave the subcontract to Chinese company BGP to implement the seismic surveys.

Block L16 covers Arabuko Sokoke including the section of the marine protected area, Magarini, Watamu, Kilifi, Ganze, and Malindi.BGP Company has pitched camp at Gede to begin the project.Conservationists including community forests associations and non-governmental organisations have now submitted a petition demanding that the project stops.

They say the vital Environmental Impact Assessment was never conducted.Those who signed the petition include Arabuko Sokoke Forest Adjacent Dwellers association, Jilore Community forest association, Sokoke Forest Community Association, and Gede Community Forest Association.

Others are Arocha Kenya, Local Ocean Trust, Watamu Turtle Watch, Community Empowerment and Development Agency (Kilifi), Nature Kenya, and Coast Farm Forestry Association.

“There was no stakeholder participation or consultation, no EIA has been presented to the key stakeholders,’’ said the petition in part.

“It is unthinkable that today, an oil company would consider drilling through the protected last remnant of the East African Coastal forest, at the risk of all the biodiversity it contains. Yet that is exactly what CAMAC and its sub-contractor BGP are planning to do,” says Nairobi-based conservationist and bird expert Fleur Ng’weno.Separately, community members said withholding information from them was against the constitution.

“The activity has been marred by a lot of secrecy, selectivity and discrimination on who should or should not get information; the project is coming using the top down approach where orders are given from above. This does not augur well with the community since they see it as being forced on them,’’ they said in a petition.

They termed the unique ecosystem of Arabuko-Sokoke Forest as too sensitive to allow any disturbance.Francis Kagema, the coast region conservation coordinator at Nature Kenya, said they learnt of the project at a later stage and realised there was no community participation.

“Work has already started, BGP has pitched camp next to Gede ruins,’’ he said.Kagema said the petition was delivered to Kilifi Governor Amason Kingi, National Environment Management Authority and Kenya Forest Services to take action.

BGP is expected to clear sections of the forest for roads to transport heavy equipment to the exploration sites.Kagema said the company might use diatomite explosions for the seismic surveys.

“All the works will affect land owned by locals together with ocean there has to be a compensation plan and rates be made public but nothing was done,’’ he said.

A letter availed to the Star indicated that work was to begin last month. “BGP Intends to commence its work before the end of October 2014 in the field. This is therefore to request you to alert other local administrators in the county sub counties and locations about the presence of this firm on the ground,’’ said the letter dated October 19, 2014, and signed by Wang Lijiang, the party chief of crew for BGP Kenya.

The petition also touched on the major conservation hotspots which would be affected by the exploration works in Block L16.

They included Sacred Kaya Kauma, Arabuko-Sokoke National Forest, Dakacha Woodland Important Bird Area, Sokoke Crater (Nyari), Watamu Marine National Park, Malindi Marine National Park, Matsangoni caves, Gede Ruins National Monument, Mida Creek Important Bird Area,Sabaki River Mouth Important Bird Area among many other unique and sensitive sites and ecosystems.

The threat to Arabuko Sokoke is the latest onslaught on protected forests at the coast.A few kilometres away, sacrilegious land-grabbers are even kicking out of the forests the feared Kaya elders, who are the custodians of the region’s culture and history.

Independent reviews show that between 30 to about 300 hectares of the sacred forests are threatened by loggers and ‘developers’.Kaya elders say huge chunks of land amounting to more than 80 per cent of the sacred forests in Kwale and Kilifi have been taken over by developers including foreigners.

The forests serve as ceremonial sites, burial grounds, sources of medical plants and spiritual centres for the Mijikenda.The elders term the encroachment as “defilement” and threatened to cast a curse.

“Our people lived in these forests many years ago. They used to offer sacrifices whenever there was famine, diseases or solve other major problems hence hold a sacred history for us,” says Mwinyi Dzilala, an elder at Kaya Waa
- See more at: http://www.the-star.co.ke/news/outcry-oil-explorers-now-enter-coasts-biggest-forest#sthash.cUYbLzGz.dpuf

[DazzlingDil]

Thanks. Notice that ALL bad news are mentioned one day ahead of the quarter reporting. And ALL the " so called" good news is flashed around when there is a hint of the stock not doing well and use of favorable media and the likewise used. This is a very dangerous game and will ultimately sink this company.
It is critical to note that regardless of where the stock is exchanged, this is a US based company and at a minimum need to meet US standards of transparency and forward looking statements and activities that involve crucial decision making capabilities of the investor need to be brought forth immediately and this is not the case with Camac Energy. Analyses should be and will be made if what was reported to account for this delay and he timing.
In context of Nigerian production, DPR is obligated to step in to find out what is going on and if there are any reporting irregularities. Likewise the other countries, where operations are targeted, have to be forewarned and need to have greater due-diligence in context of all Camac Energy Operations and plans.As it is the very fact the assets in all these countries gave been allocated to Camac Energy under a cloud, the results of the past year on deliverables in Nigeria should be a benchmark for critically assessing the any approval of activity going forward. Any banks that have lent money and are going to lend money have to be extra cautious and ask tougher questions or you might as well flush the money down a toilet.
Recognize that over $260MM has been spent already and at this rate most likely there is another $80MM that will need to be spent before these wells can be brought on line. Imagine spending $350MM over a period of 18 months and not get one barrel of oil - this does not say much for the company at all. Also, it is important to note that once the wells are plugged there is no production for the next over 3 months. Do the economics of the cost per barrel with a still uncertain flow rate.
Finally, It is time for investors to understand that Kase is no Demi-God of the African oil industry - just because he buys Camac Energy stock should not be an indication that suddenly everything will turn around and one will become rich - it is not going to happen. Look at the results of not meeting one deadline. This is deepwater and better companies have failed executing and untill now it is just a lot if talk and the major and risky operations are still far far away . That is where the proof if the pudding will be!

[Rufiji]

Dazzling,

You can find the transcript on Seeking Alpha:

http://seekingalpha.com/article/2670705-camac-energys-cak-ceo-kase-lukman-lawal-on-q3-2014-results-earnings-call-transcript

Note that they are now talking of 'first production' in late January and there appears to be confusion as to which well that they will complete first.

The one 'analyst' asks about neighbouring discoveries in Senegal which sets Lawal off on a roll that they will accelerate activity in The Gambia.

Absolute nonsense.

[Rufiji]

Bandit, I was tempted but suspect that these affairs are entirely doctored.

I am appalled at how 'investor relations' are clueless to questions and refuse to reply in writing saying that they will entertain a question put to them telephonically. It is a disgrace that people of this calibre are allowed to list a company on a stock exchange.

Witness, also, the interview of Lawal conducted by CNBCAfrica whilst Lawal was attending the recent oil conference in Cape Town - the 'analyst' who asked questions of Lawal works for Sasfin brokers and that company is employed by Camac as their sponsor for the listing on the Johannesburg Stock Exchange. It is nothing but a huge scam.

Have a look at the Camac share price on the JSE, the share does not trade there but the last deal done which was a volume of 12 shares at R7.84 which equates to about $0.71. Coincidence that that was about the entry point per share of the PIC's $270m investment back in February?

It is nothing but a con to fool SA journalists under pressure of deadlines into thinking that the PIC has not lost any money. Why would an SA journalist under pressure look at the NYSE MKT exchange to find the truth? They wouldn't even know where to begin.

[DazzlingDil]

All of you are spot on - Camac Energy management keeps on lying and this has to be stopped. They are playing with the money of investors that have put their retirement hoping to get what they promised. Camac Energy keeps on borrowing money and spending it putting everybody at risk. Besides the US regulators, the South African government needs to really evaluate how promises of production in October, December 2014 are now delayed to January 2015 and all this is done in days of notice - this is not how oil companies give predictions - look at the transcript of 2nd Quarter to see the entire spectrum. Individuals have made money based on these ambiguities. Also what is the status of the lawsuits? What guidance is being given is critical to the entire process. Does anybody have the transcript of the conference call?

[bandit1958]

Why are tough questions never asked on these calls?
Rufiji you need to get on and drill them.

[Rufiji]

Liars!





That's the only conclusion that one can arrive at after listening to the conference call.

And, now they tell us that first production will be at the end of January but they don't even know which well it will be.

Incredible that people like this are allowed to fleece investors. Where are the regulators?

[Rufiji]

Or the company changed its mind, I can't see the OCC fabricating a date of Nov 10.

The results are as expected, the company is bankrupt pending the new wells. Negative working capital of $51m and that is after drawing down $50m from Zenith so even with the remaining $50m they are still negative whilst incurring costs without any current production. Payables and accruals have ballooned so they are paying suppliers late.

No surprises. They were so desperate that they sold the oil inventory from the last quarter plus the current quarter's paltry trickle and that is why they beat the revenue forecast. Still, another decent loss to add to the previous deficits of a company that has never made a profit.

[NonGolfer]

OCC jumped the gun and issued amended options settlement if applicable.

I thought with the capex today's announcement was about in line with what anyone that can read a financial statement would have expected.

Hopefully it drops like a rock today.

[Rufiji]

Desperate Stuff:




It seems that CAK, in a last roll of the dice, is effecting a 1-for-6 reverse split:

http://www.optionsclearing.com/webapps/infomemos?query=CAK&submit-search.x=6&submit-search.y=9&submit-search=search

[Rufiji]

The shorts are flushing him.



After McNeil and Evanoff dumped more than 1.5m shares in March, Lawal had to come out with his plan to buy 'up to 2m shares'. He's just passed the 1m mark as he tries to defend the price. Things could get interesting once he's been fully flushed.

[oltimer]

The old boy bought 50000 more. He sure is putting his money where his mouth is.

[HIM]

Nice.

I keep adding on the dips.

$CAK

[Rufiji]

That's his biggest buy!

And that's 0.04% of what he took from the pensioners. Hey big spender!

[oltimer]

The old boy is still buying.









Statement of Changes in Beneficial Ownership (4)

Date : 10/21/2014 @ 1:14PM
Source : Edgar (US Regulatory)
Stock : Camac Energy Inc. (CAK)
Quote : 0.48 0.0149 (3.20%) @ 1:09PM





Statement of Changes in Beneficial Ownership (4)







Print


Alert



FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5


Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940







1. Name and Address of Reporting Person *

Lawal Kase Lukman 2. Issuer Name and Ticker or Trading Symbol

CAMAC Energy Inc. [ CAK ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director _____ 10% Owner
__ X __ Officer (give title below) _____ Other (specify below)
Chairman & CEO

(Last) (First) (Middle)


1330 POST OAK BLVD., SUITE 2250 3. Date of Earliest Transaction (MM/DD/YYYY)


10/17/2014


(Street)


HOUSTON, TX 77056
(City) (State) (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)



6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person



Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security
(Instr. 3) 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Common Stock 10/17/2014 P 100000 (1) A $0.4746 6677447 D
Common Stock 10/20/2014 P 50000 (2) A $0.4849 6727447 D



Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)

1. Title of Derivate Security
(Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 8. Price of Derivative Security
(Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares




Explanation of Responses:
( 1) Reporting person purchased these shares pursuant to a Rule 10b5-1 plan at an average price of $0.4746.
( 2) Reporting person purchased these shares pursuant to a Rule 10b5-1 plan at an average price of $0.4849.


Reporting Owners

Reporting Owner Name / Address
Relationships

Director 10% Owner Officer Other
Lawal Kase Lukman
1330 POST OAK BLVD., SUITE 2250
HOUSTON, TX 77056 X
Chairman & CEO



Signatures

[JimmyRich]

This is true.. But I'll tell you its thin... Any buying will deliver tremendous % gains... Let's see.....

[Rufiji]

PR has trebled its base and is doing everything it can think of but you can't flog a dead horse.

[JimmyRich]

Super thin.. Very hard to accumulate.. Any news or heavy buying will spike this stock instantly... Biggest problem may very well be awareness to the average investors out there knowing of the existence of CAK and huge potential... PR needs to open up its base to spread the word of this terrific company...

[Rufiji]

With your history, NG:



I'm tempted to enter the fray again. Thin volumes, weak markets, the Lawal factor and I'm not sure on oil being oversold.


http://www.ft.com/intl/cms/s/2/a02c1cde-538b-11e4-929b-00144feab7de.html#axzz3GJbpuL6f

"...Yet other fundamentals are also at work. The global economy is weak and oil demand is rising at the puny rate of less than 1m b/d. Any projected increase in economic activity and demand for 2015 will probably leave an overall surplus of 1m b/d, which would weigh even more heavily on prices unless Opec cuts production. Political risk also appears more bearish than bullish, at least for the near term. An Iranian nuclear deal would mean more oil on the market, as would a continued surge in Libyan production.

Finally, price weakness has resulted in a host of conspiracy theories, based on Saudi Arabia having lowered the price of its oil for customers in Asia – price cuts now matched by Iran, Iraq and other Middle East producers. Statements by Saudi leaders indicate that they think US production growth would be hampered with oil prices much below $90, and it is already clear that with Brent at $90, a widening spread between Brent and WTI, the US benchmark, in 2015 could bring WTI below $75 a barrel. Additionally, lower prices would cost Iran and Russia dearly. Both countries are spending money in the Middle East in ways the kingdom does not like.

Are these rumours valid? Only time, and perhaps the Opec meeting in November, will tell. If prices continue to fall, US producers could prove to be a more resilient bunch than is commonly thought."

[NonGolfer]

Anyone buying more? I bought another 10,000 shares yesterday. Brent and WTI are oversold. The immediate decline might not be over yet, but I'm betting it has to settle higher within the next month.

[RickKayne]

Timing this stock is not easy when looking for one big event. Yet one can do very well accumulating under .60 and holding a few years. The estimated reserves have increased, production is happening, the dollars will start rolling in early 2015. Couple this one with Kosmos energy and you've got some of the most promising western African blocks.
Holla!

[oltimer]

Looks like Lawal still buying every few days.

[kawatan]

I don't know who to thank but I really love the 40s shares. Lets do it again before the next catalyst..
Looks good to happen.

[Rufiji]

Thank you Gentlemen!

[hugh_jackoman]

Congrats Rufiji

[NonGolfer]

Congrats, sounds like you made some money Ruffy.

[Rufiji]

Not Brave, Not Greedy


Position closed but might be back for more. Thanks for all the fish.

[hugh_jackoman]

It's not really CAK's fault if northern offshore is losing revenue because of the issue.

[NonGolfer]

I'm a veteran. Thanks for the offer which I assume was intended for me. I won't take anything for free though.

Ruffy does bring perspective from a different point of view. I don't mind his posts.

[bandit1958]

Always a delay or something out of their control with this company. For what ever reason they can never produce what they say they can.

[Rufiji]

Northern Offshore put out a press release yesterday:



Considering the duration of the revenue they will lose, it would appear that the problem manifested itself quite some time ago. That certainly seems to indicate that some were 'in the know' long before others allowing them to trade at an advantage.

"PRESS RELEASE
Northern Offshore Provides Update on Operational Status of the Energy Searcher
HOUSTON, TEXAS – September 15, 2014 -- Northern Offshore, Ltd. (Oslo BØrs: NOF.OL) today announced that the drillship Energy Searcher under contract in Nigeria, has experienced technical problems with the control hoses to the unit’s blowout preventer. The repairs are underway and are expected to be completed soon allowing operations to resume within two (2) weeks. The Company expects its consolidated financial results for the third quarter 2014 to be negatively impacted by a reduction of approximately forty-five days of revenue for this unit."

[kawatan]

Lets not forget, if not for the infantry baahaa you might be gloating in another language.
And eating krout or rice tonight.
If you are a veteran NC , just order one on me free of charge., just mention NC in the order and its free of charge for you,,
Check my ebay items NG.
EBAY ID ringsnthings101

[Rufiji]

NG is definitely officer material in the infantry (all that Hooh Haah bravery stuff) but he shouldn't be allowed near intelligence..the stock has dropped 20c in 4 days and he's wondering whether the 'news' is going to cause havoc. (Hint, NG, there's a leak in more than the pipes)

If I hadn't been exposed to some of the 'insights' on this board over several months, I'd be speechless.

[NonGolfer]

Operation update. Pumping dleayed until Dec/Jan. Am I fearful? No. I regret nothing. It's always been all or nothing on this one for me.

Ruffy will have fun with the havoc this is going to create I suspect. Although CAK seems to rise on bad news and tank of good news, so who knows what will happen.

Rivalry week. It's almost all about college football anyway.

[NonGolfer]

Be very greedy when others are fearful.

[oltimer]

CAMAC Energy, Inc. (CAK) -NYSE MKT ? Follow


0.51 Down 0.08(13.57%) 4:00PM EDT



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Insider Transactions Get Insider Transactions for:



Net Share Purchase Activity



Insider Purchases - Last 6 Months



Shares

Trans

Purchases 68,804 3
Sales 20,000 1
Net Shares Purchased
(Sold) 48,804 4
Total Insider Shares Held 760M N/A
% Net Shares Purchased
(Sold) 0% N/A



Net Institutional Purchases - Prior Qtr to Latest Qtr



Shares

Net Shares Purchased
(Sold) (1,994,780)
% Change in Institutional Shares Held (8.14%)



Data provided by Thomson Financial








Insider Transactions Reported - Last Two Years




Date

Insider

Shares

Type

Transaction

Value*

Sep 9, 2014 LAWAL KASE LUKMAN
Officer
5,000 Direct Automatic Purchase at $0.63 per share. 3,150
Aug 18, 2014 LAWAL KASE LUKMAN
Officer
15,000 Direct Automatic Purchase at $0.65 per share. 9,750
Jul 31, 2014 LAWAL KASE LUKMAN
Officer
10,049 Direct Automatic Purchase at $0.58 per share. 5,828
Jun 26, 2014 LAWAL KASE LUKMAN
Officer
1,200 Direct Automatic Purchase at $0.67 per share. 804
Jun 16, 2014 LAWAL KASE LUKMAN
Officer
10,000 Direct Automatic Purchase at $0.77 per share. 7,700
Jun 12, 2014 LAWAL KASE LUKMAN
Officer
15,000 Direct Automatic Purchase at $0.79 per share. 11,850
Jun 11, 2014 LAWAL KASE LUKMAN
Officer
38,686 Direct Automatic Purchase at $0.74 per share. 28,627
Jun 10, 2014 LAWAL KASE LUKMAN
Officer
50,000 Direct Automatic Purchase at $0.75 per share. 37,500
Jun 9, 2014 LAWAL KASE LUKMAN
Officer
10,000 Direct Automatic Purchase at $0.72 per share. 7,200
Jun 5, 2014 LAWAL KASE LUKMAN
Officer
1,214 Direct Automatic Purchase at $0.62 per share. 752
May 29, 2014 HOFMEISTER JOHN
Director
166,667 Direct Acquisition (Non Open Market) N/A
May 29, 2014 PUBLIC INVESTMENT CORP (SOC) LTD
Beneficial Owner (10% or more)
166,667 Direct Acquisition (Non Open Market) at $0.60 per share. 100,000
May 29, 2014 BROWN LEE PATRICK
Director
166,667 Direct Acquisition (Non Open Market) N/A
May 29, 2014 O LEARY HAZEL
Director
166,667 Direct Acquisition (Non Open Market) N/A
May 29, 2014 MCCONNELL IRA WAYNE
Director
166,667 Direct Acquisition (Non Open Market) N/A
May 29, 2014 CAMPBELL WILLIAM JEFFERSON
Director
166,667 Direct Acquisition (Non Open Market) N/A
May 20, 2014 LAWAL KASE LUKMAN
Officer
5,000 Direct Automatic Purchase at $0.61 per share. 3,050
May 19, 2014 LAWAL KASE LUKMAN
Officer
50,000 Direct Automatic Purchase at $0.62 per share. 31,000
May 9, 2014 LAWAL KASE LUKMAN
Officer
50,000 Direct Automatic Purchase at $0.65 per share. 32,499
May 6, 2014 PUBLIC INVESTMENT CORP (SOC) LTD
Beneficial Owner (10% or more)
188,442,211 Direct Purchase at $0.72 per share. 135,678,391
Apr 25, 2014 LAWAL KASE LUKMAN
Officer
9,000 Direct Automatic Purchase at $0.68 per share. 6,120
Apr 24, 2014 LAWAL KASE LUKMAN
Officer
6,454 Direct Automatic Purchase at $0.71 per share. 4,582
Apr 22, 2014 LAWAL KASE LUKMAN
Officer
10,976 Direct Automatic Purchase at $0.71 per share. 7,792
Apr 21, 2014 LAWAL KASE LUKMAN
Officer
150,000 Direct Automatic Purchase at $0.65 per share. 97,500
Apr 15, 2014 LAWAL KASE LUKMAN
Officer
50,000 Direct Automatic Purchase at $0.74 per share. 37,000
Apr 14, 2014 LAWAL KASE LUKMAN
Officer
50,000 Direct Automatic Purchase at $0.80 per share. 40,000
Apr 9, 2014 LAWAL KASE LUKMAN
Officer
25,000 Direct Purchase at $0.82 per share. 20,500
Apr 8, 2014 LAWAL KASE LUKMAN
Officer
18,300 Direct Automatic Purchase at $0.82 per share. 15,006
Apr 7, 2014 LAWAL KASE LUKMAN
Officer
14,106 Direct Automatic Purchase at $0.79 per share. 11,143
Apr 4, 2014 LAWAL KASE LUKMAN
Officer
50,000 Direct Automatic Purchase at $0.78 per share. 39,000
Apr 3, 2014 LAWAL KASE LUKMAN
Officer
50,000 Direct Automatic Purchase at $0.79 per share. 39,500
Mar 21, 2014 EVANOFF NICOLAS J
Officer
58,500 Direct Option Exercise at $0.32 per share. 18,720
Mar 21, 2014 MCNIEL EARL
Officer
29,981 Direct Sale at $0.85 per share. 25,483
Mar 21, 2014 MCNIEL EARL
Officer
29,981 Direct Option Exercise at $0.24 per share. 7,195
Mar 21, 2014 EVANOFF NICOLAS J
Officer
58,500 Direct Sale at $0.86 per share. 50,310
Mar 20, 2014 EVANOFF NICOLAS J
Officer
81,000 Direct Sale at $0.85 per share. 68,850
Mar 20, 2014 EVANOFF NICOLAS J
Officer
81,000 Direct Option Exercise at $0.32 per share. 25,920
Mar 20, 2014 MCNIEL EARL
Officer
123,987 Direct Option Exercise at $0.24 per share. 29,756
Mar 20, 2014 MCNIEL EARL
Officer
123,987 Direct Sale at $0.85 per share. 105,388
Mar 19, 2014 MCNIEL EARL
Officer
95,576 Direct Sale at $0.85 per share. 81,239
Mar 19, 2014 EVANOFF NICOLAS J
Officer
119,500 Direct Option Exercise at $0.32 per share. 38,240
Mar 19, 2014 MCNIEL EARL
Officer
95,576 Direct Option Exercise at $0.24 per share. 22,938
Mar 19, 2014 EVANOFF NICOLAS J
Officer
119,500 Direct Sale at $0.86 per share. 102,770
Mar 18, 2014 EVANOFF NICOLAS J
Officer
402,053 Direct Option Exercise at $0.32 per share. 128,656
Mar 18, 2014 EVANOFF NICOLAS J
Officer
402,053 Direct Sale at $0.85 per share. 341,745
Mar 18, 2014 EVANOFF NICOLAS J
Officer
5,107 Direct Sale at $0.90 per share. 4,596
Mar 18, 2014 MCNIEL EARL
Officer
399,736 Direct Sale at $0.86 per share. 343,772
Mar 18, 2014 MCNIEL EARL
Officer
399,736 Direct Option Exercise at $0.24 per share. 95,936
Mar 17, 2014 EVANOFF NICOLAS J
Officer
194,493 Direct Sale at $0.85 per share. 165,319
Mar 12, 2014 MCNIEL EARL
Officer
258,772 Direct Acquisition (Non Open Market) N/A
Mar 12, 2014 OMIDELE SEGUN
Officer
394,737 Direct Acquisition (Non Open Market) N/A
Mar 12, 2014 EVANOFF NICOLAS J
Officer
319,079 Direct Acquisition (Non Open Market) N/A
Mar 12, 2014 LAWAL KASE LUKMAN
Officer
2,051,282 Direct Acquisition (Non Open Market) N/A
Mar 12, 2014 WONG HEIDI
Officer
159,905 Direct Acquisition (Non Open Market) N/A
Feb 21, 2014 PUBLIC INVESTMENT CORP (SOC) LTD
Beneficial Owner (10% or more)
188,442,211 Direct Statement of Ownership N/A
Feb 21, 2014 TRAORE ADAMA
Officer
243,480 Direct Statement of Ownership N/A
Aug 21, 2013 WONG HEIDI
Officer
175,000 Direct Acquisition (Non Open Market) at $0 per share. N/A
May 13, 2013 MCCONNELL IRA WAYNE
Director
116,667 Direct Acquisition (Non Open Market) at $0.60 per share. 70,000
May 13, 2013 FRIEDMAN J KENT
Director
116,667 Direct Acquisition (Non Open Market) at $0.60 per share. 70,000
May 13, 2013 CAMPBELL WILLIAM JEFFERSON
Director
116,667 Direct Acquisition (Non Open Market) at $0.60 per share. 70,000
May 13, 2013 BROWN LEE PATRICK
Director
116,667 Direct Acquisition (Non Open Market) at $0.60 per share. 70,000
May 13, 2013 O LEARY HAZEL
Director
116,667 Direct Acquisition (Non Open Market) at $0.60 per share. 70,000
May 13, 2013 HOFMEISTER JOHN
Director
116,667 Direct Acquisition (Non Open Market) at $0.60 per share. 70,000
Apr 8, 2013 OMIDELE SEGUN
Officer
197,461 Direct Acquisition (Non Open Market) at $0 per share. N/A
Apr 8, 2013 EVANOFF NICOLAS J
Officer
157,969 Direct Acquisition (Non Open Market) at $0 per share. N/A
Apr 8, 2013 MCNIEL EARL
Officer
204,513 Direct Acquisition (Non Open Market) at $0 per share. N/A
Feb 27, 2013 MCNIEL EARL
Officer
175,000 Direct Statement of Ownership N/A
Jan 1, 2013 WONG HEIDI
Officer
180,000 Direct Statement of Ownership N/A
Dec 10, 2012 LAWAL KASE LUKMAN
Officer
23,139 Direct Automatic Purchase at $0.59 per share. 13,652
Dec 7, 2012 LAWAL KASE LUKMAN
Officer
11,510 Direct Automatic Purchase at $0.62 per share. 7,136
Dec 6, 2012 EVANOFF NICOLAS J
Officer
20,000 Direct Automatic Sale at $0.60 per share. 12,000
Dec 6, 2012 LAWAL KASE LUKMAN
Officer
20,000 Direct Automatic Purchase at $0.60 per share. 12,000
Dec 5, 2012 LAWAL KASE LUKMAN
Officer
7,100 Direct Automatic Purchase at $0.62 per share. 4,402
Dec 4, 2012 LAWAL KASE LUKMAN
Officer
2,860 Direct Automatic Purchase at $0.62 per share. 1,773
Dec 3, 2012 LAWAL KASE LUKMAN
Officer
4,195 Direct Automatic Purchase at $0.64 per share. 2,684
Nov 30, 2012 LAWAL KASE LUKMAN
Officer
30,000 Direct Automatic Purchase at $0.67 per share. 20,100
Nov 29, 2012 LAWAL KASE LUKMAN
Officer
5,000 Direct Automatic Purchase at $0.67 per share. 3,350
Nov 28, 2012 LAWAL KASE LUKMAN
Officer
16,700 Direct Automatic Purchase at $0.66 per share. 11,022
Nov 27, 2012 LAWAL KASE LUKMAN
Officer
2,950 Direct Automatic Purchase at $0.62 per share. 1,829
Nov 26, 2012 LAWAL KASE LUKMAN
Officer
25,000 Direct Automatic Purchase at $0.68 per share. 17,000
Nov 21, 2012 LAWAL KASE LUKMAN
Officer
30,000 Direct Automatic Purchase at $0.74 per share. 22,200
Nov 20, 2012 LAWAL KASE LUKMAN
Officer
30,000 Direct Automatic Purchase at $0.75 per share. 22,500
Nov 19, 2012 LAWAL KASE LUKMAN
Officer
30,770 Direct Purchase at $0.65 per share. 20,000


Data provided by EDGAR Online

* = Where indicated, some values are estimates.
1= Potential proceeds estimated by the filer.
2= Estimated based on the average of multiple prices reported.
3= Multiple dates reported. Most recent date shown.

Currency in USD.





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