Ouch!
HOUSTON--(BUSINESS WIRE)-- CAMAC Energy Inc (CAK:$2.6900,$-0.1300,-4.61%) . , today announced a net loss of $188.6 million, or $1.32 per diluted share for the three months ended September 30, 2010. This includes a non-cash impairment charge of $186.2 million, or $1.30 per diluted share due to a downward revision of proved reserves at the Oyo Field. Excluding this non-cash charge, CAMAC Energy (CAK:$2.6900,$-0.1300,-4.61%) had a net loss of $2.3 million, or $0.02 per diluted share, for the three months ended September 30, 2010, compared with a net loss of $2.6 million, or $0.06 per diluted share, for the same period in 2009.