CAMAC Energy: CEO buys shares to demonstrate commitment
CAMAC Energy Inc. announced today that Kase L. Lawal, Chairman and Chief Executive Officer, has adopted a trading plan in accordance with the guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934, to purchase up to two million shares in the open market at prevailing market prices and subject to conditions and restrictions relating to volume, price and timing.
“It is my responsibility to demonstrate management’s commitment, leadership, and continued belief in the long-term prospects of this company,” said Kase Lawal, CAMAC Energy Chairman and Chief Executive Officer. “We are in a stronger position today than we’ve ever been in the history of CAMAC Energy. As we continue to develop the Oyo Field offshore Nigeria and generate strong cash flow, further our development and exploration prospects in Ghana, Kenya, and Gambia, and continue to pursue opportunities and partnerships, I am confident we will continue to create value for our shareholders.”
CAMAC Energy Inc. is an independent oil and gas exploration and production company focused on energy resources in Africa. Its asset portfolio consists of 9 licenses across 4 countries covering an area of 43,000 square kilometers (approximately 10 million acres), including production and other projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and Gambia, and onshore Kenya. CAMAC Energy is headquartered in Houston, Texas, and is listed on the New York Stock Exchange under the ticker symbol CAK, and on the Johannesburg Stock Exchange under the ticker symbol CME.