Pacific Asia Petroleum Gets Nod to Acquire Oyo Interest

Pacific Asia Petroleum (PAP) approved the acquisition of all of CAMAC's interest in the Oyo oil field, and the transaction is scheduled for completion on or about April 7, 2010. In exchange for all of CAMAC's interest in the production-sharing contract, PAP will pay US $38.84 million in cash to retire existing debts and issue common stock to CAMAC equal to 62.74% of the company's issued and outstanding common stock. CAMAC currently owns 60% interest in the field, with the remaining 40% owned and operated by Eni. The Oyo field is located on Leases 120 and 121, roughly 43 miles (70 kilometers) off the coast of Nigeria.

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