Pacific Asia Petroleum has completed the acquisition of all the interest held by CAMAC Energy and certain of its affiliates in a Production Sharing Contract for the Oyo oil field, an offshore oil asset in Nigeria that started production in December 2009. CAMAC now owns 62.74% of the issued and outstanding capital stock of Pacific Asia Petroleum. In addition, Pacific Asia Petroleum's name has been changed, effective today, to CAMAC Energy Inc.
This announcement is made following the receipt of approval of the acquisition and related matters from Pacific Asia Petroleum's stockholders at the Company's special meeting on April 5, 2010.
New Board of Directors
With effect from the closing of this transaction, Mr. Robert Stempel and Ms. Elizabeth Smith have resigned from the Company's Board of Directors. Additionally, the number of directors on the Board has been increased from five to seven. The four vacancies created by these resignations and newly created directorships have been filled by the appointment of the following individuals:
Commenting on the closing of the transaction, Pacific Asia Petroleum President and CEO, Frank Ingriselli, stated, "This closing caps a many months-long process and hard work by all of the parties involved in the transaction. We are now prepared to capitalize on the opportunities presented by this acquisition. We expect that the addition of the Oyo Oilfield asset, combined with our existing China assets and the wealth of experience from the new board members and CAMAC, will further enhance our capacity to achieve the Company's strategy to aggressively grow shareholder value with high-return and early cash flow assets."
Dr. Kase Lawal, Chairman and CEO of CAMAC International, and new member of the Board of Directors of Pacific Asia Petroleum, noted, "We are very excited about the possibilities our new relationship presents. We are very pleased to be a part of the next phase of the development of CAMAC Energy Inc. on the NYSE Amex platform. I look forward to working with the management and the Board to continue creating value for all our shareholders."
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