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Wednesday, November 20, 2013

BRIEF-CAMAC Energy to purchase interests from Allied Energy Plc, (AMEX: CAK)

CAMAC Energy Inc : * To acquire interests from Allied Energy Plc * CAMAC Energy will issue 497.5 million shares of stock, pay US$170 million in cash and issue a US$50 million convertible subordinated note * Entered into agreement with public investment of South Africa for $270million equity investment * To acquire remaining economic interests that it does not currently own inproduction sharing contract covering oil mining leases * Deal with public investment corp is private placement of 376.9 millionshares, representing about 30% ownership interest in co * Source text for Eikon * Further company coverage

CAMAC Energy Inc. (CAMAC) is engaged in the exploration, development, and production of oil and gas outside the United States, directly and through joint ventures. Shares of CAK remained unchanged at $0.98. In the past year, the shares have traded as low as $0.45 and as high as $1.14. On average, 218792 shares of CAK exchange hands on a given day and today's volume is recorded at 0.