U.S.-based Energy Company engaged in the exploration, development and production of oil and gas, is pleased to announce today the closure of the $25 million term credit facility with Allied Energy, Plc, which credit facility was originally announced by the Company on March 10, 2011. CAMAC Energy has received the full $25 million from Allied Energy, and intends to apply the funds toward payment of Oyo Field well #5 workover expenses.
“We are pleased to finalize this facility which has satisfied a substantial portion of CAMAC Energy’s cash obligations for the workover on Oyo Field well #5”
“We are pleased to finalize this facility which has satisfied a substantial portion of CAMAC Energy’s cash obligations for the workover on Oyo Field well #5,” said Dr. Kase Lawal, Chief Executive Officer, Chairman and Director of CAMAC Energy, Inc.
Interest on the $25 million loan accrues at a rate of LIBOR +2% per annum. The promissory note matures on June 6, 2013.
