Pacific Asia Petroleum, Inc., a U.S.-based energy company engaged in the development, production and distribution of oil and gas, today announced that the Company’s shareholders voted to approve the acquisition of all of the interest of CAMAC Energy Holdings Limited and certain of its affiliates (“CAMAC”) in the Oyo Oilfield.
The proposals were described in the Company’s definitive proxy statement filed on March 19, 2010.
The result of the vote was tabulated and announced at the Company’s special meeting today at the Westchester Marriot in Tarrytown, New York, where more than 99% of the shares voted at the meeting approved all of the recommendations made with respect to this acquisition, including the issuance of shares to CAMAC which will constitute 62.74% of the outstanding shares of the Company, and the change of the Company’s name to “CAMAC Energy Inc.”
The Company anticipates completing and closing the transaction with CAMAC on or about April 7, 2010.
Company President and CEO, Frank Ingriselli, commented about the shareholders’ approval of the acquisition: “Today’s announcement is not only a statement of overwhelming approval from our shareholders for the transaction, but also a manifestation of their confidence in the Company’s future.” “We are very excited to close this acquisition around April 7 so that the value we anticipate to be generated for our shareholders from this acquisition and our continuing operations on our China assets can grow shareholder value.”
Located in deep water offshore of Nigeria, the Oyo Oilfield commenced production in December 2009. CAMAC currently owns 60% of the interest in the Oyo Oilfield, with the other 40% owned by the field’s operator, Nigerian Agip Exploration Ltd., a subsidiary of Italy’s ENI SpA. Upon the closing of the transaction, Pacific Asia Petroleum will acquire all of CAMAC’s interest in the Oyo Oilfield.