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CAMAC Energy Announces Divestiture of China Gas Block

Source: www.gulfoilandgas.com 7/24/2012, Location: Asia

CAMAC Energy Inc. announced that it has signed a definitive share sale and purchase agreement to divest its interest in the Zijinshan Gas Block in China to Leyshon Resources Limited (AIM/ASX:LRL) ("Leyshon"), a natural resources mining company based in Beijing.

Under the agreed terms, CAMAC Energy will divest its wholly-owned Hong Kong subsidiary Pacific Asia Petroleum Limited (PAPL) for a cash consideration of $2.5 million and 10 million fully paid ordinary shares in Leyshon. The transaction is expected to close within 14 days.

The Company was advised by Somerley Limited in Hong Kong.

"CAMAC Energy is pleased to execute this definitive share sale and purchase agreement with Leyshon Resources for the sale of our Chinese assets," said Chairman and CEO, Dr. Kase Lawal. "In addition to providing a cash infusion and a shareholder interest in Leyshon, this transaction also eliminates the Company's future financial obligations for overhead and exploration expense in China. All proceeds and savings will be reinvested in our African exploration projects. Finally, I'd like to thank all of our employees in China for their years of dedicated service, and I wish them well as they join the team at Leyshon Resources."

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