CAMAC Energy Inc. (CAK) announced fourth-quarter a net loss of $2.9 million, or $0.02 per share compared to a net loss of $1.7 million, or $0.01 per share in the year ago quarter.
For the year ended December 31, 2012, CAMAC Energy reported a net loss of $6.1 million, or $0.04 per share, as compared to a net loss of $24.9 million or $0.16 per share, for the year ended December 31, 2011. The narrower in net loss for the year 2012 was primarily due to lower workover costs related to well #5 in Oyo Field.
Operating revenues for the Company were $16.6 million for the year ended December 31, 2012, compared to $37.9 million in 2011. The decrease in 2012 was primarily due to the reduction in Cost Oil recovery related to workover costs incurred on well #5 in Oyo Field in 2010 and 2011.
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