CAMAC Energy Inc. (NYSE CAK) today announced that the Company’s Chairman and CEO, Dr. Kase Lawal, has adopted a prearranged trading plan in accordance with guidelines specified by Rule 10b5-1. Dr. Lawal will purchase up to 2 million shares of the Company’s common stock from time to time on the open market starting from November 19, 2012 and continuing through February 2013.
A rule established by the Securities Exchange Commission (SEC) that allows insiders of publicly traded corporations to set up a trading plan for selling stocks they own. Rule 10b5-1 allows major holders to sell a predetermined number of shares at a predetermined time. 10b5-1 plans are used by many corporate executives in an attempt to avoid accusations of insider trading.
We are Waiting for the first public disclosure through CAK’s Form 4 filings.
CAMAC Energy Inc.
1330 Post Oak Boulevard
Houston, TX 77056
CAMAC Energy Inc. (CAK) is a U.S.-based energy company engaged in the exploration, development, production and distribution of oil and gas. The Company focuses on early cash flow and high-return global energy projects and currently has operations in Nigeria. The Company’s principal assets include interests in the Oyo Oilfield, an offshore oil asset in deepwater Nigeria that started production in December 2009.