PURCHASE AND CONTINUATION AGREEMENT BY AND AMONG CAMAC ENERGY INC. CAMAC PETROLEUM LIMITED CAMAC ENERGY HOLDINGS LIMITED ALLIED ENERGY PLC AND CAMAC INTERNATIONAL (NIGERIA) LIMITED Dated: December 10, 2010Purchase and Continuation Agreement • December 13th, 2010 • CAMAC Energy Inc. • Drilling oil & gas wells • Texas
THIS PURCHASE AND CONTINUATION AGREEMENT, dated as of December 10, 2010 (this “Agreement”), is entered into by and among CAMAC ENERGY INC. (formerly, Pacific Asia Petroleum, Inc.), a Delaware corporation (“CEI”), CAMAC PETROLEUM LIMITED, a company incorporated in the Federal Republic of Nigeria and a wholly-owned subsidiary of CEI (“CPL,” and together with CEI, the “CEI Parties”), CAMAC ENERGY HOLDINGS LIMITED, a Cayman Islands company (“CEHL”), ALLIED ENERGY PLC (formerly, Allied Energy Resources Nigeria Limited), a company incorporated in the Federal Republic of Nigeria and a wholly-owned subsidiary of CEHL (“Allied”), and CAMAC INTERNATIONAL (NIGERIA) LIMITED, a company incorporated in the Federal Republic of Nigeria and a wholly-owned subsidiary of CEHL (“CINL,” and together with CEHL and Allied, the “CAMAC Parties”). Each of the Parties to this Agreement is individually referred to herein as a “Party” and collectively as the “Parties.” Capitalized terms used herein but not otherwi
