CAMAC Energy Inc.- a U.S.-based energy company engaged in the exploration, development, production and distribution of oil and gas globally, today announced that Abiola Lawal has been appointed as Interim Chief Financial Officer, effective May 17, 2010. Mr. Lawal will be replacing the Companyâ€™s CFO and Vice President, Mr. Stephen Groth, who is retiring.
Mr. Abiola Lawal is currently the Executive Vice President and Chief Strategy Officer for CAMAC International, a privately-held $2 billion revenue international oil and gas company, and its subsidiary, Allied Energy.
Mr. Ingriselli said of Mr. Lawalâ€™s appointment, â€œWe are very pleased to announce Abiolaâ€™s appointment as the Interim CFO. As a seasoned business and financial strategist, Abiolaâ€™s insight and experience will provide invaluable support to the Companyâ€™s ongoing strategy to develop a balanced portfolio of producing assets, development assets, and assets that have long term upside potential to add significant shareholder value.
His experience on the financial and strategy side in the oil and gas sector with both public and private companies will add the strength we need in our management team and will strengthen our foundation as we position ourselves for further growth and expansion in 2010 in West Africa and China.â€
Mr. Lawal has served in various senior management and director positions driving strategy and process efficiencies throughout his career in Nigeria and the U.S. With an expertise in merger and acquisitions and post-merger integration, Mr. Lawal will add to the wealth of management experience at CAMAC Energy with his 20 years of experience in the strategic planning, risk management and financial management.
Prior to joining CAMAC International, Mr. Lawal was the Group Chief Strategy Officer at Oando Plc., a $2.5 billion revenue Nigerian and Johannesburg Stock Exchange-listed oil and gas company headquartered in Nigeria, and a Director of its Gas & Power division.
Previously, Mr. Lawal was a Senior Manager in the Business Strategy & Transformation Group with SAP America Inc. and the CEO at eWorldtrack Mobile Technologies.
Mr. Lawal holds an MBA from the Paul Mirage School of Business at the University of California, Irvine and a Bachelor of Science degree in Economics from the University Of Ilorin, Nigeria.
The Companyâ€™s President and CEO Frank Ingriselli said of Mr. Grothâ€™s retirement, â€œOn behalf of our Board of Directors and the Company, I want to thank Stephen for his years of service to our Company. As a valued member of the senior management team, Stephen has led the Company in setting high standards of financial reporting and accounting governance. His leadership has greatly contributed to the Companyâ€™s success based on our managementâ€™s commitment to high ethical standards and responsible corporate governance.â€
Mr. Groth was a founding member of the executive team of Pacific Asia Petroleum Inc. (now known as CAMAC Energy Inc.) and served as Pacific Asia Petroleumâ€™s CFO and Vice President from its inception. He currently holds the same position for CAMAC Energy Inc.
About CAMAC Energy Inc.
CAMAC Energy Inc. (NYSE Amex: 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 and, through its Pacific Asia Petroleum subsidiaries, in China.
The Company’s principal assets include interests in the Oyo Oilfield, an offshore oil asset in deepwater Nigeria that started production in December 2009, a 100% interest in the Zijinshan CBM gas asset located in the Shanxi Province, China, and the Enhanced Oil Recovery and Production business in Northern China.
The Company was founded in 2005 and was formerly known as Pacific Asia Petroleum, Inc. CAMAC Energy Inc. is headquartered in Hartsdale, New York and has an office in Beijing, China.