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CAK > SEC Filings for CAK > Form 8-K on 16-Sep-2013All Recent SEC Filings

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Form 8-K for CAMAC ENERGY INC.


16-Sep-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Definitive Material Agreement

Amendment to Promissory Note and Guaranty Agreement

As previously reported, on June 6, 2011, CAMAC Petroleum Limited ("CPL"), a wholly owned subsidiary of CAMAC Energy Inc. (the "Company"), executed a Promissory Note (as heretofore amended, the "Promissory Note") in favor of Allied Energy Plc (the "Lender"). Under the terms of the Promissory Note, the Lender agreed to make loans to CPL, from time to time and pursuant to requests by CPL, in an aggregate sum of up to $25 million. CPL may prepay and reborrow all or a portion of such amount, but any unpaid aggregate outstanding principal amount of all loans will mature on July 15, 2014. The proceeds of the loans were only to be used to pay final, undisputed invoices for the workover of the oil well known as "Oyo #5" located in the deepwater oilfield known as the "Oyo Field" when such invoices are due and payable. Interest accrues on outstanding principal under the Promissory Note at a rate of LIBOR plus 2% per annum.

Also as previously reported, pursuant to the Promissory Note and as a condition to the obligations of the Lender to perform under the Promissory Note, on June 6, 2011, the Company, as direct parent of CPL, executed a Guaranty Agreement ("Guaranty Agreement") in favor of the Lender. Under the Guaranty Agreement, the Company irrevocably, unconditionally and absolutely guarantees all of CPL's obligations under the Promissory Note.

On September 10, 2013, the Company and the Lender amended the Promissory Note and the Guaranty (a) to add the Company as a borrower, (b) to allow for borrowings of up to $10 million for general corporate purposes, and (c) to pledge the stock of the subsidiary of CEI that holds the exploration licenses in Gambia and Kenya as collateral pursuant to an equitable share mortgage arrangement.


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