Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Reconciliation of Expected Statutory U.S. Federal Income Tax Provision

Following is a reconciliation of the expected statutory U.S. Federal income tax provision to the actual income tax expense for the respective periods (in thousands):

	Years Ended December 31,
	2013			2012			2011
Net loss attributable to CAMAC Energy Inc. before income tax expense	$	(43,525	)	$	(29,529	)	$	(24,913	)
Expected income tax provision at statutory rate of 35%		(15,234	)		(10,335	)		(8,720	)
Increase (decrease) due to:
Foreign-incorporated subsidiaries		-			-			4,102
Net losses not realizable currently for U.S. tax purposes		15,234			10,335			4,618
Total income tax expense	$	-		$	-		$	-

Significant Components of Deferred Tax Assets

Significant components of our deferred tax assets are as follows (in thousands):

	As of December 31,
	2013			2012
Basis difference in fixed assets	$	(105,007	)	$	(50,121	)
Unused capital allowances		341,540			276,644
Net operating losses		26,650			16,922
Share-based compensation		837			368
		264,020			243,813
Valuation allowance		(264,020	)		(243,813	)
Net deferred income tax assets	$	-		$	-

Summary of Tax Years Remain Subject to Examination

The following table summarizes the tax years that remain subject to examination by major tax jurisdictions:

United States:	2007 - 2013
Nigeria:	2010 - 2013
Kenya:	2012 - 2013
Gambia:	2012 - 2013