Camac Energy Incorporated - Camac Announces Reverse Stock Split And Change Of NameRelease Date: 17/04/2015 13:00:00 Code(s): CME
CAMAC Energy Incorporated
(Incorporated and registered in Delaware,
United States of America)
Share code on the NYSE MKT: CAK
Share code on the JSE: CME
USA ISIN: US1317451011
(?CAMAC? or ?the Company?)
- A ONE-FOR-SIX REVERSE STOCK SPLIT; AND
- A CHANGE OF NAME TO ERIN ENERGY CORPORATION.
Houston, Texas ? 17 April, 2015 - CAMAC Energy Inc. (?CAMAC? or the ?Company?) announced
today that its Board of Directors (the ?Board?) has resolved to effect the 1-for-6 reverse stock split of
its common stock (?Reverse Stock Split?), as previously approved by the Company?s shareholders at
its annual general meeting held on 29 May 2014. As a result of the Reverse Stock Split, each six
outstanding CAMAC shares of pre-split common stock will be converted into one CAMAC share of
post-split common stock.
The resultant shares after the Reverse Stock Split will be rounded down and any fractional shares
will be settled in cash at a value equal to the respective fractional portions of the closing share price
on Wednesday, 22 April 2015 on both the NYSE MKT, for shareholders on the New York register, and
the Main board of the exchange operated by the JSE Limited (?JSE?), for shareholders on the South
In addition, shareholders are advised that the Board has passed the requisite resolutions to effect a
change of name from CAMAC Energy Inc. to Erin Energy Corporation (?Name Change?).
Shareholders who hold CAMAC shares (?Shares?) through the Company?s South African register,
traded on the JSE, are advised of the following timetable for the Reverse Stock Split and Name
Last day to trade under the pre-split capital structure and Wednesday, 22 April 2015
under the old name of CAMAC Energy Inc. on
New post-split capital structure listed. Shareholders will be Thursday, 23 April 2015
entitled to trade new Shares under the new name of Erin
Energy Corporation, the JSE code of ERN and the short
name of ?Erin? under the new ISIN US2956251076 from the
commencement of trading on
Holders of certificated shares must lodge share certificates Thursday, 30 April 2015
and forms of surrender before 12h00 on (the ?Record Date?
for JSE purposes) if they wish to have new share certificates
issued on Monday, 4 May 2015 on
Date of issue of replacement share certificates and posting Monday, 4 May 2015
thereof to those holders of certificated Shares who have
lodged their share certificates and forms of surrender
before 12h00 on the Record Date and updating of CSDP and
broker accounts on behalf of holders of dematerialised
1. All times indicated above are South African times, unless indicated otherwise.
2. New share certificates will be posted to certificated shareholders within five business days of
receipt of the form of surrender and the relevant documents of title if received after 12h00
on Thursday, 30 April 2015.
3. No transfer between the New York register and the South African register will be permitted
during the period Thursday, 23 April 2015 and Thursday, 30 April 2015, both dates inclusive.
4. Share certificates in the name of CAMAC Energy Inc. pre-Reverse Stock Split and Name
Change may not be dematerialised or rematerialised after Wednesday, 22 April 2015.
Shareholders who hold Shares through the United States register, traded on the NYSE MKT, are
advised that the Reverse Stock Split and Name Change are expected to be effective as of 5:00 p.m.
Eastern time on Wednesday, 22 April 2015. Shares held through the United States register will begin
to trade on a split-adjusted basis under the new name of Erin Energy Corporation at the opening of
trading on Thursday, 23 April 2015.
Kase Lawal, Chairman and Chief Executive commented: ?These important actions together with our
impending production from the Oyo field are the next phase of our company?s transformation into a
focused, world-class, international exploration and development company. We are a fundamentally
different company than we were a few years ago, and our rebranded company represents the
transformation our organization has undergone over time. As we anticipate production tie-in from
the Oyo-8 and Oyo-7 wells, it is with great excitement that we look to the future and the unbounded
growth potential of Erin Energy.?
CAMAC is an independent oil and gas exploration and production company focused on energy
resources in Africa. Its asset portfolio consists of nine licenses across four countries, including
current production and other exploration projects offshore Nigeria, as well as exploration licenses
offshore Ghana, Kenya, and Gambia and onshore Kenya. CAMAC is headquartered in Houston,
Texas. For more information, visit www.camacenergy.com.
Source: CAMAC Energy Inc.
Christopher D. Heath
Lionel C. McBee
17 April 2015
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 17/04/2015 01:00:00 Supplied by www.sharenet.co.za
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