Erin Energy Corporation - Erin Announces Production Rate From Oyo FieldRelease Date: 18/05/2015 14:00:00 Code(s): ERN
Erin Energy Corporation
(Formerly CAMAC Energy Inc)
(Incorporated and registered in Delaware, United States of America)
Share code on the NYSE MKT: ERN
Share code on the JSE: ERN
(?Erin Energy? or ?the Company?)
Erin Energy Announces Production Rate from the Oyo Field
Oyo-8 exceeds 7,000 barrels of oil per day
HOUSTON, May 18, 2015 - Erin Energy Corporation (?Erin Energy? or the ?Company?) (NYSE
MKT:ERN) (JSE:ERN) announced today that the Oyo-8 well (?Oyo-8?) located in OML 120
offshore Nigeria has exceeded expectations and is currently producing at a stabilized rate of
7,080 barrels of oil per day. Erin Energy is the operator and has a 100% interest in the well.
Erin Energy is currently engaged in drilling and completion operations on the Oyo-7
development well and expects to achieve first oil production from the well in a few weeks.
Additionally, in preparation for the planned drilling of one of its Miocene exploration prospects
later this year, the Company has completed site survey of three of its top prospect drilling
locations. Erin Energy announced last year that it had identified, and high-graded to drill-ready
status, four Miocene exploration prospects. The four prospects have a combined 2.4 billion
barrels of recoverable P50 prospective resources.
Segun Omidele, Senior Vice-President of Exploration and Production commented: ?We are
pleased with the Oyo-8 well?s performance and delighted that well parameters are stable. We
plan to continue this very cautious well management approach and expect to bring Oyo-7 on
production in a similar manner. We are advancing both our development and exploration work
offshore Nigeria and look forward to an exciting second half of 2015.?
About Erin Energy
Erin Energy Corporation is an independent oil and gas exploration and production company
focused on energy resources in sub-Saharan Africa. Its asset portfolio consists of 9 licenses
across 4 countries covering an area of 43,000 square kilometers (10 million acres), including
current production and other exploration projects offshore Nigeria, as well as exploration
licenses offshore Ghana, Kenya and Gambia, and onshore Kenya. Erin Energy is
headquartered in Houston, Texas, and is listed on the New York and Johannesburg Stock
Exchanges under the ticker symbol ERN.
This press release refers to prospective resources, including recoverable resources. The
Securities and Exchange Commission (?SEC?) permits oil and gas companies, in their filings
with the SEC, to disclose only ?reserves,? as that term is defined under SEC rules. Prospective
resources are those quantities of petroleum estimated, as at a given date, to be potentially
recoverable from undiscovered accumulations by application of future development projects.
Prospective resources have both an associated chance of discovery and a chance of
development. Investors should not assume there will be any discovery associated with
prospective resources, or that any discovery will be economically drillable or ever be upgraded
This news release contains ?forward-looking statements? within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical fact, concerning activities, events or
developments that the Company expects, believes or anticipates will or may occur in the future
are forward-looking statements. Although the Company believes the expectations reflected in
these forward-looking statements are reasonable, they involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
The Company?s actual results could differ materially from those anticipated or implied in these
forward-looking statements due to a variety of factors, including the Company?s ability to
successfully finance, drill, produce and/or develop the wells and prospects identified in this
release, and risks and other risk factors discussed in the Company?s periodic reports filed with
the Securities and Exchange Commission. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement. You should not place undue reliance on
forward-looking statements, which speak only as of their respective dates. The Company
undertakes no duty to update these forward-looking statements.
Source: Erin Energy Corporation
Chris du Toit, +27 11 593 7301
Lionel McBee, +1 713 797 2960
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 18/05/2015 02:00:00 Supplied by www.sharenet.co.za
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