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Erin Energy Corporation - Erin Energy Commences Production From The Oyo-7 Well

Release Date: 18/06/2015 14:38:00      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
ISIN: US1317452001
(?Erin Energy? or ?the Company?)


Erin Energy Commences Production from the Oyo-7 Well

Production from Oyo field expected to double


HOUSTON, June 18, 2015 - Erin Energy Corporation (?Erin Energy? or the ?Company?) (NYSE
MKT: ERN) (JSE: ERN) announced today it has commenced production from the Oyo-7 well
(?Oyo-7?) located in OML 120 offshore Nigeria. Erin Energy is the operator of the Oyo field and
has a 100% interest in the block.

Oyo-7 was drilled to a total depth of approximately 8,000 feet (2,438 meters) and was
successfully completed horizontally in the Pliocene formation. The well is located in
approximately 1,000 feet (300 meters) of water and is producing into the Floating Production
Storage and Offloading vessel, Armada Perdana. Oyo-7 is expected to produce approximately
7,000 barrels of oil per day following optimization of choke size.

Segun Omidele, Senior Vice-President of Exploration and Production commented: ?We are
pleased that the well is performing in-line with our expectations and we will be working over the
next few days to optimize the flow rate. Bringing this well on production will double our current
production rate out of the Oyo field and is a significant step in the continued growth of our
company.?

Erin Energy drilled the Oyo-7 with two planned objectives. The primary objective was to target
the Pliocene formation from which it is now producing; and the secondary objective was to test
the deeper Miocene formation for hydrocarbon potential. The Oyo-7 successfully confirmed
hydrocarbon in the Miocene formation, which was previously undrilled on the block. This
successful test has de-risked the Miocene in Erin Energy?s offshore Nigeria blocks and has
provided valuable data for the Company?s planned Miocene exploration program, which targets
recoverable P50 resources of nearly 3 billion barrels of oil equivalent. Drilling of the Company?s
first Miocene exploration well is slated for 4Q 2015.

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 kilometres (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. More information about Erin Energy can be found at
www.erinenergy.com.

Forward-Looking Statements
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.

Resource Estimates

This press release refers to prospective resources, including recoverable resources and
resources in place. 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 into reserves.


Source: Erin Energy Corporation


Investors:
Chris du Toit, +27 11 593 7301
chris.dutoit@erinenergy.com

Media:
Lionel McBee, +1 713 797 2960
lionel.mcbee@erinenergy.com

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)


18 June 2015

Date: 18/06/2015 02:38:00 Supplied by www.sharenet.co.za                     
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