ERIN ENERGY CORPORATION - Erin Energy announces key changes to managementRelease Date: 11/09/2015 14:30:00 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 Key Management Changes
HOUSTON, September 11, 2015 - Erin Energy Corporation (Erin Energy or the Company)
(NYSE MKT:ERN) (JSE:ERN) announced today changes within its management structure. The
changes are in response to recent drilling and production successes, and to support the
Company?s growth strategy.
Segun Omidele, Senior Vice President, Exploration and Production, has been appointed Chief
Operating Officer effective immediately. Mr. Omidele has been with Erin Energy since 2011 and
recently led the Company?s technical team in its successful deepwater drilling and completion
campaign of the Oyo-7 and Oyo-8 wells, offshore Nigeria. These successes make Erin Energy
one of only two independent exploration and production companies to successfully operate, drill,
complete and produce oil and gas in deepwater, West Africa. Mr. Omidele has over 35-years of
experience in the oil and gas industry; including 28-years with Shell Oil companies in Nigeria,
the U.K. and the U.S.
Daniel Ogbonna has been appointed Senior Vice President and Chief Financial Officer (SVP
and CFO). Mr. Ogbonna was previously with CAMAC International Corporation (CI), where he
has served as Executive Vice President and Chief Strategy Officer since 2010 and led CI?s
business development and M&A activities. At CI, Mr. Ogbonna was responsible for strategic
planning, financial forecasting, acquisition analysis, and securing funding for CI and its
subsidiaries? projects. Mr. Ogbonna has extensive experience working with financial institutions
and brings an acute understanding of Erin Energy?s business, the countries in which the
Company operates, and the business climate in Africa.
Prior to his role at CI, Mr. Ogbonna held roles at Limited Brands, Deloitte Consulting, and JP
Morgan Securities. Mr. Ogbonna holds an MBA from Harvard Business School and a MS in
Mechanical Engineering from the University of Michigan.
Christopher Hearne has resigned as SVP and CFO effective September 9, 2015. Mr. Hearne
has agreed to work with Erin Energy as a consultant to assist with the transition period.
Chris du Toit has been named Vice President, Corporate Finance and Country Manager for
South Africa. Mr. du Toit has been with the Company since 2014 and has successfully led
corporate finance efforts in Africa following Erin Energy?s listing on the Johannesburg Stock
Exchange last year. Mr. du Toit will be responsible for the Company?s corporate finance efforts
in Europe, Middle East, and Africa. Mr. du Toit has over 10-years of investment banking
experience in mergers, acquisitions, divestitures, capital-raising, and corporate advisory in the
oil and gas industry. Prior to joining Erin Energy, he was Vice President in Macquarie Capital?s
resources team and was responsible for oil and gas advisory and equity capital markets in Sub-
Christopher Heath has been named Vice President, Corporate Finance. Mr. Heath has been
with the Company since 2013 and has served in corporate finance and investor relations roles
and will now be responsible for Erin Energy?s corporate finance efforts in North America. Mr.
Heath has 10-years of corporate finance experience, including merger and acquisition
transactions, 7-years of investment banking experience in the oil and gas industry, and has
advised on numerous capital markets transactions. Prior to joining Erin Energy, he was
Assistant Vice President of Finance at Magnum Hunter Resources where he led investor
relations for their 40 drilling partnerships.
Kase Lawal, Chairman and Chief Executive Officer, commented: ?Segun?s leadership and
knowledge of the business and region have proved exceptionally valuable to our company and I
am very pleased he will now serve us as Chief Operating Officer.? Lawal added, ?We wish Chris
all of the best in his future pursuits and we are excited to have Daniel join as CFO. Daniel?s
experience and familiarity with our business and the continent of Africa, along with his track
record and capital markets experience, will be a valuable addition to our team. With his
leadership and a strong finance team in place, we are well positioned to continue Erin Energy?s
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 The 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
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
Lionel McBee, +1 713 797 2960
Chris du Toit, +27 11 593 7301
11 September 2015
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 11/09/2015 02:30:00 Supplied by www.sharenet.co.za
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