Erin Energy Corporation - Erin Energy Announces Agreement With Zenith Bank On Terms Of Loan FacilityRelease Date: 04/04/2016 13:25:00 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 Agreement with Zenith Bank on Terms of Loan
HOUSTON, April 04, 2016 - Erin Energy Corporation (Erin Energy or the Company) (NYSE MKT:
ERN) announced today it has obtained a waiver to the funding requirements of the Debt Service
Reserve Account associated with the Zenith Bank Note until December 31, 2016. The Company
was also granted a 90-day deferment of the principal payment previously due on March
31 2016, whilst re-modification discussions of the loan structure continue.
?We appreciate the continued support of Zenith Bank and their belief in the growth of our
company. In this depressed commodity price environment, it is good to have partners that are
working with us for the long-term and for the success of Erin Energy.? said Daniel Ogbonna,
Senior Vice President and Chief Financial Officer.
The Company has satisfied the interest obligations due March 31, 2016 and has formally
submitted a loan re-modification proposal, which Zenith Bank is currently reviewing with final
agreement expected during the second quarter of 2016.
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 40,000 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 www.erinenergy.com.
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
Director, Investor Relations and Corporate Communications
Chris du Toit, +27 11 593 7301
04 April 2016
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
Date: 04/04/2016 01:25:00 Supplied by www.sharenet.co.za
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