Erin Energy Corporation - Announces Results Of Annual Meeting Of Shareholders. Highlights And Changes To The Board Of DirectorsRelease Date: 18/05/2017 14:00:00 Code(s): ERN
Erin Energy Corporation
(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 Results of Annual Meeting of Shareholders
Highlights and changes to the board of directors
HOUSTON, May 18, 2017 - Erin Energy Corporation (?Erin Energy? or the ?Company?) (NYSE
MKT:ERN) (JSE:ERN) announced today the results of the Company?s Annual Meeting of
Shareholders held on May 17, 2017 and changes to its board of directors (Board) and
Frank C. Ingriselli named Chairman of the Board;
Mr. Femi Ayoade named CEO and new Director
Dr. John Rudley and Mahmud Yayale Ahmed were named new Directors;
Pannell Kerr Forster, P.C. (PKF) re-appointed as the Company?s auditors for 2017.
At the meeting, Erin Energy shareholders passed the Company?s proposed resolutions
including, appointing PKF as the Company?s auditors for 2017 and approving, on a non-binding
advisory basis, the compensation of the Company?s named executive officers as set forth in the
Company?s Proxy Statement.
The option that received the greatest number of votes for the frequency to hold an advisory vote
to approve the Company's executive compensation was three years. Based on the
recommendation of the Board of Directors in the Company?s proxy statement and the voting
results with respect to the advisory vote on the frequency of future advisory votes on executive
compensation, the Company has decided to hold an advisory vote on executive compensation
every three years.
The newly-elected Chairman of Erin Energy, Frank Ingriselli, commented:
?I am honored to be returning to Erin Energy as Chairman and thank John Hoffmeister for all his
contributions to the Company over his seven years of service. I plan to take a very active role in
working with the Erin management team and the Board to efficiently and economically deliver
on its development plans. The Company is blessed with world class assets that can deliver
value in the both the short and long term. I will focus all my efforts on maximizing the value of
our portfolio by staying focused on growing production, reserves and thereby significantly
growing shareholder value.?
Mr. Frank C. Ingriselli replaces John Hofmeister as the Chairman of the Board Mr. Ingriselli
serves as the President and Chief Executive Officer of Blackhawk Energy Ventures Inc., a
position he has held since founding the company in 2016, and has more than 36 years of
experience in the energy industry with wide ranging oil and natural gas exploration and
production company experience in diverse geographies, business climates and political
environments. Mr. Ingriselli was the founder in 2011 of PEDEVCO Corp. a NYSE MKT listed
company and the founder of Pacific Asia Petroleum Inc. in 2005 (Erin Energy?s predecessor
Mr. Ingriselli began his career at Texaco, Inc. (Texaco) in 1979 and held management positions
in Texaco?s Producing-Eastern Hemisphere Department and Middle East/Far East Division and
Texaco?s International Exploration Company. While at Texaco, Mr. Ingriselli negotiated a
successful foreign oil development investment contract in China in 1983. In 1992, Mr. Ingriselli
was named President of Texaco International Operations Inc. and over the next several years
directed Texaco's global initiatives in exploration and development.
Mr. Ingriselli graduated from Boston University in 1975 with a Bachelor of Science degree in
Business Administration. He also earned a Master of Business Administration degree from New
York University in both Finance and International Finance in 1977 and a Juris Doctor degree
from Fordham University School of Law in 1979.
Mr. Femi Ayoade, Dr. John Rudley and Mr. Mahmud Yayale Ahmed were elected to fill
vacancies resulting from the retirement of Mr. William J. Campbell, Mr. Ira Wayne McConnell
and Mr. Segun Omidele. At its meeting, following the Company?s Annual Meeting of
Shareholders, the Board elected Mr. Ayoade as Chief Executive Officer of the Company to
replace Interim CEO, Jean-Michel Malek.
Mr. Ayoade has served as Vice President of Production Operations for the Company since 2016
and the Managing Director of Erin Petroleum Nigeria Limited since 2013. He has more than 20
years? experience in oil and gas industry and possess of in depth knowledge on regulatory and
political environment of Nigeria and extensive experience on exploration and production
operations offshore Nigeria. From 2008 to 2013, he was a Senior Technical Executive at
CAMAC Petroleum Limited and Allied Energy Plc Nigeria and from 2006 to 2008, he was a
Senior Drilling Engineer at Nigeria Agip Exploration (a subsidiary of ENI). Mr. Ayoade also
served as a Senior Petroleum Engineer at Allied Energy Resources Nigeria Limited.
Mr. Ayoade earned a Master of Science in petroleum engineering from the University of
Houston and a Higher National Diploma from the Petroleum Training Institute and has had
extensive training in drilling, completion and subsea engineering.
Dr. Rudley served as the President of Texas Southern University from February 2008 to July
2016, where he was responsible for instituting substantive and far-reaching changes via
administrative, academic, student and outreach initiatives. From June 2007 to February 2008,
Dr. Rudley served as the Interim Chancellor for the University of Houston System and the
Interim President for the University of Houston. Dr. Rudley has also held administrative
positions for Tennessee Board of Regents, the University of Tennessee at Chattanooga and
has served as a Senior Technical Advisor at the U.S. Department of Education. In addition to
his experience in education, Dr. Rudley held positions at Arthur Andersen / Arlington McRae
and Coopers and Lybrand, Certified Public Accountants. Dr. Rudley served on the board of
directors and audit committee of AMSouth Bank.
Dr. Rudley is a Certified Public Accountant in Texas, earned a bachelor?s degree in business
administration from the University of Toledo and a M.Ed. and Ed.D. from Tennessee State
Mr. Ahmed has an extensive history of government service on behalf of the Republic of Nigeria
and has served at the highest levels of the Nigerian Government. Mr. Ahmed served as the
Secretary to the Government of the Federation of Nigeria, a role that involved serving as
Secretary to all Councils and bodies chaired by the President of the Republic, such as the
Federal Executive Council and the Council of State. Mr. Ahmed served as the Minister of
Defense and as the Head of Civil Service, where he was responsible for instituting fundamental
reforms. Mr. Ahmed has served on the board of directors of Industrial and General Insurance
since 2014 and assumed the role of chairman of the board of Industrial and General Insurance
Mr. Ahmed holds an undergraduate degree in social science with a specialization in government
and a master?s degree in public administration with a specialization in public finance from
Ahmadu Bello University.
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 19,000 square kilometres (~5 million acres), including
current production and other exploration projects offshore Nigeria, as well as exploration
licenses offshore Ghana 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.
For more information about Erin Energy or to request a hard copy of the Company?s most recent
complete audited financial statements free of charge, please call +1 713 797 2940 or visit
Source: Erin Energy Corporation
Lionel McBee, +1 713 797 2960
Director, Investor Relations and Corporate Communications
18 May 2017
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
Date: 18/05/2017 02:00:00 Supplied by www.sharenet.co.za
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