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ERIN ENERGY CORPORATION - Erin Energy Corporation Announces Restructuring Filing

Release Date: 26/04/2018 07:05
Code(s): ERN     PDF:  
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Erin Energy Corporation Announces Restructuring Filing

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
ISIN: US1317452001
(“Erin Energy”)

Erin Energy Corporation Announces Restructuring Filing

HOUSTON, April 25, 2018 - Erin Energy Corporation and certain of its subsidiaries (together
“Erin Energy” or the “Company”) (NYSE American:ERN) (JSE:ERN), today announced that they
had filed voluntary petitions under Chapter 11 of the United States Code (the "Code") in
the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the
"Court") to pursue a plan of reorganization (the "Reorganization Plan").

Erin Energy and its subsidiaries will continue to operate under the jurisdiction of the Court and in
accordance with the applicable provisions of the Code and the orders of the Court. To assure
ordinary operations, Erin Energy is seeking approval from the Bankruptcy Court for a variety of
motions, including authority to maintain bank accounts and other customary relief. Erin is in the
process of looking for a source of debtor in possession financing to provide it with the necessary
working capital to continue its operations and move towards a successful Reorganization Plan.

Subject to the approval of the Court, the Company plans to file a Reorganization Plan with the
Court in the near term with a goal to work expeditiously with all parties involved to put together a
plan that will result in Erin Energy’s emergence from Chapter 11 as soon as practically possible.

Femi Ayoade, Erin Energy’s CEO commented, “We will work diligently with all parties involved to
complete the restructuring as quickly as possible so as to restructure all of the Company’s debt
obligations in order to achieve financial stability and reposition Erin Energy with a strengthened
liquidity position to execute on our extensive asset development opportunities,”

Mr. Ayoade added: "The Company recently successfully drilled a discovery well in the Miocene
formation in its offshore Nigeria licenses on a structure that independent analysis estimates
could hold over a billion barrels of reserves. In The Gambia, Erin Energy holds a 20% interest in
blocks A2 & A5 containing potentially, according to its Operator, over 800 million barrels of
reserves. A well will be drilled there in the 4th Quarter of this year and the Company is being
carried and has no obligation to fund that well."

In Ghana, work is in progress to acquire a marine 3D seismic survey later this year. The newly
acquired 3D data will be used for the appraisal well drilling and development planning.

Okin Adams LLP is acting as bankruptcy counsel to Erin Energy.

The information contained in this press release is for informational purposes only and does not
constitute an offer to buy, nor a solicitation of an offer to sell, any securities of the Company, nor
does it constitute a solicitation of consent from any persons with respect to the transactions
contemplated hereby and thereby. While Erin Energy expects the restructuring will take place in
accordance with the Reorganization Plan, the debtor in possession will make all efforts towards
successful completion of this restructuring.

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Erin Energy Corporation

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 5 licenses
across 3 countries covering an area of 6,100 square kilometers (~1.5 million acres), including
current production and other exploration projects offshore Nigeria, as well as exploration
licenses offshore Ghana and The Gambia. 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
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.


Contact:
Lionel McBee, +1 713 797 2960
Director, Investor Relations and Corporate Communications
lionel.mcbee@erinenergy.com


Delaware

26 April 2018

JSE Sponsor: Sasfin Capital (a member of the Sasfin Group)


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