Erin Energy Corp. (ERN) 10-Q Quarterly Report November 2016

HOUSTON, August 8, 2016 - Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE MKT:ERN) (JSE:ERN) announced today financial and operational results for the quarter ended June 30, 2016. The Company also provided an update on its upstream operations in Africa.

Second Quarter 2016 and Current Highlights:


•	Successfully re-established production from the Oyo-8 well;


•	Achieved net average daily production of 5,400 barrels of oil per day (bbls/d);


•	Lifted and sold 508,000 barrels of oil;


•	Realized revenues of $23.2 million;


•	Successfully restructured Zenith term loan facility.

Segun Omidele, Chief Executive Officer commented: “We continue to make progress with our balance sheet restructuring and debt reduction initiatives, with our debt-to-equity conversion strategy receiving positive responses from some of our vendors. Various cost reduction measures that were initiated in the first-quarter 2016 are now becoming deeply embedded into our operations, even as new ways of managing costs are continually being assessed for implementation. In addition to these initiatives, management has made the tactical decision to explore acquisition opportunities created by the current upstream environment and to look for accretive, inorganic ways to grow our business.

Nigeria

During the quarter the Company successfully brought back on0line the Oyo-8 well using a deepwater light intervention vessel and achieved net average daily oil production of 5,400 barrels per day compared to 1,800 barrels per day in Q1, 2016. Currently, Oyo-8 is producing more than 7,000 barrels of oil per day. The Oyo-7 well could not come back on production naturally, after an emergency shut down that occurred on July 1, 2016. This is due to high water production from the well and this has resulted in a temporary production loss of about 1,400 barrels of oil per day.

Plans are currently being made to attempt to bring the Oyo-7 well back by introducing nitrogen from the production facilities via subsea infrastructure to the well. The Company intends to carry out this nitrogen lift after its next crude lifting scheduled for the week of August 15, 2016.

The Company continues to make progress in preparations for the next drilling campaign, which is planned to commence in the fourth-quarter of this year. Both the identification of a drilling rig and the procurement of long-lead well and subsea equipment are progressing well.

The following information was filed by Erin Energy Corp. (ERN) on Friday, August 12, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1402281/000140228116000159/erin-930201610q.htm

View differences made from one quarter to another to evaluate Erin Energy Corp.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Erin Energy Corp..

Continue

Assess how Erin Energy Corp.'s management team is paid from their Annual Proxy

Erin Energy Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Erin Energy Corp. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ERN
CIK: 1402281
Form Type: 10-Q Quarterly Report
Accession Number: 0001402281-16-000159
Submitted to the SEC: Mon Nov 14 2016 5:51:32 PM EST
Accepted by the SEC: Tue Nov 15 2016
Period: Friday, September 30, 2016
Industry: Drilling Oil And Gas Wells