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Camac Energy Inc. (ERN) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Erin Energy Corp.

CIK: 1402281 Ticker: ERN

Exhibit 99.1

 

 

 

 

CAMAC Energy

1330 Post Oak Blvd., Suite 2250

Houston, TX 77056

www.camacenergy.com

 

 

News Release

 

March 12, 2015

 

CAMAC Energy Announces Full Year and Fourth Quarter 2014 Results

 

Provides Operational Update on its West and East Africa Operations

 

HOUSTON, March 12, 2015 - CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT: CAK) announced today financial and operational results for the year ended December 31, 2014.

 

2014 Highlights:

 

Successfully drilled the Oyo-8 well and encountered four new oil and gas reservoirs;

Acquired 100% economic interest in OMLs 120 and 121 offshore Nigeria;

Increased unrisked P50 recoverable resource estimates of four top-priority exploration prospects offshore Nigeria fivefold;

Completed a $270 million private placement with the Public Investment Corporation (SOC) Limited;

Secured a $100 million credit facility;

Signed a Petroleum Agreement with the Government of Ghana for the Expanded Shallow Water Tano Block;

Commenced a secondary listing on the Johannesburg Stock Exchange.

 

Nigeria

 

The Oyo field averaged 1,300 barrels of oil per day (bbls/d). Oyo-8 was successfully drilled to a total depth of 6,059 feet, and encountered four new oil and gas reservoirs with a total gross hydrocarbon thickness of 112 feet, based on results from the logging-while-drilling data, reservoir pressure measurement, and reservoir fluid sampling. The Company commenced and is near completion of the Oyo field facilities expansion, which will allow for increased production from the Oyo development program. Flowlines and other subsea equipment from Oyo-5 and Oyo-6 were installed and tested on the Oyo-7 and Oyo-8 wells to facilitate the tie-in of production from the two wells.

 

CAMAC high-graded four of the prospects in OMLs 120 and 121 to drill-ready status, which target a combined 2,377 million barrels of oil, P50 recoverable resources. Three of these prospects will target the highly-prolific Miocene formation confirmed in the exploration portion of the previously drilled Oyo-7 development well. The Company plans to drill the first of these Miocene prospects in 2015 and is in active discussions with potential farm-in partners.

 

In December 2014, the Company entered into a contract with a unit of Transocean Ltd. for the drilling rig Sedco Express and is currently using this rig to horizontally complete the Oyo-8 well. The rig will then move to the Oyo-7 location to commence completion operations on the Oyo-7 well.

 

 
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The following information was filed by Erin Energy Corp. (ERN) on Friday, March 13, 2015 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (details)
Asset Retirement Obligations
Asset Retirement Obligations (tables)
Asset Retirement Obligations - Summary Of Change In Asset Retirement Obligations (details)
Asset Retirement Obligations - Summary Of Current And Long-term Portions Of Asset Retirement Obligations (details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (policies)
Basis Of Presentation And Significant Accounting Policies (tables)
Basis Of Presentation And Significant Accounting Policies - Additional Information (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (details)
Commitments And Contingencies - Summary Of The Company Significant Future Commitments On Non-cancellable Operating Leases And Estimated Obligations Arising From Its Minimum Work Obligations (details)
Company Description
Company Description - Additional Information (details)
Convertible Subordinated Note - Long-term - Additional Information (details)
Debt
Debt (tables)
Debt - Additional Information (details)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (details)
Income Taxes
Income Taxes (details) - Reconciliation Of The Expected Statutory U.s. Federal Income Tax Provision (parenthetical)
Income Taxes (tables)
Income Taxes - Additional Information (details)
Income Taxes - Reconciliation Of Expected Statutory U.s. Federal Income Tax Provision (details)
Income Taxes - Significant Components Of Deferred Tax Assets (details)
Income Taxes - Summary Of Tax Years Remain Subject To Examination (details)
Liquidity Matters
Liquidity Matters - Additional Information (details)
Promissory Note - Long-term - Additional Information (details)
Property, Plant And Equipment
Property, Plant And Equipment (details)
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Additional Information (details)
Purchase Consideration Paid And Assets Acquired And Liabilities Assumed (details)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Additional Information (details)
Schedule Of Anti-dilutive Securities Excluded From Dilutive Shares Outstanding (details)
Schedule Of Carrying Value Of Net Assets Contributed (details)
Schedule Of Selected Unaudited Quarterly Financial Data (details)
Segment Activity (details)
Segment Information
Segment Information - Restated (tables)
Selected Unaudited Quarterly Financial Data
Selected Unaudited Quarterly Financial Data (tables)
Stock Based Compensation
Stock Based Compensation (tables)
Stock Based Compensation - Additional Information (details)
Stock Based Compensation - Summary Of Restricted Stock Activity (details)
Stock Based Compensation - Summary Of Stock Option Activity (details)
Stock Based Compensation - Summary Of Stock Warrants Activity (details)
Stock Based Compensation - Summary Of Weighted-average Amounts For Assumptions (details)
Subsequent Events
Subsequent Events - Additional Information (details)
Summary Of Discontinued Operations Based On Results Of Operations (details)
Summary Of Related Party Transactions And Balances (details)
Suspended Exploratory Well Costs
Suspended Exploratory Well Costs - Additional Information (details)
Term Loan Facility - Additional Information (details)
Term Loan Facility - Schedule Of Principal Repayments On Outstanding Balances (details)
Ticker: ERN
CIK: 1402281
Form Type: 10-K Annual Report
Accession Number: 0001564590-15-001740
Submitted to the SEC: Mon Mar 16 2015 4:53:11 PM EST
Accepted by the SEC: Mon Mar 16 2015
Period: Wednesday, December 31, 2014
Industry: Drilling Oil And Gas Wells

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