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Erin Energy Announces Execution of a Drilling Rig Contract

March 06, 2017

HOUSTON--(BUSINESS WIRE)-- Erin Energy Corporation (Erin Energy or the Company) (NYSE MKT:ERN) (JSE:ERN) announced today the execution of a drilling services contract with Pacific Drilling for use of the Pacific Bora drilling rig.

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Pacific Bora (Photo: Business Wire)

Pacific Bora (Photo: Business Wire)

Erin Energy plans to use this rig to drill the Oyo-9 well (Oyo-9) on the Oyo field in the deepwater offshore Nigeria. Under the contract, the Company has the option to drill up to two additional wells. The option to extend the contract, if exercised, would be used to drill two of its offshore Nigeria exploration prospects in the prolific Miocene geological zone.

Jean-Michel Malek, Interim Chief Executive Officer commented: “The execution of this rig contract is an important step in advancing our 2017 work program and our development of the Oyo field in the deepwater offshore Nigeria. We look forward to working closely with Pacific Drilling on this drilling program.”

The Pacific Bora is a highly efficient sixth generation double-hulled drillship currently in Nigeria and expected to be mobilized to the Oyo field and on site in June 2017. The contract provides for a base operating rate of $195,000 per day. The rig can be used for both drilling and well completion.

Erin Energy anticipates spudding the Oyo-9 in mid-June and first production from the well to be in September 2017. The Oyo-9 is expected to add an additional 6,000 to 7,000 barrels per day.

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, Kenya and 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.

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.

Source: Erin Energy Corporation

Erin Energy Corporation

Lionel McBee, 1 713-797-2960

Director, Investor Relations

lionel.mcbee@erinenergy.com

Contact Us

HEADQUARTERS

Houston, Texas | USA
Tel +1 713 797 2940

Lagos, Nigeria | Africa
Tel +234 1 4603357

Nairobi, Kenya | Africa
Tel +254 205 230 062

Banjul, Gambia | Africa
Tel +220 890 7080

Accra, Ghana | Africa
Tel +233 570 688 372

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Prospective and Contingent Resource Disclaimer

This Competent Person’s Report contains estimates of "prospective resources" and "contingent resources." The Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only “reserves,” as that term is defined under SEC rules.

Prospective resources are those quantities of petroleum estimated, as at a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Contingent resources are those quantities of petroleum estimated, at a given date, to be potentially recoverable from known accumulations, but the applied projects are not yet considered mature enough for commercial development due to one or more contingencies.

Prospective resources have both an associated chance of discovery and a chance of development, while contingent resources have an associated chance of development. Investors should not assume there will be any discovery associated with prospective resources, or that any discovery or any contingent resources will be economically drillable or ever be upgraded into reserves.

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