Erin Energy (ERINQ) 8-K Results of Operations and Financial Condition

Exhibit 99.1

  CAMAC Energy 1330 Post Oak Blvd., Suite 2250 Houston, TX 77056 www.camacenergy.com

NewsRelease

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 rigSedco Expressand 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.

1

Ghana

In April 2014, the Company signed a Petroleum Agreement relating to the Expanded Shallow Water Tano block located in the Tano Basin offshore Ghana. CAMAC signed the Joint Operating Agreement with its joint venture partners in January 2015.  The Company has been named operator, holds a 30% interest, and has commenced work towards determining commerciality of the three previously-discovered fields. Additionally, in light of recent nearby discoveries and related regional play concepts, CAMAC is studying possible exploration targets in the block.

Kenya

The Company made good progress in Kenya during 2014. An Environmental and Social Impact Study was initiated and completed in March 2014. Subsequently, 2-D seismic was acquired on offshore blocks L27 and L28 and on the onshore blocks L1B and L16. The Company has thus completed 2-D seismic acquisitions covering both offshore blocks, and both onshore blocks. These four blocks cover a total of nine million acres.

A regional geological and geophysical study on the L27 and L28 offshore blocks by Robertson Research is also ongoing and expected to be completed in mid-2015. The Company is currently making plans to acquire 2-D seismic on the offshore portion of block L-16, but has essentially satisfied the work obligations of the initial exploration period required by the licence agreement.

Gambia

In April 2014, the Company completed a regional geology and geophysical study of offshore blocks A2 and A5. CAMAC’s next step is to acquire 3-D seismic over the most promising areas and has contracted with Polarcus for the 3-D seismic acquisition. CAMAC is engaged in active discussions with the government of The Gambia to extend the exploration period of the licenses, which it believes will be successful, and is also in discussions with a potential partner to farm-out a portion of its rights under the licenses.

Results of Operations

For 2014, CAMAC reported a net loss of $96 million, or $0.08 per basic and diluted share. Revenues were $53.8 million, or $106.41 per barrel, on average production of 1,300 barrels of oil per day, net of royalties. There was no production in the fourth quarter 2014 due to the shut-in of Oyo-5 and Oyo-6 wells in preparation of tying-in Oyo-7 and Oyo-8 wells. Cash and cash equivalents at December 31, 2014 was $25.1 million.

Year-End Reserves

The Company’s total net proved oil reserves as of December 31, 2014 increased 6% to 9.1 million barrels (MMbbls), versus 8.5 MMbbls for the year-end 2013. The PV-10 of the net proved reserves increased 134% to $237.1 million compared to $101.30 at year-end 2013.

Conference Call

CAMAC will host a conference call today,March 12, 2015 at 10 a.m. CT (11 a.m. ET) to discuss full year and fourth quarter results, current operations and the Company’s outlook for 2015. The dial-in number is1877-317-6789 in the United States or+1 412-317-6789 internationally. To access the live audio webcast, please visit the “Investors” section of the Company’s website atwww.camacenergy.com.

2

About CAMAC Energy

CAMAC Energy is an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa.  Its asset portfolio consists of nine licenses across four countries covering an area of 43,000 square kilometers, including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya, and Gambia, and onshore Kenya.  CAMAC Energy is headquartered in Houston, Texas. For more information about CAMAC Energy, please visit www.camacenergy.com.

Resource Estimates

This press release refers to prospective resources, including recoverable resources and resources in place. 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. Prospective resources have both an associated chance of discovery and a chance of development. Investors should not assume there will be any discovery associated with prospective resources, or that any discovery will be economically drillable or ever be upgraded into reserves.

Forward-Looking Statements

Thisnewsrelease 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 expectationsmay 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 tosuccessfullyfinance, drill and develop thewells andprospectsidentified in this release and risksand 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. TheCompany undertakes no duty to update these forward-looking statements.

Source:  CAMAC Energy Inc.

Investors:

Christopher D. Heath

Director, Corporate Finance and Investor Relations

713-797-2945

chris.heath@camacenergy.com 

Media:

Lionel C. McBee

Manager, Corporate Communications

713-797-2960

lionel.mcbee@camacenergy.com

3

CAMAC ENERGY INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

	Years Ended December 31,
	2014 (Unaudited)			2013			2012
Revenues:
Crude oil sales, net of royalties	$	53,844		$	63,736		$	74,667
Operating costs and expenses:
Production costs		94,808			70,427			41,555
Exploratory expenses		14,283			5,501			3,236
Depreciation, depletion and amortization		23,756			16,875			51,002
General and administrative expenses		14,322			14,460			10,998
Total operating costs and expenses		147,169			107,263			106,791
Operating loss		(93,325	)		(43,527	)		(32,124	)
Other income (expense):
Currency transaction gain (loss)		1,758			224			(22	)
Interest expense		(4,383	)		(99	)		(117	)
Other, net		(358	)		(87	)		(443	)
Total other income (expense)		(2,983	)		38			(582	)
Loss from continuing operations before income taxes		(96,308	)		(43,489	)		(32,706	)
Income tax expense		-			-			-
Net loss from continuing operations		(96,308	)		(43,489	)		(32,706	)
Discontinued operations
Net loss from discontinued operations, net of tax		-			(36	)		(991	)
Gain on divestiture, net		-			-			4,160
Net (loss) income from discontinued operations		-			(36	)		3,169
Net loss before non-controlling interests		(96,308	)		(43,525	)		(29,537	)
Non-controlling interests - discontinued operations		-			-			8
Net loss before non-controlling interest from continuing operations		(96,308	)		(43,525	)		(29,529	)
Net loss attributable to non-controlling interest		246			-			-
Net loss attributable to CAMAC Energy Inc.	$	(96,062	)	$	(43,525	)	$	(29,529	)
Net (loss) income per common share attributable to CAMAC Energy Inc. - basic:
Continuing operations	$	(0.08	)	$	(0.05	)	$	(0.05	)
Discontinued operations	$	-		$	(0.00	)	$	0.01
Total	$	(0.08	)	$	(0.05	)	$	(0.05	)
Net (loss) income per common share attributable to CAMAC Energy Inc. - diluted:
Continuing operations	$	(0.08	)	$	(0.05	)	$	(0.05	)
Discontinued operations	$	-		$	(0.00	)	$	0.01
Total	$	(0.08	)	$	(0.05	)	$	(0.05	)
Weighted-average common shares outstanding:
Basic		1,168,468			878,710			628,101
Diluted		1,168,468			878,710			628,101

4

CAMAC ENERGY INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

	As of December 31,
	2014 (Unaudited)			2013
ASSETS
Current assets:
Cash and cash equivalents	$	25,143		$	163
Restricted cash		1,496			-
Accounts receivable – partners		496			-
Accounts receivable - related party		624			1,650
Accounts receivable – other		54			86
Crude oil inventory		1,089			16,254
Prepaids and other current assets		2,929			232
Total current assets		31,831			18,385
Property, plant and equipment:
Oil and gas properties (successful efforts method of accounting), net		595,269			435,035
Other property, plant and equipment, net		1,060			752
Total property, plant and equipment, net		596,329			435,787
Other non-current assets
Restricted cash		8,909			-
Debt issuance costs		1,307			-
Other non-current assets		67			52
Other assets, net		10,283			52
Total assets	$	638,443		$	454,224
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	108,047		$	12,886
Accounts payable and accrued liabilities - related party		9,391			26,228
Asset retirement obligations		12,703			12,479
Current portion of long-term debt		6,200			-
Short-term notes payable - related party		-			6,496
Total current liabilities		136,341			58,089
Term loan facility		93,000			-
Long-term notes payable - related party		61,185			-
Asset retirement obligations		13,830			8,122
Other long-term liabilities		82			67
Total liabilities		304,438			66,278
Commitments and contingencies
Equity:
Preferred stock $0.001 par value - 50,000,000 sharesauthorized; none issued and outstanding as of December 31,2014 and 2013, respectively		-			-
Common stock $0.001 par value - 2,500,000,000 sharesauthorized; 1,261,845,103 and 879,817,093 shares outstandingas of December 31, 2014 and 2013, respectively		1,262			879
Additional paid-in capital		777,043			735,959
Accumulated deficit		(444,954	)		(348,892	)
Total equity - CAMAC Energy Inc.		333,351			387,946
Non-controlling interests		654			-
Total equity		334,005			387,946
Total liabilities and equity	$	638,443		$	454,224

5

CAMAC ENERGY INC.

CONSOLIDATEDSTATEMENTS OFCASH FLOWS

(In thousands)

	Years Ended December 31,
	2014 (Unaudited)			2013			2012
Cash flows from operating activities
Net loss, including non-controlling interest	$	(96,308	)	$	(43,525	)	$	(29,537	)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Depreciation, depletion and amortization		21,590			14,640			49,963
Asset retirement obligation accretion		2,166			2,235			1,047
Amortization of debt issuance costs		147			-			-
Related party liability offset		(32,880	)		-			-
Unrealized currency transaction (gain) loss		(1,572	)		(224	)		22
Share-based compensation		3,095			2,013			739
Dry hole costs		-			-			(37	)
Gain on divestiture, net		-			-			(4,160	)
Other		(17	)		16			55
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		562			(3,046	)		12,836
(Increase) decrease in inventories		14,512			(14,004	)		(1,483	)
(Increase) decrease in prepaids and other current assets		(1,672	)		156			649
(Increase) decrease in other non-current assets		(15	)		-			-
Increase (decrease) in accounts payable and accrued liabilities		56,845			5,114			(20,660	)
Net cash (used in) provided by operating activities		(33,547	)		(36,625	)		9,434
Cash flows from investing activities
Capital expenditures		(128,510	)		(602	)		(3,576	)
Allied transaction		(170,000	)		-			-
Proceeds from divestiture, net		-			-			2,364
Decrease in other assets		-			-			465
Proceeds from the sale long-term investments		-			-			1,966
Net cash (used in) provided by investing activities		(298,510	)		(602	)		1,219
Cash flows from financing activities
Proceeds from the issuance of common stock		270,000			-			-
Proceeds from the exercise of stock options		415			-			3
Proceeds from term loan facility		100,000			-			-
Debt issuance costs		(2,082	)		-			-
Proceeds (repayments) of note payable - related party, net		10,649			4,350			(5,128	)
Funds restricted for debt service		(10,405	)		-			-
Allied Transaction adjustments		(12,440	)		29,234			(15,331	)
Funding from non-controlling interest		900			-			-
Net cash provided by (used in) financing activities		357,037			33,584			(20,456	)
Effect of exchange rate on cash and cash equivalents		-			-			(17	)
Net increase (decrease) in cash and cash equivalents		24,980			(3,643	)		(9,820	)
Cash and cash equivalents at beginning of year		163			3,806			13,626
Cash and cash equivalents at end of year	$	25,143		$	163		$	3,806
Supplemental disclosure of cash flow information
Cash paid for:
Interest, net	$	8		$	99		$	117
Contingent consideration stock	$	-		$	-		$	890
Supplemental disclosure of non-cash investing and financing activities:
Non-subsidiary common stock received as partial proceeds from divestiture, net	$	-		$	-		$	1,877
Related party accounts payable, net, settled with related party notes payable	$	(32,880	)	$	1,274		$	-
Non-cash gain from asset retirement obligation extinguishment	$	-		$	5,833		$	-
Change in asset retirement obligation estimate	$	3,766		$	-		$	-
Net assets contributed by parent	$	-		$	61,205		$	190,925

6