Erin Energy Provides Drilling and Production Update

Completion of Wells Expected to Double Production

HOUSTON–(BUSINESS WIRE)–Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE MKT:ERN)
(JSE:ERN) provided an update today on its drilling operations that are
expected to double production for the Company, as well as updated its
plans for drilling one of its prime exploration prospects.

Erin Energy currently produces approximately 6,000 barrels of oil per
day (BOPD). Drilling operations for the Oyo-9 development well are
planned to commence next month and be completed by year end, pursuant to
the drilling contract with Pacific Drilling. Oyo-9 has the potential to
increase Oyo field production by 6,000-7,000 barrels of oil per day,
which alone would double the Company’s current production. Coincidental
with the completion of Oyo-9, the Company will also tie back to its FPSO
the Oyo-7 well, which should add approximately 1,200 BOPD. The Company
is also discussing a possible extension to the contract with
Pacific Drilling, depending on availability of funds, to drill one
or two wells in the prolific Miocene geological zone located in OML 120.

The drilling rig under contract with Pacific Drilling is the Pacific
Bora, a highly efficient sixth generation double-hulled drillship.

Femi Ayoade, Erin Energy’s CEO commented, “We are pleased with the
progress in our drilling operations and the possibility to more than
double the Company’s current production. Additionally, we
believe our greatest shareholder value creation opportunities are in our
Miocene exploration prospects, where we are working to accelerate the
drilling in OML 120 and 121. Solid progress is also being made to
restructure the Company’s debt, including the reduction in our accounts
payable.”

Frank C. Ingriselli, Erin Energy’s Chairman commented, “When I was
elected to the Board of Directors a few weeks ago, I commented on the
world class assets in Erin Energy’s portfolio and our plans to maximize
value from those assets and the drilling of these Oyo wells will
significantly add value to our portfolio. We plan to commence non-deal
roadshows as soon as possible to communicate the Company’s story and
opportunities to Wall Street so that our share price reflects the true
value of our Company, as we execute on our development and exploration
plans to add hundreds of millions of barrels of additional reserves.”

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.

About Erin Energy

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 kilometers (~5 million acres), including
current production and other exploration projects offshore Nigeria, as
well as exploration licenses offshore Ghana and The 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.

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.

Contacts

Erin Energy Corporation
Lionel McBee, +1-713-797-2960
Director,
Investor Relations and Corporate Communications
[email protected]