3 Aug 2011quarterly activities report● Neutral
Erin Energy Corp. reported a quarterly net income of $5.7 million for the period ended 2011-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Aug 2011quarterly activities report● Neutral
Erin Energy Corp. reported a quarterly net income of $5.7 million for the period ended 2011-06-30.
1 July 2011director interest notice● Neutral
Edward G Caminos became a Erin Energy Corp. Chief Financial Officer SR VP and company insider (initial ownership filing).
29 June 2011agm notice● Neutral
Erin Energy Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
28 June 2011director interest notice● Neutral
Erin Energy Corp. director Lee Patrick Brown received 60,420 shares as part of the equity award.
28 June 2011director interest notice● Neutral
Erin Energy Corp. director John Hofmeister received 60,420 shares as part of the equity award.
28 June 2011director interest notice● Neutral
Erin Energy Corp. director Leary Hazel O received 50,420 shares as part of the equity award.
9 June 2011director interest notice● Neutral
Alan W Halsey became a Erin Energy Corp. Senior VP and company insider (initial ownership filing).
13 May 2011agm notice● Neutral
Erin Energy Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
13 May 2011agm notice● Neutral
Erin Energy Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
6 May 2011director interest notice● Neutral
Erin Energy Corp. insider Byron A Dunn sold 150,000 shares at $1.39.
5 May 2011director interest notice● Neutral
Erin Energy Corp. insider Byron A Dunn disposed of 1,600,000 shares via option/appreciation-right settlement.
4 May 2011quarterly activities report▼ Bad
Erin Energy Corp. reported a quarterly net loss of $28.2 million for the period ended 2011-03-31.
22 Feb 2011director interest notice● Neutral
Erin Energy Corp. CFO, VP Abiola L. Lawal received 70,000 shares and a 1,250,000-share option grant as part of the equity award.
22 Feb 2011director interest notice● Neutral
Erin Energy Corp. CFO, VP Abiola L. Lawal received 54,688 shares and a 76,642-share option grant as part of the equity award.
16 Feb 2011asset acquisition disposition● NeutralMajor
On Feb 15, 2011 the company closed the purchase of CAMAC's remaining non-Oyo rights in OML 120/121, paying $5.0 million cash to Allied at closing, so it now holds CAMAC's full interest in the PSC. This completes the deal pending since the Oct 2010 Heads of Agreement and the Dec 10, 2010 Purchase Agreement. The company can keep the rights only by paying further milestone amounts ($5M, $5M, $20M, $25M, some payable in shares at Allied's option); if it declines at a milestone, the rights revert to CAMAC with no compensation. Closing used a limited waiver: CAMAC has ten days after closing to clear a lien and deliver data, or the company may seek to rescind (subject to NAE approval) and get its $5 million back with interest. A Second Novation Agreement moved the rights to CPL with NAE's consent, a registration rights agreement was signed for any shares issued to Allied, and the Oyo Field Agreement was renamed the OML 120/121 Management Agreement, extended to all of OML 120/121, with the indemnity for non-Oyo costs above $80M removed. Chairman Lawal's related-party interest is again disclosed.
7 Feb 2011director interest notice● Neutral
Erin Energy Corp. Chairman Kase Lukman Lawal bought 100,000 shares on the open market.
19 Jan 2011director interest notice● Neutral
Erin Energy Corp. CFO, VP Abiola L. Lawal received 54,688 shares and a 76,642-share option grant as part of the equity award.
5 Jan 2011director interest notice● Neutral
Erin Energy Corp. Chairman Kase Lukman Lawal bought 100,000 shares on the open market.
23 Dec 2010material agreement▼ BadMajor
On Dec 21, 2010 the company agreed to sell 9,319,102 shares at $2.20 (about $20.5 million) with warrants for 4,659,551 more shares at $2.20 for 30 days and $2.62 after, for five years; full exercise would add about $10.3 million. The money is to help pay for an intervention on an Oyo Field well to block unwanted gas entry and increase oil output. Rodman & Renshaw is again placement agent, at a 5.0% commission plus warrants for 3.0% of the shares sold; buyers also get the right to join any offering in the next six months. The price is well below the $4.00 and $4.22 paid in the Feb and Mar 2010 offerings, and the new shares and warrants dilute existing holders.
23 Dec 2010securities registration● Neutral
Erin Energy Corp. filed a prospectus supplement for an offering off its existing shelf.
17 Dec 2010director interest notice● Neutral
Erin Energy Corp. CFO, VP Abiola L. Lawal sold 2,000 shares at $0.00.
16 Dec 2010director interest notice● Neutral
Erin Energy Corp. CFO, VP Abiola L. Lawal sold 2,000 shares at $0.00.
13 Dec 2010capital raising announcement● NeutralMajor
On Dec 10, 2010 the company signed a Purchase and Continuation Agreement that replaces the Oct 11 Heads of Agreement for the non-Oyo rights, keeping the same $5 million upfront and the same milestone payments ($5M, $5M, $20M, $25M; up to $55 million in shares if Allied chooses). It adds a termination right if closing has not happened by the later of Jan 31, 2011 or another agreed date, with $500,000 liquidated damages for breach, and CPL (the company's subsidiary) joins as a buyer. Chairman Lawal's related-party interest is again disclosed. This continues the thread from October, which was expected to close by Nov 30 and now has a later outside date.
9 Dec 2010director interest notice● Neutral
Erin Energy Corp. CFO, VP Abiola L. Lawal sold 29,400 shares at $0.00.
6 Dec 2010director interest notice● Neutral
Erin Energy Corp. Chairman Kase Lukman Lawal bought 11,500 shares on the open market at $0.00.
3 Dec 2010director interest notice● Neutral
Erin Energy Corp. Chairman Kase Lukman Lawal bought 88,500 shares on the open market.
9 Nov 2010quarterly activities report▼ Bad
Erin Energy Corp. reported a quarterly net loss of $188.6 million for the period ended 2010-09-30.
8 Nov 2010quarterly activities report▼ Bad
Erin Energy Corp. reported a quarterly net loss of $188.6 million for the period ended 2010-09-30.
8 Nov 2010director interest notice● Neutral
Erin Energy Corp. Chairman Kase Lukman Lawal bought 100,000 shares on the open market.