Erin Energy Corp.

13 Apr 2010business combination● NeutralMajor

The CAMAC deal closed on Apr 7, 2010: the company paid CAMAC $32 million in cash and issued 89,467,120 shares, about 62.74% of the 143,093,494 shares then outstanding, for CAMAC's Oyo Field rights; the company renamed itself CAMAC Energy Inc. (NYSE-Amex: CAK). A further $6.84 million is owed on the earlier of enough Oyo oil proceeds or six months after closing, and up to 13,457,188 more shares go to CAMAC if certain warrants and options are exercised. CAMAC now controls the company: the board went from five to seven, CAMAC designated four directors (Robert Stempel and Elizabeth Smith resigned; Kase Lawal and John Hofmeister are among the new appointees), and CAMAC can pass any simple-majority shareholder vote. This resolves the pending Oyo acquisition thread and heavily dilutes existing holders.

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8 Mar 2010material agreement● NeutralMajor

The $17.5 million offering closed on Mar 5, 2010, and on Mar 4 the CAMAC deal was amended: the $45 million financing condition was dropped, only $32 million of the $38.84 million cash is due at closing (the other $6.84 million is due after, on the earlier of enough Oyo oil proceeds or six months), and closing is due by Apr 7, 2010. The company says the roughly $37.5 million raised across the two offerings is enough to close. Closing still depends on shareholder approval and other agreements, and the amendment also makes the company reimburse CAMAC for certain pre-closing Oyo costs after closing.

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3 Mar 2010material agreement● NeutralMajor

On Mar 2, 2010 the company agreed to a second registered offering: 4,146,922 common shares at $4.22 for $17.5 million, plus Series C warrants (1,658,769 shares at $4.50, 42 months) and Series D warrants (1,658,769 shares at $4.12, until Dec 5, 2010). Rodman & Renshaw is again placement agent at 6.0%. The CEO says the cash is enough to finish the Oyo acquisition, which still needs shareholder approval; more new shares and warrants for existing holders to absorb.

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10 Feb 2010material agreement● NeutralMajor

On Feb 10, 2010 the company agreed to sell 5 million common shares at $4.00 each for $20 million, with Series A warrants (2 million shares at $4.50) and Series B warrants (2 million shares at $4.00, until Nov 1, 2010); full exercise would add $17 million. Rodman & Renshaw is placement agent for a 6.0% commission, and the money is for working capital and may help fund the Oyo acquisition from CAMAC. The filing also corrects the press release, which wrongly said the Series A warrants run 30 months rather than 36. This is the financing the CAMAC deal needed, and it adds new shares and warrants.

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23 Nov 2009capital raising announcement● NeutralMajor

Pacific Asia Petroleum (the company's name at the time) signed a deal on Nov 18, 2009 to buy CAMAC Energy Holdings' interest in the Oyo Field production sharing contract off Nigeria, for $38.84 million in cash plus new common stock equal to 62.74% of the company's outstanding shares, so existing shareholders would be heavily diluted. Closing is expected in Q1 2010 and needs a financing of at least $45 million (none arranged yet), shareholder approval and other agreements; after closing CAMAC would nominate 4 of 7 directors for a year. The filing also says talks with Molopo to buy its 26.1% stake in Fortune Liulin Gas (Liulin coalbed methane block) were mutually ended.

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