Delaware | 001-34525 | 30-0349798 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(d) | Exhibits |
99.1 | Erin Energy Corporation Press Release, dated November 9, 2015 |
ERIN ENERGY CORPORATION | ||
By: | /s/ Nicolas J. Evanoff | |
Nicolas J.Evanoff | ||
Senior Vice President, General Counsel & Secretary | ||
Date: November 13, 2015 |
• | First revenues from Oyo redevelopment campaign on crude sales volumes of 571,000 barrels; |
• | Gross production of approximately 1.1 million barrels of oil; |
• | Completed 3-D seismic acquisition on The Gambia A2 and A5 blocks; |
• | In-place volumes of approximately 500 MMbbls and 282 BCF of gas offshore Ghana; |
• | Moved into next phase of exploration of onshore Kenya blocks L1B and L16; |
• | Extended exploration period on offshore Kenya blocks L27 and L28. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Crude oil sales, net of royalties | $ | 28,667 | $ | 19,010 | $ | 28,667 | $ | 53,844 | |||||||
Operating costs and expenses: | |||||||||||||||
Production costs | 28,019 | 34,261 | 43,731 | 72,617 | |||||||||||
Workover expenses | 354 | — | 972 | — | |||||||||||
Exploratory expenses | 5,266 | 1,148 | 13,283 | 3,851 | |||||||||||
Depreciation, depletion and amortization | 43,815 | 21,720 | 44,934 | 32,676 | |||||||||||
Loss on settlement of asset retirement obligations | 779 | — | 4,233 | — | |||||||||||
General and administrative expenses | 3,857 | 3,427 | 12,789 | 12,200 | |||||||||||
Total operating costs and expenses | 82,090 | 60,556 | 119,942 | 121,344 | |||||||||||
Operating loss | (53,423 | ) | (41,546 | ) | (91,275 | ) | (67,500 | ) | |||||||
Other income (expense): | |||||||||||||||
Currency transaction gain | 176 | 394 | 2,167 | 426 | |||||||||||
Interest expense | (5,650 | ) | (771 | ) | (12,485 | ) | (1,637 | ) | |||||||
Other, net | — | (300 | ) | — | (300 | ) | |||||||||
Total other income (expense) | (5,474 | ) | (677 | ) | (10,318 | ) | (1,511 | ) | |||||||
Loss before income taxes | (58,897 | ) | (42,223 | ) | (101,593 | ) | (69,011 | ) | |||||||
Income tax expense | — | — | — | — | |||||||||||
Net loss before non-controlling interest | (58,897 | ) | (42,223 | ) | (101,593 | ) | (69,011 | ) | |||||||
Net loss attributable to non-controlling interest | 215 | — | 690 | — | |||||||||||
Net loss attributable to Erin Energy Corporation | $ | (58,682 | ) | $ | (42,223 | ) | $ | (100,903 | ) | $ | (69,011 | ) | |||
Net loss per common share: | |||||||||||||||
Basic | $ | (0.28 | ) | $ | (0.20 | ) | $ | (0.48 | ) | $ | (0.40 | ) | |||
Diluted | $ | (0.28 | ) | $ | (0.20 | ) | $ | (0.48 | ) | $ | (0.40 | ) | |||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 211,517 | 210,274 | 211,036 | 174,247 | |||||||||||
Diluted | 211,517 | 210,274 | 211,036 | 174,247 |
September 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 4,201 | $ | 25,143 | |||
Restricted cash | 9,277 | 1,496 | |||||
Accounts receivable - partners | 145 | 496 | |||||
Accounts receivable - related party | 624 | 624 | |||||
Accounts receivable - other | 50 | 54 | |||||
Crude oil inventory | 36,694 | 1,089 | |||||
Prepaids and other current assets | 1,815 | 2,929 | |||||
Total current assets | 52,806 | 31,831 | |||||
Property, plant and equipment: | |||||||
Oil and gas properties (successful efforts method of accounting), net | 659,330 | 595,269 | |||||
Other property, plant and equipment, net | 1,169 | 1,060 | |||||
Total property, plant and equipment, net | 660,499 | 596,329 | |||||
Other non-current assets: | |||||||
Restricted cash | — | 8,909 | |||||
Debt issuance costs | 1,044 | 1,307 | |||||
Other non-current assets | 67 | 67 | |||||
Other assets, net | 1,111 | 10,283 | |||||
Total assets | $ | 714,416 | $ | 638,443 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 188,918 | $ | 108,047 | |||
Accounts payable and accrued liabilities - related party | 26,154 | 9,391 | |||||
Accounts payable - partners | 35 | — | |||||
Asset retirement obligations | — | 12,703 | |||||
Current portion of long-term debt | 24,609 | 6,200 | |||||
Short-term note payable - related party | 2,000 | — | |||||
Short-term borrowings | 11,303 | — | |||||
Total current liabilities | 253,019 | 136,341 | |||||
Long-term notes payable - related party | 119,352 | 61,185 | |||||
Term loan facility | 73,827 | 93,000 | |||||
Asset retirement obligations | 24,360 | 13,830 | |||||
Other long-term liabilities | — | 82 | |||||
Total liabilities | 470,558 | 304,438 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Preferred stock $0.001 par value - 50,000,000 shares authorized; none issued and outstanding at September 30, 2015 and December 31, 2014 | — | — | |||||
Common stock $0.001 par value - 416,666,667 shares authorized; 211,562,664 and 210,307,502 shares outstanding as of September 30, 2015 and December 31, 2014 | 212 | 210 | |||||
Additional paid-in capital | 788,986 | 778,095 | |||||
Accumulated deficit | (545,857 | ) | (444,954 | ) | |||
Total equity - Erin Energy Corporation | 243,341 | 333,351 | |||||
Non-controlling interests | 517 | 654 | |||||
Total equity | 243,858 | 334,005 | |||||
Total liabilities and equity | $ | 714,416 | $ | 638,443 |
Nine Months Ended September 30, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities | |||||||
Net loss, including non-controlling interest | $ | (101,593 | ) | $ | (69,011 | ) | |
Adjustments to reconcile net loss to cash used in operating activities: | |||||||
Depreciation, depletion and amortization | 43,536 | 31,327 | |||||
Accretion of asset retirement obligations | 1,398 | 1,349 | |||||
Amortization of debt discount and debt issuance costs | 1,920 | — | |||||
Loss on settlement of asset retirement obligations | 4,233 | — | |||||
Foreign currency transaction gain | (2,167 | ) | — | ||||
Share-based compensation | 4,398 | 2,216 | |||||
Related party liability offset | — | (32,880 | ) | ||||
Payments to settle asset retirement obligations | (17,220 | ) | — | ||||
Other | — | 21 | |||||
Change in operating assets and liabilities: | |||||||
Decrease (increase) in accounts receivable | 390 | (10 | ) | ||||
Decrease (increase) in inventories | (9,493 | ) | 13,715 | ||||
Decrease (increase) in prepaids and other current assets | 324 | (7,103 | ) | ||||
Increase in accounts payable and accrued liabilities | 58,126 | 27,277 | |||||
Net cash used in operating activities | (16,148 | ) | (33,099 | ) | |||
Cash flows from investing activities | |||||||
Capital expenditures | (83,156 | ) | (59,481 | ) | |||
Allied transaction | — | (170,000 | ) | ||||
Net cash used in investing activities | (83,156 | ) | (229,481 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from the issuance of common stock | — | 270,000 | |||||
Proceeds from exercise of stock options and warrants | 1,855 | 415 | |||||
Proceeds from term loan facility | — | 50,000 | |||||
Proceeds from notes payable - related party, net | 63,815 | 10,649 | |||||
Proceeds from short-term borrowings, net | 11,303 | — | |||||
Debt issuance costs | — | (1,943 | ) | ||||
Allied transaction adjustments | — | (12,440 | ) | ||||
Funding from non-controlling interest | 553 | — | |||||
Net cash provided by financing activities | 77,526 | 316,681 | |||||
Effect of exchange rate changes on cash and cash equivalents | 836 | — | |||||
Net increase (decrease) in cash and cash equivalents | (20,942 | ) | 54,101 | ||||
Cash and cash equivalents at beginning of period | 25,143 | 163 | |||||
Cash and cash equivalents at end of period | $ | 4,201 | $ | 54,264 | |||
Supplemental cash flow information | |||||||
Cash paid for: | |||||||
Interest, net | $ | 7,886 | $ | 8 | |||
Non-cash investing and financing activities: | |||||||
Issuance of common shares for settlement of liabilities | $ | 125 | $ | — | |||
Discount on notes payable pursuant to issuance of warrants | $ | 4,911 | $ | — | |||
Related party liability offset | $ | — | $ | 32,880 | |||
Reduction in accounts payable from settlement of Northern Offshore contingency | $ | 24,307 | $ | — |
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