Erin Energy Announces Results of Annual Meeting of Shareholders
May 18 2017 - 8:00AM
Business Wire
Highlights changes to the board of
directors
Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE
MKT:ERN) (JSE:ERN) announced today the results of the Company’s
Annual Meeting of Shareholders held on May 17, 2017 and changes to
its board of directors (Board) and management team.
- Frank C. Ingriselli named Chairman of
the Board;
- Mr. Femi Ayoade named CEO and new
Director;
- Dr. John Rudley and Mahmud Yayale Ahmed
were named new Directors;
- Pannell Kerr Forster, P.C. (PKF)
re-appointed as the Company’s auditors for 2017.
The newly-elected Chairman of Erin Energy, Frank Ingriselli,
commented:
“I am honored to be returning to Erin Energy as Chairman and
thank John Hofmeister for all his contributions to the Company over
his seven years of service. I plan to take a very active role in
working with the Erin management team and the Board to efficiently
and economically deliver on its development plans. The Company is
blessed with world class assets that can deliver value in both the
short and long term. I will focus all my efforts on maximizing the
value of our portfolio by staying focused on growing production,
reserves and thereby significantly growing shareholder value.”
Mr. Frank C. Ingriselli replaces John Hofmeister as the Chairman
of the Board. Mr. Ingriselli serves as the President and Chief
Executive Officer of Blackhawk Energy Ventures Inc., a position he
has held since founding the company in 2016, and has more than 36
years of experience in the energy industry with wide ranging oil
and natural gas exploration and production company experience in
diverse geographies, business climates and political environments.
Mr. Ingriselli was the founder in 2011 of PEDEVCO Corp. a NYSE MKT
listed company and the founder of Pacific Asia Petroleum Inc. in
2005 (Erin Energy’s predecessor entity).
Mr. Ingriselli began his career at Texaco, Inc. (Texaco) in 1979
and held management positions in Texaco’s Producing-Eastern
Hemisphere Department and Middle East/Far East Division and
Texaco’s International Exploration Company. While at Texaco, Mr.
Ingriselli negotiated a successful foreign oil development
investment contract in China in 1983. In 1992, Mr. Ingriselli was
named President of Texaco International Operations Inc. and over
the next several years directed Texaco's global initiatives in
exploration and development.
Mr. Ingriselli graduated from Boston University in 1975 with a
Bachelor of Science degree in Business Administration. He also
earned a Master of Business Administration degree from New York
University in both Finance and International Finance in 1977 and a
Juris Doctor degree from Fordham University School of Law in
1979.
Mr. Femi Ayoade, Dr. John Rudley and Mr. Mahmud Yayale Ahmed
were elected to fill vacancies resulting from the retirement of Mr.
William J. Campbell, Mr. Ira Wayne McConnell and Mr. Segun Omidele.
At its meeting, following the Company’s Annual Meeting of
Shareholders, the Board elected Mr. Ayoade as Chief Executive
Officer of the Company to replace Interim CEO, Jean-Michel
Malek.
Mr. Ayoade has served as Vice President of Production Operations
for the Company since 2016 and the Managing Director of Erin
Petroleum Nigeria Limited since 2013. He has more than 20 years’ of
experience in the oil and gas industry and possesses in depth
knowledge on the regulatory and political environment of Nigeria,
and extensive experience on exploration and production operations
offshore Nigeria. From 2008 to 2013, he was a Senior Technical
Executive at CAMAC Petroleum Limited and Allied Energy Plc Nigeria
and from 2006 to 2008, he was a Senior Drilling Engineer at Nigeria
Agip Exploration (a subsidiary of ENI). Mr. Ayoade also served as a
Senior Petroleum Engineer at Allied Energy Resources Nigeria
Limited.
Mr. Ayoade earned a Master of Science in petroleum engineering
from the University of Houston and a Higher National Diploma from
the Petroleum Training Institute and has had extensive training in
drilling, completion and subsea engineering.
Dr. Rudley served as the President of Texas Southern University
from February 2008 to July 2016, where he was responsible for
instituting substantive and far-reaching changes via
administrative, academic, student and outreach initiatives. From
June 2007 to February 2008, Dr. Rudley served as the Interim
Chancellor for the University of Houston System and the Interim
President for the University of Houston. Dr. Rudley has also held
administrative positions for Tennessee Board of Regents, the
University of Tennessee at Chattanooga and has served as a Senior
Technical Advisor at the U.S. Department of Education. In addition
to his experience in education, Dr. Rudley held positions at Arthur
Andersen / Arlington McRae and Coopers and Lybrand, Certified
Public Accountants. Dr. Rudley served on the board of directors and
audit committee of AMSouth Bank.
Dr. Rudley is a Certified Public Accountant in Texas, earned a
bachelor’s degree in business administration from the University of
Toledo and a M.Ed. and Ed.D. from Tennessee State University.
Mr. Ahmed has an extensive history of government service on
behalf of the Republic of Nigeria and has served at the highest
levels of the Nigerian Government. Mr. Ahmed served as the
Secretary to the Government of the Federation of Nigeria, a role
that involved serving as Secretary to all Councils and bodies
chaired by the President of the Republic, such as the Federal
Executive Council and the Council of State. Mr. Ahmed served as the
Minister of Defense and as the Head of Civil Service, where he was
responsible for instituting fundamental reforms. Mr. Ahmed has
served on the board of directors of Industrial and General
Insurance since 2014 and assumed the role of chairman of the board
of Industrial and General Insurance in 2016.
Mr. Ahmed holds an undergraduate degree in social science with a
specialization in government and a master’s degree in public
administration with a specialization in public finance from Ahmadu
Bello University.
At the meeting, Erin Energy shareholders passed the Company’s
proposed resolutions including, appointing PKF as the Company’s
auditors for 2017 and approving, on a non-binding advisory basis,
the compensation of the Company’s named executive officers as set
forth in the Company’s Proxy Statement.
The option that received the greatest number of votes for the
frequency to hold an advisory vote to approve the Company's
executive compensation was three years. Based on the recommendation
of the Board of Directors in the Company’s proxy statement and the
voting results with respect to the advisory vote on the frequency
of future advisory votes on executive compensation, the Company has
decided to hold an advisory vote on executive compensation every
three years.
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 kilometres (~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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170518005329/en/
Erin Energy CorporationLionel McBee, +1 713-797-2960Director,
Investor Relations and Corporate
Communicationslionel.mcbee@erinenergy.com
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