CAMAC Energy Inc. will implement a reverse stock split of its common stock pursuant to which each six shares of common stock will be converted into one share of common stock, effective as of 5:00 p.m. Eastern time on Wednesday, April 22, 2015.
Concurrently with the reverse stock split, the Company announced it will change its name to Erin Energy Corporation and will trade under the new ticker symbol ‘ERN’ on both the NYSE MKT and the Johannesburg Stock Exchange. Shares of the Company’s common stock will begin to trade under the new symbol and on a split-adjusted basis at the opening of trading on Thursday, April 23, 2015 and will have new CUSIP and ISIN numbers.
Kase Lawal, Chairman and Chief Executive Officer commented:
‘These important actions together with our impending production from the Oyo field are the next phase of our company’s transformation into a focused, world-class, international exploration and development company.We are a fundamentally different company than we were a few years ago, and our rebranded company represents the transformation our organization has undergone over time.As we anticipate production tie-in from the Oyo-8 and Oyo-7 wells, it is with great excitement that we look to the future and the significant growth potential of Erin Energy.’