CAMAC Energy Inc. (NYSE MKT:CAK) (the “Company”) 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 (“Erin Energy”) and will
trade under the new ticker symbol “ERN” on both the NYSE MKT and the
Johannesburg Stock Exchange (the “JSE”). 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.”
The new Company website will be www.erinenergy.com.
Stockholders who hold their shares through a bank, broker, custodian or
other nominee should contact that individual or institution for further
information about the impact of the reverse stock split on their shares.
Stockholders whose shares are registered directly with our transfer
agent (Continental Stock Transfer & Trust Company for shares traded on
the NYSE MKT and Link Market Services South Africa (Pty) Limited for
shares traded on the JSE) should contact the appropriate transfer agent
for further information about the impact of the reverse stock split on
their shares. Any fractional shares resulting from the reverse stock
split will be settled in cash at a value equal to the respective
fractional portions of the closing share price on Wednesday, April 22,
2015.
About CAMAC Energy
CAMAC Energy is an independent oil and gas exploration and production
company focused on energy resources in sub-Saharan Africa. Its asset
portfolio consists of nine licenses across four countries covering an
area of 43,000 square kilometers, including current production and other
exploration projects offshore Nigeria, as well as exploration licenses
offshore Ghana, Kenya, and Gambia and onshore Kenya. CAMAC Energy is
headquartered in Houston, Texas. For more information about CAMAC
Energy, please visit www.camacenergy.com.
Copyright Business Wire 2015
Source: Business Wire
(April 17, 2015 - 7:00 AM EDT)
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