re: Official Erin Energy (ERN) thread

Erin Energy Corporation (the "Company") and related parties (collectively, the “Erin Parties”) entered into a Settlement Agreement and Release dated June 28, 2015 (the “Settlement Agreement”) with Northern Offshore Limited and Northern Offshore International Drilling Company Limited (collectively, “Northern”), pursuant to which the parties agreed (i) to settle all disputes and release all claims relating to the daywork drilling contract for Northern’s drillship Energy Searcher and (ii) to terminate the arbitration proceedings in London. Under the terms of the Settlement Agreement, neither the Erin Parties nor Northern paid any amounts to the other to settle the disputes, and each party agreed to bear its own legal fees and to share equally the arbitration costs.

The Company expects the settlement and release to result in a reduction in accounts payable and accrued liabilities of approximately $24.3 million, which will be reflected on its balance sheet for the quarter ending June 30, 2015.