Erin Energy Corporation reported unaudited consolidated earnings and production results for the third quarter and earnings results for the nine months ended September 30, 2016. For the quarter, the company reported operating loss of $21,817,000 compared to $53,423,000 a year ago. Loss before income taxes was $23,573,000 compared to $58,897,000 a year ago. Net loss attributable to the company was $23,471,000 or $0.11 per basic and diluted share compared to $58,682,000 $0.28 per basic and diluted share a year ago. The company reported revenue for the third quarter was $28.6 million, compared with $23.2 million for the previous quarter and $28.7 million for the third quarter 2015.

For the nine months, the company reported operating loss of $77,309,000 compared to $91,275,000 a year ago. Loss before income taxes was $79,116,000 compared to $101,593,000 a year ago. Net loss attributable to the company was $78,454,000 or $0.37 per basic and diluted share compared to $100,903,000 or $0.48 per basic and diluted share a year ago. Net cash provided by operating activities was $6,677,000 compared to net cash used in operating activities of $16,148,000 a year ago. Capital expenditures were $16,475,000 compared to $83,156,000 a year ago. Revenues from crude oil sales, net of royalties were $56,699,000 against $28,667,000 for the same period of last year.

For the third quarter, the company lifted and sold 583,000 net barrels of oil at an average price of $49.07 per barrel, compared to 571,000 net barrels at an average price of $50.20 during the same period 2015. Average net daily production for the quarter was approximately 6,100 barrels of oil per day, compared to 10,200 net barrels of oil per day for the same period 2015. The period-over-period decline in production is due to a combination of the revised well management policy to prevent excessive gas production, temporary loss of Oyo-7 production and natural production decline.