ERJ 145 First Officer reported irregular oil pressure and #1 engine failure while in climb. The flight crew expeditiously returned to departure airport.

Narrative

As we took off from ZZZ and climbed out to approximately 3000 feet; we heard a 'bang' and realized we lost thrust on Engine #1. Engine #1 was trending for high oil pressure; but on takeoff; never reached the amber level. We had Engine 1 OUT EICAS message. I was pilot flying at the time but when we realized what had happened; the Captain took over. We were stable and continued our climb to 5000 feet after advising ATC. We informed the FA (Flight Attendant) what had happened and that we were returning to ZZZ. We advised ATC to call the company and that we would like a vector to the downwind. The FA called back a bit later and informed us she smelled a strange odor; but no smoke was present. This caused us to expedite our return to the field. I ran the QRH procedure for Engine Out and then the Single Engine Approach and Landing. Once the procedures were completed; we landed. The fire department advised us that the engine was not on fire and had no visible damage. We taxied to the gate with them following us just to be sure and deplaned normally.As previously mentioned; the aircraft had an SIL (Service Information Letter) for Engine 1 Oil Pressure trending high. I would suggest we look deeper into engine failures resulting from this SIL and find a way to fix the issue for why it is trending rather than SIL'ing each time. I would greatly appreciate if the findings of the reason behind this failure would be shared with myself and my Captain.