Oando Energy Resources Announces Closing of Qua Ibo Acquisition
CALGARY, Alberta, April 30, 2013
CALGARY, Alberta, April 30, 2013 /PRNewswire/ --
Oando Energy Resources Inc. ("OER" or the "Company") (TSX: OER), a company
focused on oil exploration and production in Nigeria, today announced the
closing of its acquisition from Oando Plc ("Oando") of shares in Oando Qua Ibo
Limited (which holds a 40% participating interest in the Qua Ibo Field) and
Oando Reservoir and Production Services Limited respectively.
As was announced on March 27, 2013, OER signed binding documentation with
Oando to indirectly acquire, from Oando, equity interests in Oando Qua Ibo
Limited, a Nigerian company established to hold a 40% participating interest
in the Qua Ibo Marginal Field within OML 13, and Oando Reservoir and
Production Services Limited, a Nigerian company (collectively, the
"Acquisition"). Oando currently holds 94.6% of the issued and outstanding
common shares of OER.
No securities of OER were issued in relation to the Acquisition and closing of
the Acquisition will not result in any changes to the shareholders of OER.
About Oando Energy Resources Inc. (OER)
OER currently has a broad suite of producing, development and exploration
properties in the Gulf of Guinea (predominantly in Nigeria) with current
production of approximately 4,300 barrels of oil per day from the Abo Field in
OML 125 and the Ebendo Field in OML56. OER has been specifically structured to
take advantage of current opportunities for indigenous companies in Nigeria,
which currently has the largest population in Africa, and one of the largest
oil and gas resources in Africa.
Forward Looking Statements:
This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws.The use of any
of the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking information
Although the Company believes that the expectations and assumptions on which
such forward-looking statements and information are reasonable, undue reliance
should not be placed on the forward-looking statements and information because
the Company can give no assurance that such statements and information will
prove to be correct. Since forward-looking statements and information address
future events and conditions, by their very nature they involve inherent risks
Actual results could differ materially from those currently anticipated due to
a number of factors and risks. These include, but are not limited to: risks
related to international operations, the actual results of current exploration
and drilling activities, changes in project parameters as plans continue to be
refined and the future price of crude oil. Accordingly, readers should not
place undue reliance on the forward-looking statements. Readers are cautioned
that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect the
Company's financial results are included in reports on file with applicable
securities regulatory authorities and may be accessed through the SEDAR
website ( http://www.sedar.com ) for the Company. The forward-looking
statements and information contained in this news release are made as of the
date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
For further information:
Pade Durotoye, CEO Oando Energy Resources Inc.
Tokunboh Akindele Head Investor Relations Oando Energy Resources Inc.
Jeremy Dietz/David Feick Investor Relations +1-403-218-2833
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