Oando Energy Resources extends completion date for acquisition of Nigerian
Upstream Oil and Gas Business of ConocoPhillips
CALGARY, March 3, 2014 /CNW/ - Oando Energy Resources Inc. ("Oando Energy
Resources" or the "Company") (TSX: OER), a company focused on oil and gas
exploration and production in Nigeria, today announced that, further to its
press releases dated December 20, 2012, September 16, 2013, November 28, 2013
and January 31, 2014, the outside date for completion of the proposed
acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips
(NYSE: COP) (the "ConocoPhillips Acquisition") has been extended to March 31,
Pursuant to an amendment agreement executed with ConocoPhillips on February 28
2014, Oando Energy Resources and ConocoPhillips agreed, amongst other things,
to extend the outside date for completion of the ConocoPhillips Acquisition
from February 28, 2014 to March 31, 2014 to enable the companies to satisfy
all closing conditions including the anticipated consent of the Honourable
Minister of Petroleum Resources in Nigeria.
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
or statements. In particular, this news release contains forward-looking
statements relating to intended acquisitions.
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, completion of the ConocoPhillips
Acquisition on the terms described or in a timely manner, 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
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 under the Company's
profile on SEDAR website (www.sedar.com). 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
SOURCE Oando Energy Resources Inc.
Pade Durotoye, CEO Oando Energy Resources Inc.
firstname.lastname@example.org +1 403-561-1713
Tokunboh Akindele Head Investor Relations Oando Energy Resources Inc.
email@example.com +1 403-560-7450
Jeremy Dietz/David Feick Investor Relations +1 403-218-2833
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CO: Oando Energy Resources Inc.
NI: OIL MNA
-0- Mar/03/2014 11:21 GMT
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