Oando Energy Resources Targets End July for Final Close of the $1.65 Billion
Acquisition of ConocoPhillips Nigerian Upstream Oil and Gas Business
CALGARY, Alberta, June 30, 2014
CALGARY, Alberta, June 30, 2014 /PRNewswire/ --
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 the Company and ConocoPhillips have entered into
an agreement to extend the outside date for completion of the proposed
acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips
(NYSE: COP) (the " ConocoPhillips Transaction ") to July 31, 2014.
The parties extended the outside closing date for completion of the
ConocoPhillips Acquisition to enable them to finalise activities required to
complete the transaction, having received the required 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 ( http://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
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
(OER. OER.WT. OER.WT.A.)
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