Oando Energy Resources reduces debt by US$98 million through conversion of Oando Plc loan to equity

Oando Energy Resources reduces debt by US$98 million through conversion of 
Oando Plc loan to equity 
CALGARY, Aug. 21, 2014 /CNW/ - Oando Energy Resources Inc. ("Oando Energy 
Resources" or the "Company") (TSX:OER), a company focused on oil and gas 
exploration and production in Nigeria, is pleased to announce the conversion 
to equity of principal and interest in the amount of US$ 98 million, 
outstanding under the US$ 1.2 billion facility agreement dated 10 February, 
2014 with Oando Plc (the "Oando Loan") (the "Conversion").  US$ 41 million of 
principal remains outstanding under the Oando Loan and an aggregate principal 
amount of approximately US$ 292 million remains available to be drawn under 
the Oando Loan. 
OER has issued 68,144,115 units (the "Units") to Oando Resources Limited 
("Oando Resources"), a subsidiary of Oando Plc, as repayment of amounts 
outstanding under the Oando Loan at a conversion price of C$1.57 per Unit. 
Each Unit consists of one common share of the Company (a "Common Share") and 
one-half of one warrant to purchase an additional Common Share at a price of 
CAD$ 2.00 per Common Share (each whole common share purchase warrant being a 
"Warrant") up until 30 July 2016, a 24 month period from which the Company 
closed the acquisition of the Nigerian upstream oil and gas business of 
ConocoPhillips. The terms of the Units, other than the denomination of the 
conversion price and exercise price in United States dollars, have the same 
terms as the Units issued to third party investors and Oando Resources on 
previous tranches. 
Prior to the completion of the Conversion, Oando Plc owned, and exercised 
control or direction over, 677,963,723 Common Shares, representing 
approximately 93.2% of the issued and outstanding Common Shares. As a result 
of the Conversion, Oando Plc currently beneficially owns, or exercises control 
or direction over, 746,107,838 Common Shares, representing approximately 93.8% 
of the issued and outstanding Common Shares. Assuming exercise of the Warrants 
and warrants previously issued to Oando Plc on previous tranches of the loan, 
Oando Plc would beneficially own, or exercise control or direction over, 
1,071,500,708 Common Shares, representing approximately 95.6% of the Company's 
issued and outstanding Common Shares; however, Oando Plc is restricted from 
exercising any warrants that would result in its ownership of the Company 
exceeding 94.6%. 
Amounts owing under the Oando Loan in the future may be converted into Units 
at one or more prices to be determined in accordance with the pricing 
mechanism described in OER's press release dated February 10, 2014. 
A copy of the early warning report required to be filed with the applicable 
securities commissions in connection with the Conversion will be available for 
viewing at www.sedar.com or can be obtained by contacting Ayotola Jagun, Chief 
Compliance Officer & Company Secretary of Oando Plc, by email at 
ajagun@oandoplc.com or by telephone on +234 806 9806190. 
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 
and uncertainties. 
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, successful and timely integration of the 
business, subsidiaries and assets acquired from ConocoPhillips, 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 
securities laws.

SOURCE  Oando Energy Resources Inc. 
Pade Durotoye Chief Executive Officer Oando Energy Resources Inc. 
pdurotoye@oandoenergyresources.com +1 403-561-1713 
Tokunboh Akindele Head, Investor Relations Oando Energy Resources Inc. 
takindele@oandoenergyresources.com +1 403-560-7450 
David Feick Investor Relations +1 403-218-2833 dfeick@tmxequicom.com 
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CO: Oando Energy Resources Inc.
ST: Alberta
-0- Aug/21/2014 22:09 GMT
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