CALGARY, July 11, 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 it has completed the
acquisition of Medal Oil Company Limited ("Medal Oil"). The purchase price of US$5,000,000 was satisfied by the issuance of
3,491,082 units, each unit consisting of one common share of the
Company and one-half of one warrant to purchase an additional common
share at a price of C$ 2.00 per common share for a period of 24 months
from the date on which the Company closes the acquisition of the
Nigerian upstream oil and gas business of ConocoPhillips the ("CoP Acquisition"). Medal Oil holds a 5% interest in OML 131. Upon completion of the
CoP Acquisition, OER will own a 100% interest in OML 131.
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
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
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 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 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.
For further information:
Pade Durotoye, CEO
Oando Energy Resources Inc.
Head Investor Relations
Oando Energy Resources Inc.
Jeremy Dietz/David Feick