CALGARY, April 30, 2013 /CNW/ - 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
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.
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, 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 (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 securities laws.
SOURCE: Oando Energy Resources Inc.
For further information:
Pade Durotoye, CEO
Oando Energy Resources Inc.
+1403 561 1713
Head Investor Relations
Oando Energy Resources Inc.
+1403 560 7450
Jeremy Dietz/David Feick
+1 403 218 2833