Oando Energy Resources Announces Closing of Qua Ibo Acquisition
CALGARY, Alberta, April 30, 2013 /PRNewswire/ --
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 Africa.
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 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, 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 (http://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.
For further information:
Pade Durotoye, CEO
Oando Energy Resources Inc.
Head Investor Relations
Oando Energy Resources Inc.
SOURCE Oando Energy Resources Inc.