CALGARY, April 18, 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, further to its
press release dated March 28, 2014,
the Company has paid a previously agreed upon deposit of
$25 million for the extension of the
outside completion date for the acquisition of the Nigerian
Upstream Oil and Gas Business of ConocoPhillips (NYSE: COP). The
$25 million deposit was required to
be paid following the inability of the parties to obtain the
consent of the Honourable Minister of Petroleum Resources in
Nigeria prior to April 11, 2014.
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,
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
(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 securities laws.
For further information:
Pade Durotoye, CEO
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
Jeremy Dietz/David Feick
Investor Relations
+1-403-218-2833
jdietz@tmxequicom.com
dfeick@tmxequicom.com