Oando Energy Resources increases deposit for acquisition of Nigerian Upstream Oil and Gas Business of ConocoPhillips

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.
[e-mail]
[phone]

Tokunboh Akindele
Head Investor Relations
Oando Energy Resources Inc.
[e-mail]
[phone]

Jeremy Dietz/David Feick
Investor Relations
[phone]
[e-mail]
[e-mail]