This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

OER Signs Documentation To Acquire 40% Participating Interest In Qua Ibo Marginal Field Within OML 13

CALGARY, Alberta, March 27, 2013 /PRNewswire/ --

Oando Energy Resources Inc. (" OER" or the " Company") ( TSX: OER) is pleased to announce that, further to its press release dated September 17, 2012, it has signed binding documentation (" Final Agreements") with Oando Plc (" Oando"), to indirectly acquire, from Oando, equity interests in Oando Qua Ibo Limited (" OQI"), a Nigerian company established to hold a 40% participating interest in the Qua Ibo Marginal Field within Oil Mining Lease 13 (" OML 13") located onshore Nigeria, and Oando Reservoir and Production Services Limited, a Nigerian company (" ORPS" and together with OQI, the " OQI Companies") (collectively, the " Acquisition").  Oando currently holds 94.6% of the issued and outstanding common shares of OER.  No securities of OER will be issued in relation to the Acquisition and completion of the Acquisition will not result in any changes to the shareholders of OER.  The Acquisition is expected to close on or about April 12, 2013 (the " Closing Date"), subject to satisfaction of customary closing conditions.

Commenting, Pade Durotoye, OER's Chief Executive Officer, said "We are very excited about the transfer of this asset to the OER portfolio as we expect that it will significantly increase our resource base and our drive to create additional reserves and ramp up our production. The execution of the work programme for the development of this asset has already commenced and we look forward to it delivering value to us in the short term."

Asset Overview

The Qua Ibo Field is located onshore near the mouth of the Qua Ibo River in AkwaIbom state, approximately two kilometres from the Mobil Producing Nigeria Qua Ibo Terminal.

1 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,055.87 -116.81 -0.68%
S&P 500 1,982.77 -11.52 -0.58%
NASDAQ 4,508.6880 -19.0010 -0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs