Oando Energy Resources Announces Year End Results & Reserves Update
Year End Reserves and Resources
OER also announces that it has filed its " Statement of Reserves Data And Other Oil and Gas Information" ("Form 51-101F1") for the year ended December 31, 2012. A copy of the Forms 51-101F1, 51-101F2 and 51-101F3 are available under the Company's profile on SEDAR at http://www.sedar.com and on the Company's website at http://www.oandoenergyresources.com.
The Company's Nigerian assets were evaluated, with an effective date of December 31, 2012, by qualified independent reserves engineers The Petroleum and Renewable Energy Company Limited ("Petrenel) in their report dated March 21, 2013 (the "Petrenel Report"). The Company's Nigerian assets were evaluated by Petrenel in accordance with the Canadian Oil and Gas Evaluation Handbook and presented in the Petrenel Report.
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 3,070 barrels of oil per day. 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. Cautionary Statements There is no certainty that it will be commercially viable to produce any portion of the Contingent Resources. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. See the Company's Form 51-101F1 filed under the Company's profile on SEDAR at http://www.sedar.com on April 1, 2013. Oil and Gas Equivalents
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