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Oando Energy Resources Extends Completion Date For Acquisition Of Nigerian Upstream Oil And Gas Business Of ConocoPhillips

CALGARY, Alberta, March 3, 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 releases dated December 20, 2012, September 16, 2013, November 28, 2013 and January 31, 2014, the outside date for completion of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips (NYSE: COP) (the " ConocoPhillips Acquisition") has been extended to March 31, 2014.

Pursuant to an amendment agreement executed with ConocoPhillips on February 28 2014, Oando Energy Resources and ConocoPhillips agreed, amongst other things, to extend the outside date for completion of the ConocoPhillips Acquisition from February 28, 2014 to March 31, 2014 to enable the companies to satisfy all closing conditions including the anticipated consent of the Honourable Minister of Petroleum Resources in Nigeria.

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.

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