Oando Energy Resources Inc. has entered into an agreement with ConocoPhillips to acquire ConocoPhillips' Nigerian businesses for a total cash consideration of approximately US$1.79 billion, subject to customary adjustments (the "Proposed Acquisition"). ConocoPhillips' Nigerian businesses consist of:

Pursuant to the Proposed Acquisition, OER will indirectly purchase all of the issued share capital of POCNL, PBL, CEPNL and PDENL. Upon closing, the effective date of the Proposed Acquisition will be January 1, 2012.

In connection with the Proposed Acquisition, OER has retained The Petroleum and Renewable Energy Company Limited ("Petrenel"), OER's independent reserves evaluator, to prepare a report on the reserves and resources of OMLs 60, 61, 62 and 63 (together, the "Onshore Assets") and OML 131 and OPL 214 (together, the "Offshore Assets") proposed to be acquired under the Proposed Acquisition.

Tags: Oando Energy Resources Inc.