Oando Energy Resources Inc. 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.

Tags: Oando Energy Resources Inc.