Oando Energy Resources Inc. announced financial and operating results for the year ended December 31, 2012.

Operational Highlights

• On December 20, 2012 the Company entered into an agreement with ConocoPhillips to acquire ConocoPhillips' Nigerian businesses for a total cash consideration of approximately US$1.79 billion. The closing of the acquisition is subject to customary conditions including the receipt (or waiver) of all approvals or consents from any governmental authority; and the waiver or non-exercise of rights of first refusal, if any, with respect to the shares to be acquired by OER and the assets underlying such shares; • On March 27, 2013 the Company announced that it had entered into binding documentation to acquire a 40% working interest in the Qua Ibo Marginal Field within OML 13, located onshore Nigeria, adding 1.04 Mmboe of Proved plus Probable (2P) Reserves and 2.37 Mmboe of Best Estimate (2C) Resources (net to OER). The acquisition is subject to approval by the TSX. For further details see the Company's press release dated March 27, 2013; • 4,051 boepd in average net production for the year ended December 31, 2012. This represented an 18% decrease from the previous year; • $133.7 million in revenue from the sale of crude for the year ended December 31, 2012. This represented a 15% decrease from the previous year and was attributable to lower production in 2012 compared to 2011. This was a result of the natural decline in the reservoirs of the producing fields; and shut in of wells in OML 56 (Ebendo) field as was earlier announced;

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