Oando Energy Resources completes US$5 million acquisition of Medal Oil

Fasken Martineau advised TSX listed Oando Energy Resources Inc. (“OER”), a company focused on oil exploration and production in Nigeria, on its acquisition of all of the shares of Medal Oil Company Limited (“Medal Oil”). The price of US$5 million was satisfied by the issuance of 3,491,082 units, each unit consisting of one common share of the company and one-half of one warrant to purchase an additional common share at a price of C$2.00 per common share for a period of 24 months from the date on which the company closes the acquisition of the Nigerian upstream oil and gas business of ConocoPhillips. Medal Oil holds a 5% interest in Oil Mining Lease (“OML”) 131. As a result of the acquisition of Medal Oil, as well as completion of the acquisition by OER of the Nigerian upstream oil and gas business of ConocoPhillips, the company holds a 100% interest in OML 131. Fasken Martineau advised Oando Energy Resources with a team led by Abayomi Akinjide and included Al Gourley, Jodi Katz and Vanessa McMinn (corporate).