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    Oando reduces debt by converting loan to equity

    Oando Energy Resources Inc.

    Oando Energy Resources Inc. (TSX:OER), a company focused on oil and gas exploration and production in Nigeria, reports the conversion to equity of principal and interest in the amount of US$98 million, outstanding under the US$ 1.2 billion facility agreement dated Feb. 10 with Oando Plc. US$41 million of principal remains outstanding under the Oando loan and an aggregate principal amount of US$292 million remains available to be drawn under the Oando loan.

    OER has issued 68,144,115 units to Oando Resources Ltd., a subsidiary of Oando Plc, as repayment of amounts outstanding under the Oando loan at a conversion price of C$1.57 per unit. Each unit consists of one common share of the company and one-half of one warrant to purchase an additional common share at a price of CAD$ 2.00 per common share (each whole common share purchase warrant being a "warrant") up until July 30, 2016, a 24-month period from which the company closed the acquisition of the Nigerian upstream oil and gas business of ConocoPhillips.

    The terms of the units, other than the denomination of the conversion price and exercise price in US dollars, have the same terms as the units issued to third-party investors and Oando Resources on previous tranches.

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