OER Completes Acquisition Of Medal Oil

Source: www.gulfoilandgas.com 7/11/2014, Location: Africa

Oando Energy Resources Inc has completed the acquisition of Medal Oil Company Limited. The purchase price of US$5,000,000 was satisfied by the issuance of 3,491,082 units, each unit consisting of one common share of the Company and one-half of one warrant to purchase an additional common share at a price of C$ 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 the (“CoP Acquisition”). Medal Oil holds a 5% interest in OML 131. Upon completion of the CoP Acquisition, OER will own a 100% interest in OML 131.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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