Last updated on April 16, 2014 at 8:57 EDT

Oando Energy Resources Announces Changes to Board of Directors

October 18, 2012

CALGARY, Alberta, October 18, 2012 /PRNewswire/ –

Oando Energy Resources Inc. (“OER” or the “Company”) (TSX: OER), a company focused on
oil exploration and production in Nigeria, today announced the appointment of Bill Watson
to the OER Board of Directors and the resignations of Mr. Tony Henshaw and Mr. Stan
Bharti, who resigned from the board to focus on other initiatives.

“We look forward to welcoming Bill to the OER Board of Directors. His wide
international experience and his Technical and Leadership experience will undoubtedly
compliment our leadership team and we look forward to working with him in the future,”
said Adewale Tinubu, Chairman of OER’s Board of Directors. “I would also like to thank
Tony and Stan for the significant roles they played in the creation and evolution of our
Company. We wish them well in their future endeavors.”

Bill Watson is a seasoned oil and gas professional with more than 35 years of
progressive experience. For the past 20 years he has held executive and middle management
roles both internationally and in North America. He most recently served as Husky Energy’s
Chief Operating Officer, S.E. Asia where he was responsible for managing Husky Energy’s
S.E. Asia Business activities. Prior to this, he held the position of VP Engineering and
Projects at Husky Energy where he was the Lead Officer responsible for the strategies and
execution plans of all Husky projects worldwide. Mr. Watson has also held senior E & P
leadership positions with Marathon Oil, Amerada Hess, Triton Energy and Occidental.

About Oando Energy Resources Inc. (OER)

OER currently has a broad suite of producing, development and exploration properties
in the Gulf of Guinea (predominantly in Nigeria) with current production of approximately
4,500 barrels of oil per day. OER has been specifically structured to take advantage of
current opportunities for indigenous companies in Nigeria, which currently has the largest
population in Africa, and one of the largest oil and gas resources in Africa.

Forward Looking Statements:

This news release contains forward-looking statements and forward-looking information
within the meaning of applicable securities laws. The use of any of the words “expect”,
“anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”,
“should”, “believe”, “plans”, “intends” and similar expressions are intended to identify
forward-looking information or statements. In particular, this news release contains
forward-looking statements relating to the intended Acquisition.

Although the Company believes that the expectations and assumptions on which such
forward-looking statements and information are reasonable, undue reliance should not be
placed on the forward-looking statements and information because the Company can give no
assurance that such statements and information will prove to be correct. Since
forward-looking statements and information address future events and conditions, by their
very nature they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not limited to: risks related to
international operations, the actual results of current exploration and drilling
activities, changes in project parameters as plans continue to be refined and the future
price of crude oil. Accordingly, readers should not place undue reliance on the
forward-looking statements. Readers are cautioned that the foregoing list of factors is
not exhaustive.

There is no certainty that any portion of the resources referred to herein will be
discovered and, if discovered, there is no certainty that it will be commercially viable
to produce any portion of the resources.

Additional information on these and other factors that could affect the Company’s
financial results are included in reports on file with applicable securities regulatory
authorities and may be accessed through the SEDAR website (http://www.sedar.com) for the
Company. The forward-looking statements and information contained in this news release are
made as of the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable securities laws.

Contact Information:

        Pade Durotoye, CEO
        Oando Energy Resources Inc.

        Tokunboh Akindele
        Head Investor Relations
        Oando Energy Resources Inc.

        Jeremy Dietz/David Feick
        Investor Relations

SOURCE Oando Energy Resources Inc.

Source: PR Newswire