Oando Energy Resources Announces Changes to Board of Directors

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.
pdurotoye@oandoenergyresources.com
+1-403-561-1713

Tokunboh Akindele
Head Investor Relations
Oando Energy Resources Inc.
takindele@oandoenergyresources.com  
+1-403-560-7450

Jeremy Dietz/David Feick
Investor Relations
+1-403-218-2833
jdietz@equicomgroup.com
dfeick@equicomgroup.com