ERHC Energy Inc (ERHE)

[manuel06]

Oando, in a statement on Tuesday, said the two companies “are pleased to announce that they have entered into a term sheet dated July 28, 2011, providing for, subject to the completion of satisfactory due diligence by both parties and other conditions, the acquisition by Exile of certain interests of Oando in respect of Oil Mining Leases and Oil Prospecting Licenses (Upstream Assets) in exchange for 100 million post-consolidation common shares in the capital of Exile.”TORONTO - Exile Resources Inc. (TSXV:ERI) has struck a deal to buy oil exploration licences in Nigeria from Oando PLC , a Nigerian-based energy company.

In return, Exile said Tuesday, the Canadian company will pay 100 million of its shares to Oando after a planned share consolidation.

The leases are a combination of producing, development and appraisal and exploration assets and focus on oilfields onshore and offshore Nigeria.

"We are very excited about this proposed transaction with Oando to build the leading indigenous upstream oil and gas company in Africa and believe this will produce great value for our Exile shareholders," Stan Bharti, Exile's chairman, said in a release.

The deal is subject to a definitive agreement, which the two companies will try to negotiate.

Exile and Oando are joint venture partners on Exile's Akepo oilfield in Nigeria.

In trading on the TSX Venture Exchange, Exile shares fell 1.5 cents to 7.5 cents, a drop of 16.7 per cent.

It says aquisition by Exile

maybe the TSX doesnt like the way Forbes manhattan group runs their businesses and their books require cleaning and updating.I say this because they have some companies in Iraq and are just playing stalling to sell games there ,as those companies are broke. JMO