TORONTO, May 16, 2012 /CNW/ - Eco (Atlantic) Oil &
Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V: EOG, NSX:
EOG) is pleased to announce the Company has appointed
Peter Nicol to the Board of
Directors, subject to confirmation from the TSX Venture Exchange,
and Alan Rootenberg as Chief
Financial Officer ("CFO") of the Company.
The incoming board member, Peter Nicol, brings over 20 years experience in
the oil and gas sector. Prior to joining the Board of Eco Atlantic,
he was a partner in GMP Securities Europe as the Head of the Oil
and Gas, Research team, and responsible for initiating coverage and
finance of over 36 international E&P Companies. Peter also
previously held positions with ABN
AMRO as Global Sector Director of Oil and Gas research, and
as Executive Director, Head of European Oil and Gas Research at
Goldman Sachs. Mr. Nicol holds a BSc in Mathematics and Economics
from Strathclyde University in
Glasgow.
The incoming CFO, Alan
Rootenberg, is a chartered accountant with experience in the
mineral exploration and oil and gas industries, and is the former
CFO of Volta Resources (TSX: VTR). Mr. Rootenberg has served as a
senior executive for number of publicly traded companies including
serving as President and Chief Executive Officer of a TSXV listed
company. Mr. Rootenberg has a Bachelor of Commerce degree
from the University of the Witwatersrand in Johannesburg, South Africa and received his
Chartered Accountant designation in both South Africa and in Ontario, Canada.
Mr. Rootenberg is replacing Carmelo Marrelli of Marrelli Support, the
Company's current CFO. Effective immediately, Mr. Rootenberg has
resigned from his current directorship on the Board of Directors to
focus exclusively on his role as CFO. Eco
Atlantic would like to thank Carmelo and his team for their
assistance and guidance in the Company's transition into a
significant oil and gas exploration company.
In compliance with the Company's option plan,
Eco Atlantic has granted 350,000 incentive stock options to
Peter Nicol in connection with his
appointment as director. Terms of the options include an exercise
price of $0.68 per common share, and
a vesting schedule allowing for the vesting of the options granted
in three equal installments, with 1/3 vesting May 16, 2012, 1/3 vesting May 16, 2013 and 1/3 vesting May 16, 2014. The options expire on May 16, 2017. Subsequent to this grant, the total
number of options outstanding is 5,130,000.
Moshe Peterburg, Chairman of Eco Atlantic
commented, "We are very fortunate and honored to welcome
Peter Nicol to our Board of
Directors. His caliber of expertise of the oil and gas sector and
his significant technical knowledge no doubt, strengthens our team,
and also greatly benefits the Company as we move forward on our
exploration program in the prospective Walvis Basin, offshore
Namibia. Peter's extensive
resume of oil & gas analysis and research will enable the
Company to greater evaluate and define our current resources, and
enhance our technical team's valuation of the Company's third
License, the Guy Block, which we expect a completed resource report
very soon." He added, "Furthermore, I am very happy to
welcome Alan Rootenberg as Chief
Financial Officer. Although, this means he will no longer be on the
Board of Directors, we will continue to value his expertise and
guidance as a member of senior management. We look forward to
working with him in his new role as the Company continues to
grow."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration
company focused on the new and bourgeoning energy play in
Namibia. Through its wholly owned
Namibian subsidiary, it holds five petroleum licenses issued by the
Government of the Republic of Namibia. Offshore in the Walvis Basin, Eco
Namibia holds three license blocks covering more than 25,000 square
kilometers (6,177,000 acres). Onshore, Eco Namibia holds two
license blocks covering 30,000 square kilometers (7,413,000
acres). Eco Namibia, founded in 2008, enjoys a strong local
presence, and has a longstanding relationship with the energy and
oil and gas sector in Namibia and
the region. The terms and conditions of these licenses are
regulated by agreements signed by Eco with the Government of the
Republic of Namibia in
March 2011.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING
STATEMENTS: Certain information in this press release constitutes
forward-looking statements under applicable securities law. Any
statements that are contained in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expects" and similar
expressions. Forward-looking statements necessarily involve
known and unknown risks, including, without limitation, risks
associated with oil and gas production and exploration, marketing
and transportation; retention of and ability to attract Company
personnel, regulatory approvals, loss of markets; volatility of
commodity prices; currency and interest rate fluctuations;
imprecision of reserve estimates; environmental risks; competition;
inability to access sufficient capital from internal and external
sources; changes in legislation, including but not limited to
income tax, environmental laws and regulatory matters. Readers are
cautioned that the foregoing list of factors is not
exhaustive.
Although Eco Atlantic believes in light of
the experience of its officers and directors, current conditions
and expected future developments and other factors that have been
considered appropriate that the expectations reflected in this
forward-looking information are reasonable, undue reliance should
not be placed on them because Eco Atlantic can give no assurance
that they will prove to be correct. The forward-looking statements
contained in this press release are made as of the date hereof and
Eco Atlantic 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.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
SOURCE Eco Oil & Gas (Atlantic) Ltd.