VANCOUVER, Oct. 9, 2012 /CNW/ - ECO (ATLANTIC) OIL AND
GAS LTD. (TSX-V: EOG, NSX: EOG) Eco (Atlantic) Oil & Gas
Ltd. ("Eco Atlantic" or the "Company") is pleased to
announce that the Government of Namibia Ministry of Mines and
Energy has approved in whole, the requested amendments to the work
program on the Company's onshore Coal Bed Methane ("CBM")
license Blocks 2013B, 2014B and 2114A in the Huab Basin and Block
2418 in the Aranos Basin, (collectively, the "Licenses")
onshore Namibia to include the
expansion of Licenses to cover the exploration of shale gas in
addition to the current exploration for CBM.
Approval was also granted to amend the work
program to include a detailed exploratory well on each of the two
blocks by 2015 instead of 2012, which will analyze gas content and
economic potential in both the Coal and the Shale.
Gil
Holzman, President and Chief Executive Officer
of Eco Atlantic commented, "With the information
obtained as a result of the completion of our first phase of the
exploration program and recent environmental work on our onshore
licenses, the Company moved to apply for an amendment to the work
program and an expansion of the Licenses to include shale gas. The
inclusion of shale allows the Company to take a more vigorous
exploration approach to explore for all unconventional energy
resources on these Licenses. With these approved amendments, the
Licenses are more attractive to potential farm-in partners as the
Company undergoes a process to negotiate with international oil and
gas companies focused on unconventional gas resources."
In the Ministry of Mines and Energy formal
approval Namibian Petroleum Commissioner, commended the
Company on its completion of Phase 1 of the CBM Licenses: "…we
would like to applaud Eco Oil and Gas for the completion of the
Phase 1 work program of desktop studies as stipulated in the
Petroleum Agreements for the coal bed methane exploration
licenses."
Engagement of Questrade Inc.
Eco Atlantic is also pleased to announce that it
has retained Questrade, Inc. to provide market-making services, in
accordance with TSX Venture Exchange guidelines. Questrade
will trade shares of the Company on the Exchange for the purpose of
improving liquidity in the Company's shares.
The term of the agreement is for one year,
beginning October 8, 2012, at a cost
of $5,500 per month. Questrade
will not receive shares or options as compensation. The
Company and Questrade are unrelated and unaffiliated entities, but
Questrade and its clients may have or may acquire a direct interest
in the Company's securities.
About Questrade
Questrade Inc. provides Canadians with
high-speed, direct access trading in the U.S. and Canadian stock
and options markets through its IQ trading platforms. Questrade
offers market making services on behalf of TSX and TSX Venture
Exchange listed companies, providing liquidity on the stock
exchange for shareholders.
Contact: Eitan Spiro, Market
Making Sales Representative
5650 Yonge St., Suite 1700, Toronto,
ON, M2M 4G3
espiro@questrade.com
Phone 416.227.9876 x855
Toll Free 1.888.783.7866 x855
Fax 647.776.7720
About Eco Atlantic
Eco Atlantic is an oil and gas exploration
company focused on the new and bourgeoning petroleum opportunity in
Namibia. Through its wholly owned
Namibian subsidiary, Eco Namibia, it holds five petroleum licenses
issued by the Government of the Republic of Namibia. Eco Namibia holds three offshore
license blocks covering more than 25,000 square kilometers
(6,177,000 acres), in the Walvis Basin. Eco Namibia also holds two
onshore license blocks covering 30,000 square kilometers
(7,413,000 acres). Eco Namibia enjoys a strong local presence, and
has a longstanding relationship with the energy and oil and gas
sector in Namibia and in 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; 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;
ability to obtain government and regulatory approval; 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.
In addition, statements relating to
"resources" or "prospective resources" are deemed to be
forward-looking statements as they involve the implied assessment,
based on certain estimates and assumptions, that the resources and
prospective resources described exist in the quantities predicted
or estimated and can be profitably produced in the future.
There is no certainty that any portion of the resources or
prospective resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to
produce any portion of the resources.
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.