TSX-V : EOG   Last Price: 0.3   Change: -0.005   Volume: 19500   Details (+)

2011

Eco (Atlantic) Oil and Gas Ltd. to Commence Trading on the Toronto Venture Exchange

November 28, 2011


Dear Shareholders,

Eco Oil and Gas Ltd., now officially Eco (Atlantic) Oil and Gas Ltd (“Eco Atlantic” or the “Company”) is pleased to announce that it has received the final bulletin from the TSX-V authorizing the Company to  list its common shares on the TSX Venture Exchange (the “Exchange”) under the trading symbol “EOG”. Eco will begin trading under the symbol “EOG:TSX-V” tomorrow, Tuesday November 29, 2011. The Business Combination became unconditional and effective Friday, November 25, 2011, marking another significant milestone in the short life of the Company since inception.

Listing on the Toronto Venture Exchange is a significant step for Eco Atlantic as a means of attracting additional investors and finance to accommodate the Company’s exploration efforts onshore and offshore Namibia. The listing will provide improved liquidity and visibility for our shareholders and offers exposure to the public capital markets. The listing will also expose Eco Atlantic to major Energy and Petroleum companies seeking an opportunity to access Namibia's high profile oil and gas exploration sector.

Following the listing, Eco Atlantic will have 50,400,000 Common Shares issued and outstanding, 3,759,116 warrants and 4,560,000 options outstanding, fully diluted shares totaling 59,199,116.

The Company is also planning a celebratory “Ringing of the Bell” ceremony at the Toronto Stock Exchange to inaugurate the public listing during the second or third week of January 2012 combined with an official launch event. Details of the event will be provided as soon as possible.  

Corporate Update

On November 3, 2011 Eco Atlantic opened its local corporate office in Windhoek, Namibia, furthering the Company’s commitment and presence in the Country. The Company launched the local office by hosting an inaugural opening event at the new offices, down town Windhoek. The event was a great success and a very positive step for the Company. Attendees included family and friends, numerous media personnel, local and international Eco Atlantic team members, individuals from various ministries and more. Notable attendees included Minister of Mines and Energy, Isaac Katali, Director of Energy Selma Utoni, in the addition of three Ministers and NAMCOR Managing Director Robert Mwachilenga and Vice President Obed kajoze. The Company was also featured in every local newspaper and also featured on some TV stations. Click here to view the Media Articles

Namibia Sector Update

Chariot Oil & Gas Limited (AIM:CHAR), an Africa focused oil and gas exploration company recently announced that they commenced a 3D seismic acquisition program in its Central Blocks in conjunction with Petroleum Geo- Services (“PGS”). The program is expected to cover 3,500km² and take approximately 90 days to complete.

The Central Blocks - blocks 2312 A & B and Northern halves of 2412 A & B - are located just south of Eco’s Guy License- blocks 2213 A & B. These results could define multiple targets and the geographic proximity to Eco Atlantic's Cooper Block offshore, proves beneficial and informational for Eco’s technical work program. The increase in activity in the region and the significant progress of work programs is essential for the Country and shows the commitment to the Namibian Oil and Gas sector.

Chariot is planning to drill two wells during 2012. They recently received a drill permit from the Ministry of Mines and Energy on their Tapir South license, which they plan to drill as soon as possible. The second well on the Nimrod license, is subject to partners, British Petroleum (BP) and Petrobas’s approval and should commence during the middle of 2012. They are planning an extensive drill campaign for early 2013 which is comprised of 4-5 wells completed across their portfolio by the end of 2013.

HRT (TSXV:HRP, BM&Fbovspa: HRTP3 ) is also planning to drill four wells during 2012, two of which in the highly prospective Walvis Basin, in immediate proximity to Eco's blocks. The Map below outlines Eco’s license blocks (in red) surrounding HRT’s license (in grey).

In addition, Serica Energy (AIM & TSX: SQZ) confirmed on November 14, 2011 that it was awarded an 85% interest in a Petroleum Agreement covering four large blocks and part blocks in the prospective Luderitz Basin, offshore Namibia. The Licenses awarded include Blocks 2512A, 2513A, 2513B and 2612A (part) in the centre of the basin and covers an area of approximately 17,400 square kilometers.

The next few years will be transformational for Namibia’s oil and gas sector. With the increased awareness and interest in the sector, the introduction of significant players into the region, and the advances in exploration programs, the Country is on track to become an international oil and gas producer.

Because Eco (Atlantic) is now a publically listed company, this will be the final “Shareholders Update” as progress and developments will be disseminated through official TSX Press Releases. I would like to take this opportunity to thank you for your continued support and shared enthusiasm regarding Eco Atlantic. Despite the very difficult market conditions, management has delivered on its timelines and undertakings to date, culminating in the going public business combination this week. We continue to create value by achieving our milestones and progress our work programs.

We encourage you to follow the listing on Tuesday under the symbol EOG-TSXV, and of course welcome all positive interaction with the Company. Again, thank you for your loyalty and support, without which, none of this would be possible.

About Eco Oil & Gas

Eco Oil & Gas Ltd. is an integrated oil and gas exploration company focused on the new and bourgeoning energy play in Namibia. Eco's wholly owned subsidiary, Eco Oil & Gas (Namibia), founded in 2008, enjoys a strong local presence having a longstanding relationship with the energy and oil and gas sector in Namibia and the region. Offshore, the Company holds three license blocks covering more than 25,000 square kilometers (6,177,000 acres) and onshore, the Company holds two license blocks covering 30,000 square kilometers (7,413,000 acres). For further information regarding Eco Oil & Gas please visit www.ecooildandgas.com or contact Investor Relations at info@ecooilandgas.com

On Behalf of the management and board of Eco Oil & Gas ltd.  

 

“Gil Holzman”
President & CEO

&

“Moshe Peterburg”
Chairman