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Eco Atlantic Successfully Closes Non-Brokered Private Placement

Toronto, Ontario January 9, 2012 – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSX-V: EOG) is pleased to report that it has closed its previously announced non-brokered private placement (the “Offering”) by issuing 9,874,682 units at a price of $0.60 per unit for a total dollar amount of approximately CDN$5,925,000. 

Each unit consists of one common share and one half of a common share purchase warrant, with each full warrant exercisable at $1.00 for 18 months. The Company paid aggregate cash commissions of $212,550 and issued a total of 353,415 warrants as finders' fees in connection with the Offering. Each finder's fee warrant entitles the holder to purchase one common share at CAD$1.00 exercisable for 24 months.

The common shares and common share purchase warrants issued at closing are, and the common shares issued upon exercise of the common share purchase warrants will be, subject to resale restrictions pursuant to applicable securities laws requirements and notably to a hold period of four months plus one day from the closing date, expiring on May 7, 2012. The Offering remains subject to final acceptance by the TSX Venture Exchange.

As announced on December 22, 2011, Azimuth Ltd. (“Azimuth”), an exploration and production company jointly owned by Seacrest Capital Ltd. and Petroleum Geo-Services ASA (“PGS”) has subscribed for CDN$3 million as part of the Offering and will also acquire a 20 percent working interest in each of Eco Atlantic's offshore Namibia licenses, in return for financing 40 percent of the cost of 3-D seismic surveys.

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, 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; 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.

For More Information on Eco Atlantic Contact

Gil Holzman
President and Chief Executive Officer
Tel: 972.508884529

Julia Maxwell
Manager, Investor Relations
Tel: 416.361.2211