TSX-V : EOG   Last Price: 0.54   Change: 0.01   Volume: 5105   Details (+)


Eco Atlantic Appoints New Director and CFO

Toronto, Ontario May 16, 2012– 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.

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