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Toronto, Ontario November 19th, 2012/ CNW ECO (ATLANTIC) OIL & GAS LTD. (TSX-V: EOG, NSX: EOG.) Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) is pleased to report that it has closed its previously announced non-brokered private placement of common shares of the Company (the “Common Shares”) (the “Offering”). In connection with the Offering, which was over-subscribed, the Company issued 8,098,500 Common Shares at a price of $0.40 per Common Share for gross proceeds of $3,239,400.
President and Chief Executive Officer of Eco Atlantic, Gil Holzman, commented: “Completing the Offering in this challenging market is a strong sign of confidence by the international investment community in the Company and its prospective Namibian oil assets. The added capital strengthens our balance sheet and will be appliedto the progression of our offshore 3D seismic program and later farm out discussions. Offshore Namibia exploration activities of our neighboring peers will intensify in upcoming months with several new wells planned to spud in the beginning of 2013. With the increased activity in the region, we are well suited to enhance our own offshore work program and beyond.”
The Common Shares issued at closing are subject to a standard hold period of four months plus one day from the closing date, expiring on March 17th 2013.
The Company will pay up to 2% cash commission as finders' fees for certain orders in connection with the Offering.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the bourgeoning energy play in Namibia. Through its wholly owned Namibian subsidiary (“Eco Namibia”), it holds five Government of the Republic of Namibia issued petroleum licenses. Offshore, Eco Atlantic holds three license blocks covering more than 25,000 square kilometers (6,177,000 acres) and onshore, Eco Atlantic holds two license blocks covering 30,000 square kilometers (7,413,000 acres). Eco 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. 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:
President and Chief Executive Officer
Manager, Investor Relations