Toronto â€" October 27, 2014 â€" Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSX-V:EOG, NSX:EOG) is pleased to announce that it has acquired two previously shot 2D seismic surveys totaling 2,922 line Km (“Surveys”) on its Sharon Block 2213 A&B ( “Sharon”), Walvis Basin, offshore Namibia, of which the Company is Operator. These Surveys provide extensive coverage in one of the Company’s focus areas. Eco Atlantic is also the Operator of its Cooper Block, where, in partnership with Tullow Kudu Limited, it is currently running a 1,097 Km 3D program with PGS Geophysical, as announced October 16, 2014.
Colin Kinley, Chief Operating Officer of Eco Atlantic stated, “This has been a busy and constructive year for Eco Atlantic and its partners, and fits well with our strategy and analysis of the Walvis Basin. The Cooper 3D program is progressing well and we hope to complete with 1,097 Klm2 program by mid-November.” Kinley further stated, “This newly acquired 2D program on Sharon was shot previously and the data quality looks good from our review of the lines. We are advancing our interpretation and knowledge of the basin as a result of previous wells drilled in the region and the availability of good quality information. By season’s end this year, we also hope to shoot an additional 1,000 Km of new 2D data on our Guy Block. With our knowledgeable partners, we are advancing our understanding of this play. We have steadily progressed with our exploration and interpretation and continue to build confidence in defining the potential of our licenses in this prospective oil play, which should assist in attracting additional partners.”
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company’s objective is to identify technically merited prospective new and developing projects in frontier areas requiring low cost entry. Through a wholly owned Namibian subsidiary (“Eco Namibia”), the Company currently holds three offshore petroleum license blocks covering more than 25,000 square kilometers in the Walvis Basin and one license block covering 23,000 square kilometers, which includes both onshore and offshore areas. Founded in 2008, Eco Namibia enjoys a strong local presence and has a longstanding relationship with the energy and oil and gas sector in Namibia and other maturing exploration plays in Africa.
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, 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.
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President and Chief Executive Officer
Investor Relations Manager
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