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Eco Atlantic Receives Namibian Government Approval to Expand Onshore Licenses to Include Shale Gas

Toronto, Ontario October 9, 2012 / CNW: ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V: EOG, NSX: EOG) Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) is pleased to announce that the Government of Namibia Ministry of Mines and Energy has approved in whole, the requested amendments to the work program on the Company’s onshore Coal Bed Methane (“CBM”) license Blocks 2013B, 2014B and 2114A in the Huab Basin and Block 2418 in the Aranos Basin, (collectively, the “Licenses”) onshore Namibia to include the expansion of Licenses to cover the exploration of shale gas in addition to the current exploration for CBM.

Approval was also granted to amend the work program to include a detailed exploratory well on each of the two blocks by 2015 instead of 2012, which will analyze gas content and economic potential in both the Coal and the Shale.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented, “With the information obtained as a result of the completion of our first phase of the exploration program and recent environmental work on our onshore licenses, the Company moved to apply for an amendment to the work program and an expansion of the Licenses to include shale gas. The inclusion of shale allows the Company to take a more vigorous exploration approach to explore for all unconventional energy resources on these Licenses. With these approved amendments, the Licenses are more attractive to potential farm-in partners as the Company undergoes a process to negotiate with international oil and gas companies focused on unconventional gas resources.”

In the Ministry of Mines and Energy formal approval Namibian Petroleum Commissioner, commended the Company on its completion of Phase 1 of the CBM Licenses: “…we would like to applaud Eco Oil and Gas for the completion of the Phase 1 work program of desktop studies as stipulated in the Petroleum Agreements for the coal bed methane exploration licenses.”

Engagement of Questrade Inc.

Eco Atlantic is also pleased to announce that it has retained Questrade, Inc. to provide market-making services, in accordance with TSX Venture Exchange guidelines.  Questrade will trade shares of the Company on the Exchange for the purpose of improving liquidity in the Company’s shares.

The term of the agreement is for one year, beginning October 8, 2012, at a cost of $5,500 per month.  Questrade will not receive shares or options as compensation.  The Company and Questrade are unrelated and unaffiliated entities, but Questrade and its clients may have or may acquire a direct interest in the Company’s securities.

About Questrade

Questrade Inc. provides Canadians with high-speed, direct access trading in the U.S. and Canadian stock and options markets through its IQ trading platforms. Questrade offers market making services on behalf of TSX and TSX Venture Exchange listed companies, providing liquidity on the stock exchange for shareholders.

Contact: Eitan Spiro, Market Making Sales Representative
5650 Yonge St., Suite 1700, Toronto, ON, M2M 4G3
Phone 416.227.9876 x855
Toll Free 1.888.783.7866 x855
Fax 647.776.7720      

About Eco Atlantic

Eco Atlantic is an oil and gas exploration company focused on the new and bourgeoning petroleum opportunity in Namibia. Through its wholly owned Namibian subsidiary, Eco Namibia, it holds five petroleum licenses issued by the Government of the Republic of Namibia. Eco Namibia holds three offshore license blocks covering more than 25,000 square kilometers (6,177,000 acres), in the Walvis Basin. Eco Namibia also holds two onshore license blocks covering 30,000 square kilometers (7,413,000 acres). Eco Namibia enjoys a strong local presence, and has a longstanding relationship with the energy and oil and gas sector in Namibia and in 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.

For More Information on Eco Atlantic Contact

Gil Holzman

President and Chief Executive Officer
Tel: +972.508 884529 Tel: +1.416.361.2211

Julia Maxwell
Manager, Investor Relations

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; ability to obtain government and regulatory approval; 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.

In addition, statements relating to “resources” or “prospective resources” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the resources and prospective resources described exist in the quantities predicted or estimated and can be profitably produced in the future. There is no certainty that any portion of the resources or prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

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.