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Eco Atlantic Provides Interpretation of the Oil Proven in Regional Drilling Results - Source Rocks and High Grade Oil Confirmed in Walvis Basin, Offshore Namibia

Toronto, Ontario May 21, 2013– Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSX-V: EOG, NSX: EOG) provides technical interpretation of recent oil proven by HRT Participações em Petróleo S.A (“HRT”) in the Walvis Basin and announces appointment of David Dudkiewicz as Corporate Secretary of the Company.

HRT announced last night the results from drilling its Wingat-1 Prospect which confirmed that the well established two different source rocks, and proved that the source rock is in the oil generation window. The well discovered light grade oil and validates Eco Atlantic’s understanding of the presence of an oil kitchen in the Walvis Basin, which is home of the Company’s three offshore blocks.

This first of a three well drilling campaign in the region for HRT, is located some 200 km to the northwest of Walvis Bay, on Namibia’s Skeleton Coast. The Block 2212A and 2212B is located between Eco Atlantic’s Sharon and Guy Licenses and just to the South the Company’s Cooper License. HRT’s original target in this well was a carbonate reef platform charged by pre-Aptian source rocks. HRT announced completion of the drilling of this first well to a Total Depth of 5,000 meters. According to HRT’s public disclosure, the Wingat well established and identified two developed source rocks and encountered several bedded sand reservoirs which showed increasingly more oil shows with depth. Additionally, HRT announced that four oil samples of light grade oil (38 o to 42 o API) were retrieved from the well. The reservoir quality of the carbonate reef targeted in the well and its capacity to hold and store oil was less developed than anticipated and the well is defined as uncommercial. 

Eco Atlantic has focused on the age maturity and structures within the Walvis Basin and has directed its exploration efforts and focus to defining a source rock of the maturity for oil and the sand reservoirs prevalent in the region. “The confirmation of the source rocks, the sampling of high grade oil, the presence of the resource in the basin and more specifically in the immediate vicinity of our licenses, confirms our research to date and helps define our targets moving forward. The carbonates are an excellent target and we concur with HRT’s choice to drill the platform initially. Our targets are a combination of opportunities however, our team remains focused on the Turbidite sand filled canyons flows, the stratigraphic play on Guy and the large wedges that is evident on our blocks and similar to the Murombe Prospect which HRT is drilling next on its schedule,” commented Colin Kinley Eco Atlantic’s Chief Operating Officer.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented: “I am delighted with the recent news of HRT’s drilling results from the Wingat-1 Prospect which strongly confirms the Walvis Basin’s prospectivity and its oil potential. Eco Atlantic is not a tag along play, we were in Namibia early, and had the opportunity to consider licenses throughout the country’s four offshore basins. Our team carefully evaluated the oil potential along this unexplored margin and we determined our best prospectivety would be in the Cooper, Guy and Sharon blocks, each having its own geologic personality within the Walvis basin. We are happy with the Wingat results and we look forward to the results of HRT's Murombe prospect which they will begin drilling next week. The current results are very encouraging for Eco Atlantic and this helps to further de-risk the basin. No doubt we are going to see increased farm in activities and renewed interest from mature industry players.”

Appointment of Corporate Secretary

Mr. Dudkiewicz is a corporate and securities lawyer and acts as in-house counsel for Eco Atlantic.  He received his legal training at one of Canada’s leading national corporate law firms and earned his legal degree from Queen’s University in Kingston, Ontario.  

Effective immediately, Mr. Dudkiewicz is replacing Michael Kleinman, the Company’s current Corporate Secretary. Eco Atlantic’s Board and Management thank Mr. Kleinman for his contributions and guidance during his tenure with the Company.

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 three offshore petroleum licenses and two onshore CBM and shale 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 news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news 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. More particularly and without limitation, this news release contains forward looking statements and information concerning the likelihood or possibility that HRT’s drilling results (the “Results”) from the Wingat-1 Prospect are or will be indicative of the viability of the Company’s licenses and concerning the extent to which the Results may be reflective of the Company’s own prospective resources, which have previously been disclosed in accordance with National Instrument 51-101. Furthermore, the Company has relied on the public disclosure of HRT and has not independently verified the Results.  The forward-looking statements and information are based on certain key expectations and assumptions made by Eco Atlantic. Although Eco Atlantic believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on them because Eco Atlantic can give no assurance that they will prove to be correct.

By their nature, forward-looking statements 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.

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