EOG Eco Atlantic Oil and Gas Ltd

TORONTO, Dec. 9, 2011 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") announced today that it is arranging a non-brokered private placement of between Cdn$4,000,000 and Cdn$6,000,000 comprised of 6,666,667 to 10,000,000 units (the "Units") at a price of $0.60 per Unit. Each Unit consists of one common share and one half of a full common share purchase warrant exercisable at $1.00 for 18 months from the date of closing (the "Closing Date").  If the Company's shares on the TSXV close for 15 consecutive trading days at a price of $1.50 per share or higher from that date which is four months following the Closing Date, the Company may accelerate the expiry time to 30 calendar days from the date written notice is provided by the Company to the holder.  The securities issued under this private placement will be subject to a 4 month hold period. The net proceeds will be used for working capital purposes. Closing is expected to occur on or before December 30, 2011. In connection with the private placement, Eco Atlantic expects to pay a finder's fee consisting of cash and/or compensation units on terms to be agreed upon on an individual basis. Completion of the financing is subject to the receipt of all required regulatory approvals, including acceptance by the TSX Venture Exchange. 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, 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; 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. Eco Oil & Gas (Atlantic) Ltd. CONTACT: Gil Holzman Julia MaxwellPresident and Chief Executive Manager, Investor RelationsOfficer jmaxwell@ecooilandgas.comgil@ecooilandgas.com Tel: 416.276.3171Tel: 972.508884529

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