Eco Atlantic Appoints New Director and CFO
May 15 2012 - 11:31PM
PR Newswire (Canada)
TORONTO, May 16, 2012 /CNW/ - Eco (Atlantic) Oil & Gas Ltd.
("Eco Atlantic" or the "Company") is pleased to announce the
Company has appointed Peter Nicol to the Board of Directors,
subject to confirmation from the TSX Venture Exchange, and Alan
Rootenberg as Chief Financial Officer ("CFO") of the Company. The
incoming board member, Peter Nicol, brings over 20 years experience
in the oil and gas sector. Prior to joining the Board of Eco
Atlantic, he was a partner in GMP Securities Europe as the Head of
the Oil and Gas, Research team, and responsible for initiating
coverage and finance of over 36 international E&P Companies.
Peter also previously held positions with ABN AMRO as Global Sector
Director of Oil and Gas research, and as Executive Director, Head
of European Oil and Gas Research at Goldman Sachs. Mr. Nicol holds
a BSc in Mathematics and Economics from Strathclyde University in
Glasgow. The incoming CFO, Alan Rootenberg, is a chartered
accountant with experience in the mineral exploration and oil and
gas industries, and is the former CFO of Volta Resources . Mr.
Rootenberg has served as a senior executive for number of publicly
traded companies including serving as President and Chief Executive
Officer of a TSXV listed company. Mr. Rootenberg has a
Bachelor of Commerce degree from the University of the
Witwatersrand in Johannesburg, South Africa and received his
Chartered Accountant designation in both South Africa and in
Ontario, Canada. Mr. Rootenberg is replacing Carmelo Marrelli of
Marrelli Support, the Company's current CFO. Effective immediately,
Mr. Rootenberg has resigned from his current directorship on the
Board of Directors to focus exclusively on his role as CFO. Eco
Atlantic would like to thank Carmelo and his team for their
assistance and guidance in the Company's transition into a
significant oil and gas exploration company. In compliance with the
Company's option plan, Eco Atlantic has granted 350,000 incentive
stock options to Peter Nicol in connection with his appointment as
director. Terms of the options include an exercise price of $0.68
per common share, and a vesting schedule allowing for the vesting
of the options granted in three equal installments, with 1/3
vesting May 16, 2012, 1/3 vesting May 16, 2013 and 1/3 vesting May
16, 2014. The options expire on May 16, 2017. Subsequent to this
grant, the total number of options outstanding is 5,130,000. Moshe
Peterburg, Chairman of Eco Atlantic commented, "We are very
fortunate and honored to welcome Peter Nicol to our Board of
Directors. His caliber of expertise of the oil and gas sector and
his significant technical knowledge no doubt, strengthens our team,
and also greatly benefits the Company as we move forward on our
exploration program in the prospective Walvis Basin, offshore
Namibia. Peter's extensive resume of oil & gas analysis
and research will enable the Company to greater evaluate and define
our current resources, and enhance our technical team's valuation
of the Company's third License, the Guy Block, which we expect a
completed resource report very soon." He added, "Furthermore, I am
very happy to welcome Alan Rootenberg as Chief Financial Officer.
Although, this means he will no longer be on the Board of
Directors, we will continue to value his expertise and guidance as
a member of senior management. We look forward to working with him
in his new role as the Company continues to grow." 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 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
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 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: on Eco Atlantic Contact: Gil HolzmanPresident and Chief
Executive Officergil@ecooilandgas.com Tel: 972.508884529 Julia
MaxwellManager, Investor Relationsjmaxwell@ecooilandgas.comTel:
416.361.2211
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