/Not for dissemination in the
United States or through U.S. newswires/
TORONTO,
Nov. 8, 2012 /CNW/ - ECO
(ATLANTIC) OIL & GAS LTD. (TSX-V: EOG, NSX: EOG.)
Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the
"Company") is pleased to announce that it has arranged a
non-brokered private placement of CDN$3,200,000 through the issue of 8,000,000
common shares of the Company (each, a "Common Share") at a
price of $0.40 per Common Share (the
"Offering").
The Company has entered into agreements with
certain subscribers, including Azimuth Ltd. an
exploration and production company jointly owned by Seacrest
Capital Ltd. and Petroleum Geo-Services ASA ("PGS"),
insiders and new investors to participate in the private
placement.
CEO of Eco Atlantic, Gil Holzman, commented: "We are
encouraged to have the support of existing and new shareholders in
these challenging markets, and pleased that our E&P partner
company, Azimuth Ltd, has decided to participate in this financing.
The strengthening of our treasury allows us to further advance our
work program offshore Namibia."
Closing is expected to occur on or about
November 16th, 2012. In connection
with the Offering, Eco Atlantic expects to pay a finder's fee
consisting of cash and/or compensation warrants on terms to be
agreed upon on an individual basis.
The securities issued under this private
placement will be subject to a statutory four month hold period and
the net proceeds will be used for working capital purposes.
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 bourgeoning energy play in Namibia. Through its wholly owned Namibian
subsidiary ("Eco Namibia"), it holds five Government of the
Republic of Namibia issued
petroleum licenses. Offshore, Eco Atlantic holds three license
blocks covering more than 25,000 square kilometers (6,177,000
acres) and onshore, Eco Atlantic holds two license
blocks covering 30,000 square kilometers (7,413,000
acres). Eco Namibia, founded in 2008, enjoys a strong local
presence having 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.
About Azimuth
Azimuth Limited is a specialist E&P Company
based in Hamilton, Bermuda. The
business is backed by majority-owner Seacrest Capital Ltd, a
Bermuda based energy investment
group, and Petroleum Geo-Services ASA (PGS).
Azimuth leverages the strength of its
shareholders to acquire interests in prospective acreage worldwide,
developing 'drill-ready' targets through robust geophysical and
commercial analysis. Funding from Seacrest fuels Azimuth's global
activities and ensures that the company is ready to advance its
properties without delay. A collaboration agreement with PGS gives
Azimuth unparalleled insight into petroleum basins worldwide,
including access to the world's largest multiclient seismic
library, to leading edge geophysical expertise and to 85 subsurface
specialists distributed in key locations around the world.
With four attractive assets already in hand,
Azimuth Ltd is a well-funded, rapidly-growing exploration company
equipped with the technical capabilities of a mid-cap E&P
firm.
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.
SOURCE Eco Oil & Gas (Atlantic) Ltd.