/NOT FOR DISSEMINATION IN THE UNITED
STATES OR THROUGH U.S. NEWSWIRES/
TORONTO,
Nov. 19, 2012 /CNW/ - ECO
(ATLANTIC) OIL & GAS LTD. (TSXV: EOG) (NSX: EOG.)
Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the
"Company") is pleased to report that it has closed its
previously announced non-brokered private placement of common
shares of the Company (the "Common Shares") (the
"Offering"). In connection with the Offering, which was
over-subscribed, the Company issued 8,098,500 Common Shares at a
price of $0.40 per Common Share for
gross proceeds of $3,239,400.
President and Chief Executive
Officer of Eco Atlantic, Gil
Holzman, commented: "Completing the Offering in this
challenging market is a strong sign of confidence by the
international investment community in the Company and its
prospective Namibian oil assets. The added capital strengthens our
balance sheet and will be applied to the progression of our
offshore 3D seismic program and later farm out discussions.
Offshore Namibia exploration
activities of our neighboring peers will intensify in upcoming
months with several new wells planned to spud in the beginning of
2013. With the increased activity in the region, we are well suited
to enhance our own offshore work program and beyond."
The Common Shares issued at closing are subject
to a standard hold period of four months plus one day from the
closing date, expiring on March
17th 2013.
The Company will pay up to 2% cash commission as
finders' fees for certain orders in connection with the
Offering.
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.
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 (Atlantic) Oil & Gas Ltd.