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Eco Atlantic Announces Joint Operating Agreements with the National Petroleum Corporation of Namibia (“NAMCOR”)

April 24, 2012

COMPANY STRENGTHENS LOCAL PRESENCE BY WELCOMING NAMIBIAN BUSINESSMAN AS
DIRECTOR OF ITS NAMIBIAN SUBSIDIARY

TORONTO, April 24, 2012 /PRNewswire/ – ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V: EOG; NSX: EOG) Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company“) is pleased to announce that, through its wholly- owned subsidiary, it
has entered into five separate Joint Operating Agreements (“JOA’s” or the “Agreements“) with NAMCOR, the National Petroleum Corporation of Namibia, with
respect to its five license blocks (the “Licenses“) onshore and offshore Namibia. The Company also announces the
appointment of Mr. José Luis Bastos as Director of Eco Atlantic’s wholly-owned subsidiary,
Eco Oil & Gas (Namibia) (Pty) Ltd subject to approval from the TSX
Venture Exchange.

National Petroleum Corporation of Namibia

Through the Company’s wholly-owned subsidiary, Eco Oil and Gas (Namibia)
(Pty) Limited (“Eco Namibia“), the Company has entered into the Agreements with NAMCOR to establish
their relations with regard to the jointly held Licenses. Offshore, Eco
Atlantic has a 70% Working Interest, Azimuth Ltd. has a 20% Working
Interest (see release dated April 12, 2012) and NAMCOR holds the remaining 10% Carried Working Interest. Onshore,
Eco Atlantic has a 90% Working Interest and NAMCOR holds the remaining
10% Carried Interest. Under the terms of the Agreements, Eco Atlantic
will carry NAMCOR’s 10% Working Interest costs until initial
production. Once production commences, NAMCOR will reimburse Eco
Atlantic from production for the full previously carried amount plus an
additional 20% interest. Eco Atlantic has also agreed to pay for and
provide training for NAMCOR’s geologists and personnel involved in the
operations of the Licenses. Eco Atlantic also has access to NAMCOR’s
database of past geological studies, 2D seismic reports and well
reports. Eco Atlantic is the designated Operator of the Licenses.

Gil Holzman, President and Chief Executive Officer, commented “These Agreements signed by NAMCOR, the National Namibian Petroleum
Company is a significant achievement for Eco Atlantic.  The
professional AIPN based Agreements signify once again Eco Atlantic’s
strong relationships with Namibian authorities and deep cooperation
with the Country. Eco Atlantic will benefit from NAMCOR’s significant
local presence, years of Namibian experience and strong data base of
information.”
Holzman added, “Eco Atlantic is looking forward to a long and successful business
partnership with NAMCOR, and working cooperatively to progress our
exploration efforts onshore and offshore Namibia.”

The Managing Director of NAMCOR, Mr. Eugene Shepherd commented: “NAMCOR as the National oil company is delighted at the progress made in
reaching these Agreements with Eco Atlantic, which is dually- listed on
the Namibian Stock Exchange. This represents an important step towards
empowering Namibians and including them in the development of the
Nation’s oil and gas resources. These Agreements will not only serve
the interests of the parties to the exploration and production
activities, but will also serve as a basis for NAMCOR’s future
negotiations with other E&P partners.”

About NAMCOR

NAMCOR is the National Petroleum Corporation of Namibia and is a legally
enacted entity with limited liability under the Namibian Companies Act
of 1973. The Government of the Republic of Namibia is its sole
shareholder. NAMCOR’s main business is to ensure the optimum
exploitation of Namibia’s petroleum resources and meaningful Namibian
participation in resulting business developments in petroleum related
exploration activities. The company also acts as advisor to the
Ministry of Mines and Energy and assists it in monitoring the
exploration activities of licensees.

Director Appointment

Mr. José Luis Bastos has been appointed Director of Eco Atlantic’s
wholly-owned subsidiary, Eco Oil & Gas (Namibia) (Pty) Ltd., effective
upon approval from the TSX Venture Exchange. Mr. Bastos is the founder
and owner of several successful Namibian companies and is a significant
Namibian philanthropist.

Moshe Peterburg, Chairman of Eco Atlantic stated:We are thrilled to welcome Mr. Bastos as a stakeholder of Eco Atlantic
and Director of our Namibian Company which holds our oil and gas
licenses and conducts our operations in Namibia. Mr. Bastos’ influence
and presence in the Walvis Bay area will no doubt enable Eco Atlantic
to strengthen its offshore operations and future infrastructure. He is
an accomplished entrepreneur who has made huge contributions to the
people of Namibia through his business success and philanthropic
donations. Mr. Bastos is highly respected throughout all business
sectors he participates in. We are fortunate to have him on Eco
Namibia’s Board as we rapidly develop our oil and gas onshore and
offshore blocks. We share Mr. Bastos’ principals of empowering and
enriching the local communities and infrastructure. We are confident
that Eco Atlantic will benefit from his guidance and contribution as we
continue to add value to our shareholders.”

Incoming Director of Eco Oil & Gas Namibia Ltd., Mr. Bastos, commented: “Eco Atlantic’s rapid growth and development is evident. The Company
continues to attract significant attention from the Namibian petroleum
sector and capital markets. It is a very exciting time to be part of
this organization as a Director of Eco Namibia and I am honored to join
the Company’s talented and committed team of professionals.” 

About Mr. José Luis Bastos

Mr. Bastos is a Director of several hotels in the Canary Islands. He has
over 40 years’ experience in the fishing and tourism industries
throughout Namibia and is the founder of several Namibian hotels and
fishing companies. He is co-founder of the Welwitschia Hospital in
Walvis Bay and the Indira Ghandi Hospital in Ovamboland. He is the
founder of the Bastos Foundation, a Non Government Organization that
supports the development of ecotourism projects, creates
micro-enterprises and spearheads the construction of various health
centers throughout Namibia. Mr. Bastos is also a Non-Executive Director
of Bidvest Namibia, the Namibian subsidiary of the multi bullion dollar
Bidvest Group. Bidvest Namibia, which is listed on the Namibian Stock
Exchange, has several fishery distribution and commercial interests and
employs approximately 2,700 people.

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, uncertainties
and other factors which may cause the actual results, performance or
achievements of Eco Atlantic to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements.

Such factors include, 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; environmental risks; competition; inability to access
sufficient capital from internal and external sources; government
regulation of petroleum and natural gas matters; environmental risks;
unanticipated reclamation expenses; title disputes or claims,
termination or amendment of existing contracts; actual results of
drilling activities; conclusions of economic evaluations; failure of
plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the petroleum and natural gas
industries and delays in obtaining or failure to obtain any
governmental approvals or licenses. . 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.


Source: PR Newswire