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Eco Atlantic receives Namibian Government approval to expand its onshore licenses to include shale gas

October 9, 2012

VANCOUVER, Oct. 9, 2012 /CNW/ - 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 the Government of Namibia Ministry of
Mines and Energy has approved in whole, the requested amendments to the
work program on the Company’s onshore Coal Bed Methane (“CBM“) license Blocks 2013B, 2014B and 2114A in the Huab Basin and Block
2418 in the Aranos Basin, (collectively, the “Licenses“) onshore Namibia to include the expansion of Licenses to cover the
exploration of shale gas in addition to the current exploration for
CBM.

Approval was also granted to amend the work program to include a
detailed exploratory well on each of the two blocks by 2015 instead of
2012, which will analyze gas content and economic potential in both the
Coal and the Shale.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented, “With the information obtained as a result of the completion of our
first phase of the exploration program and recent environmental work on
our onshore licenses, the Company moved to apply for an amendment to
the work program and an expansion of the Licenses to include shale gas.
The inclusion of shale allows the Company to take a more vigorous
exploration approach to explore for all unconventional energy resources
on these Licenses. With these approved amendments, the Licenses are
more attractive to potential farm-in partners as the Company undergoes
a process to negotiate with international oil and gas companies focused
on unconventional gas resources.”

In the Ministry of Mines and Energy formal approval Namibian Petroleum Commissioner, commended the Company on its completion of Phase 1 of the CBM
Licenses: “…we would like to applaud Eco Oil and Gas for the completion of the
Phase 1 work program of desktop studies as stipulated in the Petroleum
Agreements for the coal bed methane exploration licenses.”

Engagement of Questrade Inc.

Eco Atlantic is also pleased to announce that it has retained Questrade,
Inc. to provide market-making services, in accordance with TSX Venture
Exchange guidelines.  Questrade will trade shares of the Company on the
Exchange for the purpose of improving liquidity in the Company’s
shares.

The term of the agreement is for one year, beginning October 8, 2012, at
a cost of $5,500 per month.  Questrade will not receive shares or
options as compensation.  The Company and Questrade are unrelated and
unaffiliated entities, but Questrade and its clients may have or may
acquire a direct interest in the Company’s securities.

About Questrade

Questrade Inc. provides Canadians with high-speed, direct access trading
in the U.S. and Canadian stock and options markets through its IQ
trading platforms. Questrade offers market making services on behalf of
TSX and TSX Venture Exchange listed companies, providing liquidity on
the stock exchange for shareholders.

Contact: Eitan Spiro, Market Making Sales Representative

5650 Yonge St., Suite 1700, Toronto, ON, M2M 4G3
espiro@questrade.com
Phone 416.227.9876 x855
Toll Free 1.888.783.7866 x855
Fax 647.776.7720

About Eco Atlantic

Eco Atlantic is an oil and gas exploration company focused on the new
and bourgeoning petroleum opportunity in Namibia. Through its wholly
owned Namibian subsidiary, Eco Namibia, it holds five petroleum
licenses issued by the Government of the Republic of Namibia. Eco
Namibia holds three offshore license blocks covering more than 25,000
square kilometers (6,177,000 acres), in the Walvis Basin. Eco Namibia
also holds two onshore license blocks covering 30,000 square kilometers
(7,413,000 acres). Eco Namibia enjoys a strong local presence, and has
a longstanding relationship with the energy and oil and gas sector in
Namibia and in 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; ability to obtain government and regulatory approval; 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.

In addition, statements relating to “resources” or “prospective
resources” are deemed to be forward-looking statements as they involve
the implied assessment, based on certain estimates and assumptions,
that the resources and prospective resources described exist in the
quantities predicted or estimated and can be profitably produced in the
future.  There is no certainty that any portion of the resources or
prospective resources will be discovered.  If discovered, there is no
certainty that it will be commercially viable to produce any portion of
the resources. 

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