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Eco Atlantic Provides Interpretation of the Oil Proven in Regional Drilling Results – Source Rocks and High Grade Oil Confirmed in Walvis Basin, Offshore Namibia

May 21, 2013

TORONTO, May 21, 2013 /CNW/ – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSX-V:
EOG, NSX: EOG)
provides technical interpretation of recent oil proven by HRT
Participações em Petróleo S.A (“HRT“) in the Walvis Basin and announces appointment of David Dudkiewicz as
Corporate Secretary of the Company.

HRT announced last night the results from drilling its Wingat-1 Prospect
which confirmed that the well established two different source rocks,
and proved that the source rock is in the oil generation window. The
well discovered light grade oil and validates Eco Atlantic’s
understanding of the presence of an oil kitchen in the Walvis Basin,
which is home of the Company’s three offshore blocks.

This first of a three well drilling campaign in the region for HRT, is
located some 200 km to the northwest of Walvis Bay, on Namibia’s
Skeleton Coast. The Block 2212A and 2212B is located between Eco
Atlantic’s Sharon and Guy Licenses and just to the South the Company’s Cooper License. HRT’s original target in this well was a carbonate reef
platform charged by pre-Aptian source rocks. HRT announced completion
of the drilling of this first well to a Total Depth of 5,000 meters.
According to HRT’s public disclosure, the Wingat well established and
identified two developed source rocks and encountered several bedded
sand reservoirs which showed increasingly more oil shows with depth.
Additionally, HRT announced that four oil samples of light grade oil
(38 (o) to 42( o) API) were retrieved from the well. The reservoir quality of the
carbonate reef targeted in the well and its capacity to hold and store
oil was less developed than anticipated and the well is defined as
uncommercial.

Eco Atlantic has focused on the age maturity and structures within the
Walvis Basin and has directed its exploration efforts and focus to
defining a source rock of the maturity for oil and the sand reservoirs
prevalent in the region. “The confirmation of the source rocks, the sampling of high grade oil,
the presence of the resource in the basin and more specifically in the
immediate vicinity of our licenses, confirms our research to date and
helps define our targets moving forward. The carbonates are an
excellent target and we concur with HRT’s choice to drill the platform
initially. Our targets are a combination of opportunities however, our
team remains focused on the Turbidite sand filled canyons flows, the
stratigraphic play on Guy and the large wedges that is evident on our
blocks and similar to the Murombe Prospect which HRT is drilling next
on its schedule,”
commented Colin Kinley Eco Atlantic’s Chief Operating Officer.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented: “I am delighted with the recent news of HRT’s drilling results from the
Wingat-1 Prospect which strongly confirms the Walvis Basin’s
prospectivity and its oil potential. Eco Atlantic is not a tag along
play, we were in Namibia early, and had the opportunity to consider
licenses throughout the country’s four offshore basins. Our team
carefully evaluated the oil potential along this unexplored margin and
we determined our best prospectivety would be in the Cooper, Guy and
Sharon blocks, each having its own geologic personality within the
Walvis basin. We are happy with the Wingat results and we look forward
to the results of HRT’s Murombe prospect which they will begin drilling
next week. The current results are very encouraging for Eco Atlantic
and this helps to further de-risk the basin. No doubt we are going to
see increased farm in activities and renewed interest from mature
industry players.”

Appointment of Corporate Secretary

Mr. Dudkiewicz is a corporate and securities lawyer and acts as in-house
counsel for Eco Atlantic.  He received his legal training at one of
Canada’s leading national corporate law firms and earned his legal
degree from Queen’s University in Kingston, Ontario.

Effective immediately, Mr. Dudkiewicz is replacing Michael Kleinman, the
Company’s current Corporate Secretary. Eco Atlantic’s Board and
Management thank Mr. Kleinman for his contributions and guidance during
his tenure with the Company.

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 three offshore petroleum licenses and two
onshore CBM and shale 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 news release constitutes forward-looking statements
under applicable securities law. Any statements that are contained in
this news 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. More particularly and without
limitation, this news release contains forward looking statements and
information concerning the likelihood or possibility that HRT’s
drilling results (the “Results“) from the Wingat-1 Prospect are or will be indicative of the viability
of the Company’s licenses and concerning the extent to which the
Results may be reflective of the Company’s own prospective resources,
which have previously been disclosed in accordance with National
Instrument 51-101. Furthermore, the Company has relied on the public
disclosure of HRT and has not independently verified the Results.  The
forward-looking statements and information are based on certain key
expectations and assumptions made by Eco Atlantic.
Although Eco Atlantic believes that the expectations and assumptions on
which such forward-looking statements are based are reasonable, undue
reliance should not be placed on them because Eco Atlantic can give no
assurance that they will prove to be correct.

By their nature, forward-looking statements 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.

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