Last updated on April 16, 2014 at 11:09 EDT

Eco Atlantic Announces Proposed Extension of Warrant Term

July 4, 2013

TORONTO, July 4, 2013 /CNW/ – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSX-V:
announced today that it has applied to the TSX Venture Exchange (the “Exchange“) for approval to extend the expiry date of 4,937,341 common share
purchase warrants (the “Warrants“) that were issued as part of a non-brokered private placement
completed by the Company in January 2012. The Warrants are exercisable
for common shares of Eco Atlantic at a price of $1.00 per share and are
currently set to expire at 5:00 p.m. EST on July 6, 2013. The Company
is proposing to extend the expiry date of the warrants by an additional
twelve (12) months to 5:00 p.m. EST on July 6, 2014. All other terms
and conditions of the warrants, including the exercise price, will
remain the same. The proposed extension of the Warrants is conditional
upon the receipt of Exchange approval.

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

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; 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.

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

SOURCE Eco Oil & Gas (Atlantic) Ltd.

Source: PR Newswire