Eco Atlantic triples P50 oil estimate with updated lead reports on Cooper Block, offshore Namibia

February 18, 2014


TORONTO, Feb. 18, 2014 /CNW/ – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSX-V:
is pleased to announce that it has received an updated Gross
Prospective Unrisked Resource Lead Report (“Report“) prepared by Gustavson Associates LLC (“Gustavson“) of Colorado, USA, on Block 2012A (“Cooper“) in the Walvis Basin, offshore Namibia. The Report was prepared in
accordance with Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101“) and supports a P(50) Best Estimate of 4.5 billion barrels of gross prospective oil over the existing targets.

The Report evaluated an additional 700 Klms of 2D Seismic Data recently
acquired by the Company, which also retained Petroleum Geo-Services (PGS) Geophysical of the UK to work with its internal team to complete a new
detailed geological and geophysical interpretation of Cooper. Gustavson
completed an assessment of the Gross Prospective Unrisked Resource as
of February 18, 2014. The Report is based upon interpretation of over
1,450 line kilometers of 2D seismic and an analysis of the recent
detailed report completed by PGS, on the block. The Report updates
Gustavson’s original lead report for Cooper, as published in February

Eco Atlantic also announces that in recognition of recent developments
and work done on Cooper, and with Eco Atlantic’s continued focus on
research and near term operational plans, the Namibian Ministry of
Mines and Energy has granted a one year extension to March 2016, of the
Initial Exploration Period of the Cooper license. This extension brings
Cooper’s schedule in line with the respective timelines of the
Company’s other two blocks, Guy and Sharon, located in the Walvis

Colin Kinley, COO of Eco Atlantic stated, “We are pleased with the results of the recent work that we have
conducted on Cooper. This report extends our understanding of the
mechanics of the basin and reflects the importance of continued
exploration through regional drilling and seismic efforts. Each bit of
information adds to the matrix of data we have and moves us closer to

Based on probabilistic analysis, the Gross Prospective Unrisked
Resources for the seven leads are summarized below:

    |               |        Oil in Place(1)   |Prospective Oil Resources |
    |               |           (MMBO)(2)      |        (MMBO)(2)         |
    |               |  Low   |  Best  |  High  |  Low   |  Best  |  High  |
    |        Lead   |Estimate|Estimate|Estimate|Estimate|Estimate|Estimate|
    |               | (P90)  | (P50)  | (P10)  | (P90)  | (P50)  | (P10)  |
    |A (Campanian)  |  413.0 |  784.0 |1,369.6 |   90.8 |  179.9 |  327.9 |
    |B (Albian)     |1,317.3 |2,478.5 |4,271.3 |  290.2 |  569.4 |1,029.8 |
    |C (Campanian)  |1,658.8 |3,528.0 |6,797.4 |  368.7 |  812.2 |1,662.2 |
    |D              |  544.2 |1,128.3 |2,160.0 |  120.4 |  256.6 |  516.4 |
    |(Maastrichtian)|        |        |        |        |        |        |
    |Flat           |  339.3 |  628.4 |1,104.8 |   73.0 |  143.8 |  265.0 |
    |(Campanian)    |        |        |        |        |        |        |
    |Campanian Fan  |4,939.1 |9,512.1 |17,596.3|1,083.5 |2,177.0 |4,208.2 |
    |Albian Channel |  942.6 |1,744.2 |2,979.9 |  208.4 |  394.4 |  711.4 |
    |Total          |10,154.3|19,803.5|36,279.4|2,235.1 |4,533.3 |8,720.9 |
    |                                                                     |
    |(1) Oil in place does not represent a recoverable volume.            |
    |(2) Million barrels of oil                                           |

The Cooper license covers 5,800 square kilometers (1,433,000 acres) and
is situated within the Walvis Basin, offshore Namibia. Eco Atlantic
holds a 70% working interest in the Cooper license, Azimuth Ltd. hold
20% working interest, and the National Petroleum Corporation of Namibia
(NAMCOR) hold a 10% working interest. The estimates in the Report have
been prepared in accordance with the definitions and guidelines set
forth in NI 51-101. The estimates do not include considerations for the
risk of failure in exploring for these resources.

Gil Holzman, CEO of Eco Atlantic, stated from Windhoek, Namibia: “We are very happy that the opportunity we see in Cooper is better
defined in this report. After extensive work by our operating team and
the experts at PGS, and with the detailed analysis by Gustavson, the
Report triples the potential oil that we have estimated in the leads on
Cooper, thus making it an even more attractive drilling opportunity”.
Holzman added: “We appreciate the year extension for the shooting of 3D on Cooper by
the Namibian Government. We have been able to refine our leads with
this work and the imminent drilling planned by the owners of our
neighboring blocks should help to even better define our 3D work
planned for the fall season and to further attract potential

Prospective resources are defined as those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects. Prospective resources are further subdivided in accordance
with the level of certainty associated with recoverable estimates
assuming their discovery and development and may be sub-classified
based on project maturity. Prospective resources have both an
associated chance of discovery (geological chance of success) and a
chance of development (economic, regulatory, market, facility,
corporate commitment or political risks). The chance of commerciality
is the product of these two risk components. The prospective resource
estimates referred to herein have not been risked for either the chance
of discovery or the chance of development. There is no certainty that
any portion of the resources will be discovered. If discovered, there
is no certainty that it will be commercially viable to produce any
portion of the resources. The Low Estimate represents the P(90) values from the probabilistic analysis (i.e. the value is greater than
or equal to the P(90) value 90% of the time), while the Best Estimate represents the P(50) values and the High Estimate represents the P(10). Actual resources may be greater or less than those calculated.

About Eco Atlantic

Eco Atlantic is an oil and gas exploration company focused on the new
and bourgeoning energy play in Namibia. Through a wholly owned Namibian
subsidiary (“Eco Namibia“), it holds four petroleum licenses issued by the Government of the
Republic of Namibia. Offshore in the Walvis Basin, Eco Atlantic holds
three license blocks covering more than 25,000 square kilometers
(6,177,000 acres). Eco Atlantic holds an additional license block
covering 23,000 square kilometers (5,683,000 acres) which includes both
onshore and offshore areas. Founded in 2008, Eco Namibia 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
Namibia 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; 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.

Statements relating to “resources” and “prospective resources” are
deemed to be forward-looking statements, as they involve the implied
assessment that the resources described exist in the quantities
predicted or estimated. This assessment is based on a number of
assumptions, such as geological, technological and engineering
estimates, and is subject to a variety of risks, uncertainties and
other factors that could cause actual results to differ materially from
those anticipated in the estimates. These uncertainties and risks
include, but are not limited to: (1) the fact that there is no
certainty that the zones of interest will exist to the extent estimated
or that the zones will be found to have oil and/or natural gas with
characteristics that meet or exceed the minimum criteria to make it
commercially recoverable to the extent estimated; (2) the number of
competitors in the oil and gas industry with greater technical,
financial and operations resources and staff; (3) potential liabilities
for pollution or hazards against which the company cannot adequately
insure or which the company may elect not to insure; (4) contingencies
affecting the classification as reserves versus resources which relate
to the following issues as detailed in the Canadian Oil and Gas
Evaluation Handbook: ownership considerations, drilling requirements,
testing requirements, regulatory considerations, infrastructure and
market considerations, timing of production and development, and
economic requirements; and (5) other factors beyond the Company’s

Although Eco Atlantic believes in light of the experience of its
officers and directors, current conditions, 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 (Atlantic) Oil & Gas Ltd.

Source: PR Newswire

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