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.
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