Eco Atlantic Announces Annual Results for the Year Ended March 31, 2015 and Provides Business Update

TORONTO, ON / ACCESSWIRE / July 30, 2015 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX: EOG) (“Eco Atlantic” or “the Company”) today reported its financial and operational results for the year ended March 31, 2015 and provides an update on recent corporate achievements and anticipated milestones for the remainder of 2015 and beginning of 2016.

Of particular note, Eco Atlantic reported on the achievement of the following financial, operational and business milestones:

• The two farm-out agreements with AziNam Ltd and Tullow Oil plc, provided capital contribution of $5.6 million

• Operating costs on the Licenses were $12 million, however, due to being carried on the Cooper License, the net Eco Atlantic spend amounted to only $2.1 million

• General and Administrative costs were reduced by $120,000 during the year. Eco Atlantic continues to decrease operational and overhead costs and increase management’s efficiency

• Cash and cash equivalents as of March 31, 2015 was $10.5 million and as of July 27, 2015 is approximately $10 million

• Execution of 1,000 km2 3D Seismic program on the Cooper License

• Commencement of the processing by PGS of the 3D Seismic program on the Cooper License together with block partners Tullow Oil, AziNam and NAMCOR

• Execution of 1,100 km 2D Seismic program on the Guy License

• Commencement of the processing by PGS of the 2D Seismic program on the Guy License together with block partners AziNam and NAMCOR

• Acquisition of 3,000 km 2D Seismic data on the Sharon License and commencement of Interpretation

• Completion of an amalgamation with Pan African Oil Ltd. (“PAO”) in which the Company acquired $3 million in cash and two additional Namibian petroleum exploration licenses

• Continuous efforts to strengthen the Company’s assets portfolio through acquisition of new prospective blocks in stable and oil proven provinces around the globe

• Signing of a JOA on the Ghana License between all Block partners and the GNPC

Eco Atlantic CEO, Gil Holzman stated: “We have had an extremely productive year! Despite the very busy operational schedule, including the completion of two proprietary seismic programs, we have been able to maintain our cash reserves around $10 million. This achievement is as a result of favorable farm out agreements that we signed with our two main partners on our Namibian blocks, as well as management’s continuous efforts to cut costs and increase efficiency. We are well on-track to complete the processing and interpretation on our Cooper license by early Q1 2016 when we and our partners will contemplate the drilling decision.” Looking ahead, Holzman added: “Our strong balance sheet has allowed the Company to continue to advance the pursuit of other assets in regions in which we already operate, such as Ghana, and to consider new opportunities in highly prospective jurisdictions. We remain confident that the market will turn eventually and credit Eco Atlantic with its true value as reflected in our strong balance sheet and implied assets’ value of our carried interests throughout our blocks.”

The Company’s annual financial statements, and Management Discussion and Analysis, are available on the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

Eco Atlantic is also pleased to announce the appointment of Alan Friedman as Corporate Secretary of the Company and the resignation of David Dudkiewicz. Alan Friedman currently holds the position of Executive Vice President of the Company.

About Eco Atlantic

Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company’s objective is to identify technically merited prospective new and developing projects in frontier areas requiring low cost entry. Through wholly owned subsidiaries, the Company currently holds interests some carried, in five offshore petroleum licenses covering more than 38,000 square kilometers in the Walvis and Luderitz Basins, and one license block covering 23,000 square kilometers, which includes both onshore and offshore areas. Eco Atlantic also holds and operates an interest in the Tano Cape Three Points Deep Water block offshore Ghana covering 944 square kilometers. Eco Atlantic enjoys strong local presence in the countries in which it operates and has a longstanding relationship with the energy and oil and gas sectors throughout Africa and other maturing exploration plays internationally.

Forward Looking Statements

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, ” expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information in respect Eco Atlantic reflects Eco Atlantic’s current beliefs and is based on information currently available to Eco Atlantic, and on assumptions Eco Atlantic believe are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Eco Atlantic to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, without limitation: general business, economic, competitive, political and social uncertainties; commodity prices; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Eco Atlantic; timing and availability of external financing on acceptable terms; the drilling and completion of future wells; and limited available geological data. Although Eco Atlantic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release represent the expectations of Eco Atlantic as of the date of this press release and, accordingly, are subject to change after such date. However, Eco Atlantic expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

For More Information on Eco Atlantic Contact:

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 (Atlantic) Oil & Gas Ltd.  

ReleaseID: 430955