ECO Atlantic Announces Third Quarter Results for the Nine Months Ended December 31, 2015 and Provides Business and Operational Update

TORONTO, ON / ACCESSWIRE / February 29, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX: EOG) (“Eco Atlantic” or the “Company”) today reported its financial and operational results for the nine-month period ended December 31, 2015, and provides an update on recent corporate achievements and anticipated milestones for 2016.

Eco Atlantic reported on the following financial, operational and business milestones:

– Execution of 870 km2, 3D Seismic program during January 2016 on the Guy License offshore Namibia, in partnership with AziNam Ltd. Processing and interpretation is currently underway.

– Interpretation of the 3D Seismic survey on the Cooper License progressing.

– Signing of a Joint Operating Agreement on the Three Points Deep Water West Block offshore Ghana between all the partners, and commencement of preparations for exploration activities.

– Completion of the acquisition of the Orinduik Block offshore Guyana, in January 2016 in partnership with Tullow Oil, including the signing of a 10-year Petroleum Agreement, and signing a Joint Operating Agreement with Tullow Oil as Operator.

– Quarter on quarter reduction of general and administrative costs, compensation expenses and professional fees from a total of $551,000 in the last quarter to $228,000 for the current quarter ended December 31, 2015. In January 2016, Eco Atlantic adopted further reductions in general and administrative costs. These savings will be reflected in future quarters and expected to save approximately $250,000 during 2016.

– Eco Atlantic has met all of its current work commitments under the various Petroleum Agreements’ and is being cost carried and sufficiently funded to progress its exploration commitments for the fiscal year ahead.

Eco Atlantic CEO, Gil Holzman stated: “Calendar year 2015 has been extremely busy! In Namibia, we completed the 2D seismic processing and interpretation on our Guy license, and commenced the 870 km2 3D seismic program. On our Cooper license, we completed the 3D seismic shoot and are in the last stages of the data interpretation. In other regions, we have been successful in securing an offshore license in Ghana adjacent to the Jubilee Field and in Guyana, right next to Exxon’s Liza discovery on favorable terms, thus expanding our portfolio of international oil and gas licenses.” Looking ahead, Holzman added: “We are excited about our expanding portfolio and the progress we are making in all regions. We continue to believe that the markets will positively turn during 2016 and credit Eco Atlantic’s robust portfolio.”

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

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. In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried, in four offshore petroleum licenses covering more than 32,000 square kilometers in the Walvis and Lüderitz Basins.

In Ghana, Eco Atlantic also holds and operates an interest in the Deepwater Cape Three Points West Deep Water offshore block, covering 944 square kilometers, and in Guyana, Eco Atlantic holds an interest in the 1,800 square kilometer Orinduik offshore block.

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: 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, 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, 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.

For More Information on Eco Atlantic Contact:

Gil Holzman
President and Chief Executive Officer
gil@ecooilandgas.com
Tel: +972.508884529

Alan Friedman
Executive Vice President
Alan@ecooilandgas.com
Tel: +1.416.250.1955

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: 437314