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Eco Atlantic Announces Proposed Extension of Warrant Terms

June 20, 2014

Newsfile Corp.



Toronto, Ontatio--(Newsfile Corp. - June 20, 2014) - Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX: EOG) (“Eco Atlantic” or the “Company”) announces that it has applied to the TSX Venture Exchange (the “ Exchange”) 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, 2014. 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, 2015. All other terms 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 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

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 HolzmanCharlotte Dilks
President and Chief Executive OfficerInvestor Relations Manager
gil@ecooilandgas.comcharlotte@ecooilandgas.com
Tel: 972.508884529Tel: 416.361.2211
  


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.




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Source: Newsfile Press Release Wire


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