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.
Toronto, Ontario--(Newsfile Corp. - August 29, 2014) -
Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX:
EOG)("Eco Atlantic" or the "Company") announces that
it has filed financial statements and accompanying Management
Discussion and Analysis for the quarter ended June 30, 2014.
The Company further announces that its Board of Directors (the "
Board") has approved amendments to re-price the
Company's 5,920,000 issued and outstanding stock options (the "
Options"). The Options were originally exercisable
at prices ranging from $0.40 to $0.68 per share. The new exercise
price for the Options will be $0.30 per share. The Board has also
approved amendments to re-price 4,937,341 outstanding common share
purchase warrants (the "
Warrants"). The Warrants are currently exercisable
at $1.00 and are set to expire at 5:00 p.m. EST on July 6, 2015.
The new exercise price of the Warrants will be $0.30 per share,
subject to acceleration provisions as required under the policies
of the TSX Venture Exchange (the "
Exchange"). The foregoing amendments are subject
to any necessary approvals, including that of the Exchange, as
The Company further announces that, in compliance with its 2013
Restricted Share Unit Plan, it has issued 4,150,000 Restricted
Share Units ("
RSUs") to eligible participants to reward
performance. The RSUs vested immediately.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on
unique upstream opportunities for low cost entry into technically
merited prospective new and developing plays in frontier areas. Eco
is currently a exploring the new and developing 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. Eco Atlantic holds an
additional license block covering 23,000 square kilometers 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
other maturing exploration plays in Africa.
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.
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