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.
