TORONTO,
July 4, 2013 /CNW/ - Eco
(Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company")
(TSX-V: EOG, NSX: EOG) announced today that it has applied to
the TSX Venture Exchange (the "Exchange") for approval 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, 2013. 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, 2014. All other terms and conditions 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 bourgeoning energy play in Namibia. Through its wholly owned Namibian
subsidiary ("Eco Namibia"), it holds five Government of the
Republic of Namibia issued
petroleum licenses. Offshore, Eco Atlantic holds three license
blocks covering more than 25,000 square kilometers (6,177,000
acres) and onshore, Eco Atlantic holds two license
blocks covering 30,000 square kilometers (7,413,000
acres). Eco Namibia, founded in 2008, enjoys a strong local
presence having 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, 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
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.