Eco Atlantic partners sign Joint Operating Agreements on all offshore licenses ahead of imminent regional drilling campaigns

TORONTO, Jan. 28, 2013 /CNW/ - 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 signed three Joint Operating Agreements ("JOA's" or the "Agreements") with NAMCOR, the National Petroleum Corporation of Namibia, and Azimuth Ltd. ("Azimuth"), an exploration and production company backed by majority-owner Seacrest Capital Ltd. and Petroleum Geo-Services ASA ("PGS").

The Agreements were signed with respect to the Guy, Sharon and Cooper license blocks (Collectively, the "Licenses") located in the prospective Walvis Basin offshore Namibia.

Colin Kinley, Chief Operating Officer of Eco Atlantic, from the Company's Windhoek office in Namibia commented: "The Agreements signed by NAMCOR and Azimuth is an important event for the Company and will enhance the exploration efforts of our three offshore blocks. We support the maturity of the partnerships, and embrace the opportunity to work with experts at NAMCOR and Azimuth. Collectively, we bring extensive oil and gas experience to the Walvis Basin. We understand this oil play and the significant potential it has and look forward to working collaboratively with both companies to continue our exploration work in the Walvis basin, where significant drilling activities are scheduled for 2013 commencing this quarter."

Obeth Kandjoze, Managing Director of NAMCOR Commented: "We are very pleased to sign the Joint Operating Agreement with Eco Atlantic and Azimuth on the Sharon, Cooper and Guy licenses offshore Namibia. The partnership brings significant offshore oil and gas experience which will no doubt assist in the exploration and development of the licenses in the prospective Walvis Basin. This agreement also signifies the international support and interest in the development of Namibia's oil and gas resources."

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.

About Azimuth

Azimuth Limited is a specialist E&P company based in Hamilton, Bermuda.  The business is backed by majority-owner Seacrest Capital Ltd, a Bermuda based energy investment group, and Petroleum Geo-Services ASA (PGS).

Azimuth leverages the strength of its shareholders to acquire interests in prospective acreage worldwide, developing 'drill-ready' targets through robust geophysical and commercial analysis.  Funding from Seacrest fuels Azimuth's global activities and ensures that the company is ready to advance its properties without delay.  A collaboration agreement with PGS gives Azimuth unparalleled insight into petroleum basins worldwide, including access to the world's largest multiclient seismic library, to leading edge geophysical expertise and to 85 subsurface specialists distributed in key locations around the world.

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.

For further information:

on Eco Atlantic Contact

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

Julia Maxwell
Manager, Investor Relations
jmaxwell@ecooilandgas.com
Tel: 416.276.3171