/Not for dissemination in the United States or through U.S. newswires/
TORONTO, Nov. 8, 2012 /CNW/ - ECO (ATLANTIC) OIL & GAS LTD. (TSX-V: EOG, NSX: EOG.) Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") is pleased to announce that it has arranged a non-brokered private placement of CDN$3,200,000
through the issue of 8,000,000 common shares of the Company (each, a "Common Share") at a price of $0.40 per Common Share (the "Offering").
The Company has entered into agreements with certain subscribers,
including Azimuth Ltd. an exploration and production company jointly owned by Seacrest
Capital Ltd. and Petroleum Geo-Services ASA ("PGS"), insiders and new investors to participate in the private placement.
CEO of Eco Atlantic, Gil Holzman, commented: "We are encouraged to have the support of existing and new shareholders
in these challenging markets, and pleased that our E&P partner company,
Azimuth Ltd, has decided to participate in this financing. The
strengthening of our treasury allows us to further advance our work
program offshore Namibia."
Closing is expected to occur on or about November 16th, 2012. In
connection with the Offering, Eco Atlantic expects to pay a finder's
fee consisting of cash and/or compensation warrants on terms to be
agreed upon on an individual basis.
The securities issued under this private placement will be subject to a
statutory four month hold period and the net proceeds will be used for
working capital purposes.
Completion of the financing is subject to the receipt of all required
regulatory approvals, including acceptance by the TSX Venture Exchange.
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
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
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.
With four attractive assets already in hand, Azimuth Ltd is a
well-funded, rapidly-growing exploration company equipped with the
technical capabilities of a mid-cap E&P firm.
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; 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
SOURCE: Eco Oil & Gas (Atlantic) Ltd.
For further information:
For more information on Eco Atlantic contact:
President and Chief Executive Officer
Manager, Investor Relations