TORONTO, Jan. 12, 2012 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSXV: EOG). In compliance with the Company's option plan, Eco Atlantic has granted 4,780,000 options to directors, officers, employees and consultants. Terms of the options include an exercise price of $0.60 per common share, and a vesting schedule allowing for the vesting of the options granted in three equal installments, with 1/3 vesting January 12, 2012; 1/3 vesting January 12, 2013 and 1/3 vesting January 12, 2014. The options expire on January 12, 2017. Subsequent to this grant, the total number of options outstanding is 5,260,000.
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, 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 release.
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