TORONTO, April 19, 2012 /PRNewswire/ - ECO (ATLANTIC)
OIL AND GAS LTD. (TSX-V:EOG) Eco (Atlantic) Oil & Gas Ltd.
("Eco Atlantic" or the "Company") is pleased to
announce that the Canadian oil and gas exploration Company has
listed on the Namibian Stock Exchange ("NSX"). The Company
fulfilled all the requirements to complete the dual - listing of
100% of its share capital, consisting of 60,274,682 common shares,
on the NSX under the symbol "EOG". There will be no change
to Eco Atlantic's listing on the Toronto Stock Exchange - Ventures (the
"TSXV") and the TSXV will remain the primary listing for Eco
Atlantic's common shares.
Eco Atlantic commenced trading yesterday on the
Development Capital Board of the NSX, the second largest Exchange
in Africa by market
capitalization. The Company has received the necessary permissions
from, among others, the Central Bank of Namibia, the listing committee of the NSX, and
the Financial Regulator in Namibia. The sponsoring broker for the NSX
listing is IJG Securities (Pty) Ltd. based in Windhoek, Namibia.
The Board and Management of Eco Atlantic decided
to list on the NSX, and becoming the first Oil and Gas exploration
issuer to list on NSX, for the following reasons:
- A dual listing on the NSX will enable the Company to gain
access to Namibia's and
South Africa's large captive
savings pool for its investment; it will also enable the general
public in both Namibia and
South Africa to take a part in the
new and promising oil and gas exploration sector in the
region;
- Through a dual listing, the Company further demonstrates its
long lasting commitment to Namibia, and the development of the local
economy;
- A listing on the NSX will raise the Company's profile amongst
members of the general public, investors and in particular the
Namibian Government. This should assist with expanding local
business relationships;
- The Company will be able to better incentivize, attract or
retain quality Namibian employees by providing them with various
incentive schemes;
- The Company will be the first and the only company focused on
oil and gas listed on the NSX, thus further enhancing interest in
the Company.
At a celebratory event in Windhoek, which was attended by investment
banks GMP Securities L.P., Clarus Securities Inc. and M Partners
Inc., as well as Eco Atlantic's partners NAMCOR (Pty)
Ltd. (the Namibian state oil company) and Azimuth Ltd.;
Minister of Mines and Energy, the Honourable Isak Katali
stated: "I would like to take this opportunity to commend Eco
Atlantic for being the first Company focused on oil and gas to be
listed on the Namibian Stock Exchange. The listing demonstrates
your commitment to this Country and the local Economy. I am sure
this listing will increase awareness of Eco Atlantic's activities
and provide additional means of attracting new investment."
Gil Holzman,
President and Chief Executive Officer of Eco Atlantic
commented, "The NSX listing provides our shareholders and
other stakeholders' exposure to Namibian and South African region
investments and finance. Being publicly traded provides local
Namibians an opportunity to participate in new developments of the
oil and gas sector in Namibia. I
take a special pride in that Eco Atlantic is the first
international oil and gas company to be ever listed on the NSX. The
listing will provide our current Namibian team with better
visibility and attraction of the market and with the success and
growth of Eco Atlantic, we will have the opportunity to attract new
investors, stakeholders, and employees with these same incentives.
There is a huge interest within the general public in the region in
the new developing oil and gas sector, and we are here, perfectly
positioned, to entertain this interest."
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, Eco Namibia, it holds five petroleum licenses
issued by the Government of the Republic of Namibia. Eco Namibia holds three offshore
license blocks covering more than 25,000 square kilometers
(6,177,000 acres). Eco Namibia also holds two onshore 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
in 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.