TORONTO,
Dec. 11, 2013 /CNW/ - Eco
(Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company")
(TSX-V: EOG) (NSX: EOG) is pleased to announce the results of
today's Annual and Special Meeting of shareholders (the
"Meeting"). All of the resolutions put before the Meeting
were approved by a majority of more than 96% of the shares voted,
including the re-election of all of the directors of the Company by
a majority of 99% of the shares voted.
The Company further announces that, in compliance
with its stock option plan, it has granted a total of 170,000 stock
options (the "Options") to the Company's Corporate Secretary
and to the Senior Geologist working for the Company. Terms of the
Options include an exercise price of $0.40 per common share, and a vesting schedule
allowing for the vesting of the Options in three equal
installments, with 1/3 vesting December 11,
2013; 1/3 vesting December 11,
2014 and 1/3 vesting December 11,
2015. The Options expire on December
11, 2018. Subsequent to this grant, the total number of
stock options outstanding is 6,010,000.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company
focused on the new and bourgeoning energy play in Namibia. Through a wholly owned Namibian
subsidiary ("Eco Namibia"), it holds four petroleum licenses
issued by the Government of the Republic of Namibia. Offshore in the Walvis Basin, Eco
Atlantic holds three license blocks covering more than 25,000
square kilometers (6,177,000 acres). Eco Atlantic holds an
additional license block covering 23,000 square kilometers
(5,683,000 acres) which includes both onshore and offshore areas.
Founded in 2008, Eco Namibia 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 Namibia 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;
ability to obtain government and regulatory approval; 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 (Atlantic) Oil & Gas Ltd.