TORONTO, July 4, 2013 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V: EOG, NSX: EOG) announced today that it has applied to the TSX Venture Exchange (the "Exchange") for approval to extend the expiry date of 4,937,341 common share purchase warrants (the "Warrants") that were issued as part of a non-brokered private placement completed by the Company in January 2012. The Warrants are exercisable for common shares of Eco Atlantic at a price of $1.00 per share and are currently set to expire at 5:00 p.m. EST on July 6, 2013. The Company is proposing to extend the expiry date of the warrants by an additional twelve (12) months to 5:00 p.m. EST on July 6, 2014. All other terms and conditions of the warrants, including the exercise price, will remain the same. The proposed extension of the Warrants is conditional upon the receipt of Exchange approval.
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 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; retention of and ability to attract Company personnel, regulatory approvals, 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.
SOURCE Eco Oil & Gas (Atlantic) Ltd.