Eco Atlantic receives government approval to work program expansion

Eco Atlantic Oil & Gas Ltd., an oil and gas exploration company focused on exploration opportunity in Namibia, and incorporated in the British Virgin Islands, announced that the Government of Namibia Ministry of Mines and Energy had approved the requested amendments to the work program of the company in onshore Namibia.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented, “With the information obtained as a result of the completion of our first phase of the exploration program and recent environmental work on our onshore licenses, the Company moved to apply for an amendment to the work program and an expansion of the Licenses to include shale gas. The inclusion of shale allows the Company to take a more vigorous exploration approach to explore for all unconventional energy resources on these Licenses. With these approved amendments, the Licenses are more attractive to potential farm-in partners as the Company undergoes a process to negotiate with international oil and gas companies focused on unconventional gas resources.”

Also, the BVI company announced that it has retained Canadian company Questrade, Inc. to provide market-making services. Under the terms of one-year agreement, which began on October 8, 2012 and will cost US$5,500 per month, Questrade will trade shares of the company on the exchange for the purpose of improving liquidity in the Company’s shares. It will not receive shares or options as compensation. Eco Atlantic and Questrade are unrelated and unaffiliated entities, but Questrade and its clients may have or may acquire direct interest in the securities of the BVI company.

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