TORONTO, Dec. 2, 2014 (GLOBE NEWSWIRE) -- Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V:EOG) (NSX:EOG) is pleased to announce that, further to its news release dated November 17, 2014, it has successfully completed a 1,000 Km 2D Seismic Survey (the "Survey") on the Guy block (the "Block") located in the Walvis Basin, offshore Namibia. The Survey was executed by PGS Geophysical Ltd. ("PGS") using its high resolution GeoStreamer technology. The Company has also contracted PGS to begin processing the 2D data immediately.
Colin Kinley, Chief Operating Officer of Eco Atlantic, the Operator of the Block commented: "The Guy Block in the Walvis basin is a strategic asset for Eco and our partners, Azinam and NAMCOR. This 1,000 Km 2D program has allowed us to further focus our exploration and add to our existing seismic database on this block. Our detailed analysis, assisted by the expert staff at Azinam, combined with the results of recent drilling in the region, has given us a new and more focused perspective of where to shoot our 3D survey. Importantly, we received approval to tie this survey into the recently drilled wells of our neighbors, HRT, enabling both HRT and ourselves to better understand the basin. We engaged the same ship and crew to complete this work and we benefited from Azinam's field management. Our confidence in establishing a resource is increasing as we progress the exploration."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company's objective is to identify technically merited prospective new and developing projects in frontier areas requiring low cost entry. Through a wholly owned Namibian subsidiary ("Eco Namibia"), the Company currently holds three offshore petroleum license blocks covering more than 25,000 square kilometers in the Walvis Basin and one license block covering 23,000 square kilometers, 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 other maturing exploration plays in Africa.
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, 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.
CONTACT: For More Information on Eco Atlantic Contact: Gil Holzman President and Chief Executive Officer firstname.lastname@example.org Tel: +972.508884529 Alan Friedman Executive Vice President email@example.com Tel: +1.416.361.1955Source:Eco (Atlantic) Oil & Gas Ltd