Eco (Atlantic) announces Annual and Special Meeting results and stock option
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
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.
For More Information on Eco Atlantic Contact: Gil Holzman President and Chief
Executive Officer email@example.com Tel: 972.508884529
Charlotte Dilks Investor Relations Manager firstname.lastname@example.org Tel:
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CO: Eco (Atlantic) Oil & Gas Ltd.
-0- Dec/11/2013 21:55 GMT
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