Tullow Oil to Farm Into Eco Atlantic's Cooper Block, Offshore Namibia, Resulting in a Full Carry on Enlarged 3D Seismic Program

Tullow Oil to Farm Into Eco Atlantic's Cooper Block, Offshore Namibia,
Resulting in a Full Carry on Enlarged 3D Seismic Program and Exploration Well

TORONTO, July 17, 2014 (GLOBE NEWSWIRE) -- Eco (Atlantic) Oil & Gas Ltd. ("Eco
Atlantic" or the "Company") (TSX-V:EOG) (NSX:EOG) is pleased to announce that
it has executed a Farm-out agreement (the "Agreement") with Tullow Kudu
Limited, a wholly owned subsidiary of Tullow Oil plc. ("Tullow"), pursuant to
which Tullow has agreed to acquire up to a 40% working interest in Block
2012A, situated in the Walvis Basin, offshore Namibia (the "Cooper Block" or
the "Block"). This Farm-In, in conjunction with Eco Atlantic's prior Farm-Out
to Azimuth for 20%, nets the Company a 100% carry of all costs on an expanded
1,000 km^2 3D seismic survey and interpretation (the "Seismic Program"). The
Seismic Program is expected to commence the fourth quarter of 2014. Dependent
on the establishment of a target from the Seismic Program, Tullow has also
committed to a full carry of cost to drill an exploration well on the Block.

Pursuant to the Agreement, the Company will initially transfer a 25% working
interest in the Cooper Block to Tullow in return for a carry of the Company's
share of costs to execute and process the Seismic Program, and the
reimbursement of 25% of the Company's past costs in an amount to Eco Atlantic
of approximately US$1 million (the "First Transfer"). Following the First
Transfer, if Tullow elects to participate in the drilling of an exploration
well on the Cooper Block, Tullow will be transferred an additional 15% working
interest in the Block, in return for a full carry of the Company's share of
costs to drill an exploration well on the Block (capped at $53 million) and
the reimbursement of an additional 15% of the past costs (the "Second
Transfer"). Eco Atlantic will remain Operator until the Second Transfer, at
which time, Tullow will be appointed as Operator of the Cooper Block.

The completion of the First Transfer and the Second Transfer are subject to a
number of conditions, including the approval of Namibia's Ministry of Mines
and Energy and various approvals of the other Block participants. AziNam
Limited, an existing Block 2012A partner with 20% working interest, has given
their approval to the transaction and expanded work program.

Dundee Securities Europe LLP acted as financial advisor in relation to the
Agreement.

Eco Atlantic currently holds a 70% working interest in the Cooper Block,
AziNam Limited holds a 20% working interest, and NAMCOR, the Namibian national
oil company, holds a 10% working interest. Following the First Transfer, the
Company will hold a 45% working interest in the Cooper Block, Tullow will hold
a 25% working interest, and AziNam and NAMCOR will retain their respective
working interests.

Gil Holzman, President and CEO of Eco Atlantic, stated: "We are extremely
happy to complete this farm-out deal with one of Africa's preeminent and
successful oil and gas explorers – Tullow Oil. This provides the requisite
financing to progress activities on the Cooper Block, and further validates
our exploration work and findings to date. Our strategy is one of identifying,
acquiring and derisking our prospective acreage while attracting world class
partners to progress the exploration process. We are delighted to welcome
Tullow to partner with us on this block, and to join our other partners -
AziNam and NAMCOR. Now that Cooper's exploration is funded, we will continue
to review further partnerships across our portfolio. We also wish to thank our
Block partner AziNam for their positive support of the process as well as to
our financial advisors, Dundee Securities."

Colin Kinley, COO and Director of Eco Atlantic comments: "Eco has taken a very
strategic approach to the exploration of its Namibian assets; each well
drilled in this frontier basin has helped to further define our targets. Our
approach, specifically to the Walvis Basin is simple. The mechanics are all
there and the region is generating oil and gas, we know that for a fact. The
Cooper Block has been analyzed closely by multiple parties – all resulting in
acute interest. Attracting Tullow, who is one of Africa's most successful
explorers as a partner, who now has well over 100,000 barrels a day under its
belt, is exciting for us. We have a highly credible team of upstream industry
experts already within our own members and partners in AziNam and NAMCOR, and
now we are bringing fresh eyes into the block who have the unique
interpretation strength to find oil, drill wells and bring it on line quickly
and economically."

About Tullow

Tullow is a leading independent oil & gas, exploration and production group,
quoted on the London, Irish and Ghanaian stock exchanges (symbol:TLW) and is a
constituent of the FTSE 100 Index. The Group has interests in over 140
exploration and production licenses across 24 countries which are managed as
three regional business units: West & North Africa, South & East Africa and
Europe, South America and Asia.

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, as amended.

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
         gil@ecooilandgas.com
         Tel: +972.508884529
        
         Charlotte Dilks
         Investor Relations Manager
         charlotte@ecooilandgas.com
         Tel: +1.416.361.2211
 
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