Eco Atlantic and Partners Receive Ghana Parliamentary Ratification of Petroleum Agreement for Oil Block in Tano-Cape Three

Eco Atlantic and Partners Receive Ghana Parliamentary Ratification of
Petroleum Agreement for Oil Block in Tano-Cape Three Points Basin, Offshore
Ghana

TORONTO, July 29, 2014 (GLOBE NEWSWIRE) -- Eco (Atlantic) Oil & Gas Ltd. ("Eco
Atlantic" or the "Company") (TSX-V:EOG) (NSX:EOG) is pleased to announce that
the Parliament of the Republic of Ghana has ratified a petroleum agreement
(the "Agreement") pursuant to which the Company may acquire a 50.51% interest
in the Deepwater Cape Three Points West Block, located in the Tano Cape Three
Points Basin, offshore Ghana (the "Block"), adjacent to Tullow Oil plc.'s
("Tullow") significant producing Jubilee Oil Field. Eco (Atlantic) has been
qualified as Operator of the Block. The Agreement is final and pending
execution by the parties. The Agreement is conditional upon the execution of a
Joint Operating Agreement for the Block, among other conditions.

Partners in the Block include Eco Atlantic, through its wholly owned
subsidiary Eco Atlantic (Ghana) Ltd., which will hold 50.51%; A-Z Petroleum
Products Ghana Limited ("A-Z"), which will hold 32.14%; the Ghana National
Petroleum Company ("GNPC") which will hold 13%, and GNPC Exploration and
Production Company Limited, which will hold 4.35%. The contract area is
approximately 944km² in water depth between 800m and 2,000m. The Block is
adjacent to Tullow's Jubilee Oil Field, which is producing in excess of
100,000 barrels of oil per day. It also shares an eastern boundary with the
former OCTPS Block, a northern boundary with the Eni Cape Three Points Block,
and a western boundary with the Hess Deep Water Cape Three Points Block. The
Agreement provides for a term of a total of 25 years, subject to the discovery
of oil within the first seven years.

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Colin Kinley, Chief Operating Officer of Eco Atlantic commented: "The Three
Points West block is a fantastic opportunity for Eco Atlantic to step into an
active and oil producing region. The Block is adjacent to the Tullow - Kosmos
License and only 15 kilometers southeast of the current Tullow discovery and
production. The targets of interest on the Block are on trend with the over 20
other oil discoveries in the immediate area. The Block is already almost
entirely covered with a recent 3D survey and this will allow us to move
quickly through the reprocessing and interpretation process and on to
drilling."

Gil Holzman, President and CEO of Eco Atlantic, commented: "We are very
pleased with the ratification of the Agreement by the Parliament of the
Republic of Ghana. The Block has been the focus of interest for many
international E&P companies, and so we are thankful that the government
accepted our application in this highly competitive environment. This
represents an amazing opportunity for Eco Atlantic's West Africa offshore
exploration efforts and expending strategic portfolio. While we remain very
much focused on our Namibian highly prospective licenses, especially after
recently bringing in Tullow as our new partner, together with our partners in
Ghana, A-Z and GNPC Explorco, we are aiming to add significant value to our
portfolio and for our shareholders."

About Eco Atlantic

Eco Atlantic is an oil and gas exploration company focused on unique upstream
opportunities for low cost entry into technically merited prospective new and
developing plays in frontier areas. Eco is currently a exploring the new and
developing 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. Eco Atlantic
holds an additional 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
         gil@ecooilandgas.com
         Tel: +972.508884529
        
         Charlotte Dilks
         Investor Relations Manager
         charlotte@ecooilandgas.com
         Tel: +1.416.361.2211
 
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