BVI company arranged private placement

British Virgin Islands-registered oil and gas exploration company Eco Atlantic Oil and Gas Limited announced a non-brokered private placement of CDN$3,200,000 through the issue of 8,000,000 common shares of the BVI company, at a price of $0.40 per Common Share.

To participate in the private placement, the company has entered into agreements with some subscribers, including Azimuth Ltd., an exploration and production company jointly owned by Seacrest Capital Ltd. and Petroleum Geo-Services ASA, insiders and new investors.

CEO of Eco Atlantic, Gil Holzman, commented on the private placement: “The strengthening of our treasury allows us to further advance our work program offshore Namibia.”

The transaction is expected to close on November 16, 2012, subject to the receipt of all required regulatory approvals, including the approval by the TSX Venture Exchange.

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