Eco Atlantic Rewards Recent Corporate Achievements with Equity Compensation Grants

TORONTO, ON / ACCESSWIRE / April 1, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX:EOG) ("Eco Atlantic" or the "Company") is pleased to announce that, in connection with recent services rendered by certain individuals, and milestones achieved relating to the acquisition of significant license interests, and significant G&A and other costs reductions, it has granted a total of 965,000 stock options (the "Options") to certain directors, officers and consultants of the Company. Terms of the Options include an exercise price of $0.30 per common share, and a vesting schedule allowing for the vesting of the Options in three equal installments, with 1/3 vesting March 23, 2016; 1/3 vesting March 23, 2017 and 1/3 vesting March 23, 2018. The Options expire on March 23, 2021. Subsequent to this grant, the total number of stock options outstanding is 8,856,052. The Company further announces that it has issued 1,363,200 Restricted Share Units ("RSUs") to certain directors, officers and consultants of the company. The RSUs vested immediately.

Gil Holzman, President and CEO of Eco Atlantic commented: "We are delighted with our recent accomplishments and have decided to reward valuable members of our team and third party consultants with Options and RSUs for their hard work and effort that led to our recent successes, including the significant new Guyana block acquisition in partnership with Tullow Oil. The Company has also substantially reduced G&A and other costs in order to preserve cash. We continue our hard work to further identify and materialize various corporate and operational opportunities, as well as improving management efficiency and cash preservation."

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. In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried, in four offshore petroleum licenses in the Walvis and Lüderitz Basins.

In Ghana, Eco Atlantic also holds and operates an interest in the Deepwater Cape Three Points West Deep Water offshore block, covering 944 square kilometers and in Guyana, Eco Atlantic holds an interest in the 1,800 square kilometer Orinduik offshore block.

Eco Atlantic enjoys strong local presence in the countries in which it operates and has a longstanding relationship with the energy and oil and gas sectors throughout Africa and other maturing exploration plays internationally.

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.

For More Information on Eco Atlantic Contact:

Gil Holzman
President and Chief Executive Officer
Tel: +972.508884529

Alan Friedman
Executive Vice President
Tel: +1.416.250.1955

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.

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