Eco Receives Independent Leads Report On Sharon Block

Eco (Atlantic) Oil & Gas Ltd is pleased to announce the Company has received an independent Leads Report for Blocks “2213A” and “2213B” collectively the "Sharon Block" offshore Namibia including a (P50) Best Estimate of 7.79 Billion barrels of prospective oil. The report was prepared by Gustavson Associates LLC (“Gustavson”) of Boulder, Colorado.

Gustavson conducted an assessment of the Gross Prospective Resource as of March 6, 2012. The data provided includes recently acquired 2D seismic data and reports from four wells that were drilled in the vicinity of the block. The interpretation of 605 line kilometers of 2D seismic data acquired from WesternGeco over the Sharon Block has produced two leads. The leads which are interpreted as sealed structures are identified as the "North Structure" and the "Wedge".

Gil Holzman, President and Chief Executive Officer commented: “The completion of the NI 51-101 Leads Report on Sharon represents another significant milestone in our exploration efforts in Namibia. We have worked closely with our Operator - Kinley Exploration LLC, our local team in Namibia, and our local licenses partner NAMCOR (National Namibian Petroleum Corporation) in completing this phase of interpretation. We have managed to better understand the significant prospectivity of our shallow water (40m-200m) Sharon Block, with its two well defined leads. The qualitative and quantitative interpretations of these leads indicate well defined sealed structures with estimated prospective resource of 7.79 Billion barrels of oil. Establishment of the P50 leads allows us to proceed with confidence in initiating our 3D seismic program on the Block in order to better identify the drilling targets.”

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