Mr. Gil Holzman reports

ECO ATLANTIC PROVIDES INTERPRETATION OF THE OIL PROVEN IN REGIONAL DRILLING RESULTS - SOURCE ROCKS AND HIGH GRADE OIL CONFIRMED IN WALVIS BASIN, OFFSHORE NAMIBIA

Eco (Atlantic) Oil & Gas Ltd. has provided technical interpretation of recent oil proven by HRT Participacoes em Petroleo SA in the Walvis basin and appointed David Dudkiewicz as corporate secretary of the company.

HRT announced last night the results from drilling its Wingat-1 prospect, which confirmed that the well established two different source rocks and proved that the source rock is in the oil generation window. The well discovered light-grade oil and validates Eco Atlantic's understanding of the presence of an oil kitchen in the Walvis basin, which is home of the company's three offshore blocks.

This first of a three-well drilling campaign in the region for HRT is located about 200 kilometres to the northwest of Walvis Bay on Namibia's Skeleton Coast. Blocks 2212A and 2212B are located between Eco Atlantic's Sharon and Guy licences, and just to the south, the company's Cooper licence. HRT's original target in this well was a carbonate reef platform charged by pre-Aptian source rocks. HRT announced completion of the drilling of this first well to a total depth of 5,000 metres. According to HRT's public disclosure, the Wingat well established and identified two developed source rocks, and encountered several bedded sand reservoirs which showed increasingly more oil shows with depth. Additionally, HRT announced that four oil samples of light-grade oil (38 degrees to 42 degrees API) were retrieved from the well. The reservoir quality of the carbonate reef targeted in the well, and its capacity to hold and store oil were less developed than anticipated, and the well is defined as uncommercial.

Eco Atlantic has focused on the age maturity and structures within the Walvis basin, and has directed its exploration efforts and focus to defining a source rock of the maturity for oil and the sand reservoirs prevalent in the region. "The confirmation of the source rocks, the sampling of high grade oil, the presence of the resource in the basin and more specifically in the immediate vicinity of our licences confirms our research to date and helps define our targets moving forward. The carbonates are an excellent target, and we concur with HRT's choice to drill the platform initially. Our targets are a combination of opportunities; however, our team remains focused on the turbidite-sand-filled canyons flows, the stratigraphic play on Guy, and the large wedges that is evident on our blocks and similar to the Murombe prospect which HRT is drilling next on its schedule," commented Colin Kinley, Eco Atlantic's chief operating officer.

Gil Holzman, president and chief executive officer of Eco Atlantic, commented: "I am delighted with the recent news of HRT's drilling results from the Wingat-1 prospect, which strongly confirms the Walvis basin's prospectivity and its oil potential. Eco Atlantic is not a tag-along play, we were in Namibia early and had the opportunity to consider licences throughout the country's four offshore basins. Our team carefully evaluated the oil potential along this unexplored margin, and we determined our best prospectivety would be in the Cooper, Guy and Sharon blocks, each having its own geologic personality within the Walvis basin. We are happy with the Wingat results, and we look forward to the results of HRT's Murombe prospect which they will begin drilling next week. The current results are very encouraging for Eco Atlantic, and this helps to further derisk the basin. No doubt we are going to see increased farm-in activities and renewed interest from mature industry players."

Appointment of corporate secretary

Mr. Dudkiewicz is a corporate and securities lawyer, and acts as in-house counsel for Eco Atlantic. He received his legal training at one of Canada's leading national corporate law firms and earned his legal degree from Queen's University in Kingston, Ont.

Effective immediately, Mr. Dudkiewicz is replacing Michael Kleinman, the company's current corporate secretary. Eco Atlantic's board and management thank Mr. Kleinman for his contributions and guidance during his tenure with the company.

We seek Safe Harbor.