Eco Atlantic Appoints New Director and CFO

TORONTO, May 16, 2012 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V: EOG, NSX: EOG) is pleased to announce the Company has appointed Peter Nicol to the Board of Directors, subject to confirmation from the TSX Venture Exchange, and Alan Rootenberg as Chief Financial Officer ("CFO") of the Company.

The incoming board member, Peter Nicol, brings over 20 years experience in the oil and gas sector. Prior to joining the Board of Eco Atlantic, he was a partner in GMP Securities Europe as the Head of the Oil and Gas, Research team, and responsible for initiating coverage and finance of over 36 international E&P Companies. Peter also previously held positions with ABN AMRO as Global Sector Director of Oil and Gas research, and as Executive Director, Head of European Oil and Gas Research at Goldman Sachs. Mr. Nicol holds a BSc in Mathematics and Economics from Strathclyde University in Glasgow.

The incoming CFO, Alan Rootenberg, is a chartered accountant with experience in the mineral exploration and oil and gas industries, and is the former CFO of Volta Resources (TSX: VTR). Mr. Rootenberg has served as a senior executive for number of publicly traded companies including serving as President and Chief Executive Officer of a TSXV listed company. Mr. Rootenberg has a Bachelor of Commerce degree from the University of the Witwatersrand in Johannesburg, South Africa and received his Chartered Accountant designation in both South Africa and in Ontario, Canada.

Mr. Rootenberg is replacing Carmelo Marrelli of Marrelli Support, the Company's current CFO. Effective immediately, Mr. Rootenberg has resigned from his current directorship on the Board of Directors to focus exclusively on his role as CFO. Eco Atlantic would like to thank Carmelo and his team for their assistance and guidance in the Company's transition into a significant oil and gas exploration company.

In compliance with the Company's option plan, Eco Atlantic has granted 350,000 incentive stock options to Peter Nicol in connection with his appointment as director. Terms of the options include an exercise price of $0.68 per common share, and a vesting schedule allowing for the vesting of the options granted in three equal installments, with 1/3 vesting May 16, 2012, 1/3 vesting May 16, 2013 and 1/3 vesting May 16, 2014. The options expire on May 16, 2017. Subsequent to this grant, the total number of options outstanding is 5,130,000.

Moshe Peterburg, Chairman of Eco Atlantic commented, "We are very fortunate and honored to welcome Peter Nicol to our Board of Directors. His caliber of expertise of the oil and gas sector and his significant technical knowledge no doubt, strengthens our team, and also greatly benefits the Company as we move forward on our exploration program in the prospective Walvis Basin, offshore Namibia. Peter's extensive resume of oil & gas analysis and research will enable the Company to greater evaluate and define our current resources, and enhance our technical team's valuation of the Company's third License, the Guy Block, which we expect a completed resource report very soon." He added, "Furthermore, I am very happy to welcome Alan Rootenberg as Chief Financial Officer. Although, this means he will no longer be on the Board of Directors, we will continue to value his expertise and guidance as a member of senior management. We look forward to working with him in his new role as the Company continues to grow."