Eco Atlantic receives independent Leads Report of 9.2 billion barrels best estimate on Guy Block, Walvis Basin, offshore Namibia

Independent Gross Prospective Report on Guy Block Includes (P50) Best Estimate:
Seven Leads - 9.2 Billion Barrels. Brings Eco Atlantic's (P50) Estimate
to 18 Billion Barrels

TORONTO, May 22, 2012 /CNW/ - ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V:EOG, NSX: EOG) Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") is pleased to announce the Company has received an independent Lead
Report for blocks "2111B" and "2211A" collectively the "Guy Block" in the Walvis Basin, offshore Namibia, including a (P50) Best Estimate
of 9.2 Billion barrels of gross prospective oil. The report was
prepared by qualified independent reserves evaluator Gustavson
Associates LLC ("Gustavson") of Boulder, Colorado in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). This report complements the Leads Reports on Eco Atlantic's other
offshore blocks in the Walvis Basin, ("Sharon" and "Cooper") bringing the Company's total best estimate prospective resources
offshore Namibia to approximately 18 Billion barrels.

Gustavson conducted an assessment of the Gross Prospective Resource as
of May 21, 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 675 line kilometers of 2D
seismic data acquired from WesternGeco and TGS over the Guy Block has
produced seven leads. The leads, which are interpreted from structures
with associated faults in the Cretaceous and Tertiary aged section, and
are up to 150 meters thick.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic
commented: "This very significant report is the culmination of a year of evaluation
and interpretation of our Namibian offshore assets. The completion of
the NI 51-101 Leads Report on Guy, further defines our exploration
efforts in Namibia. Our operator, Kinley Exploration LLC from USA, has
worked closely with the independent Engineer (QP), Gustavson Associates
of Colorado, our local team in Namibia, and our local partner NAMCOR
(National Namibian Petroleum Corporation) in completing this phase of
interpretation. Establishment of the P50 report on the Guy block of
over 9 Billion barrels defines Eco Atlantic now with leads of 18
Billion barrels of oil offshore Namibia together with Sharon (7.8
Billion) and Cooper (1.15 Billion) blocks. This is indeed an exciting
time for the Company and as we move forward to define these leads with
3D we are continuing to establish Eco Atlantic as one of the most
significant explorers in Western Africa. I am proud of our team and the
path we have set for the Company in the last year."

"Namibia seeks to host a world class discovery in the near term" says Colin Kinley, Chief Operating Officer of Eco Atlantic and Chief Executive Officer of Kinley Exploration LLC. "The SW Atlantic Margin of Western Africa is distinct from the coastal
basins to the north, including the recently drilled Namibe Basin. Being
relatively early into the play we have had our choice of the basins and
we have selected to focus on the Walvis Basin, based on a number of
factors we define into the high prospectivity for oil. Our work over
the past year on Cooper, Sharon and Guy has been extensive. This lead
report defines the significant hydrocarbon potential on Guy. The seven
leads we have evaluated here, along with those on the Cooper and Sharon
blocks, will help to define the direction of the 3D survey work we are
currently planning for this fall."