Eco Files Quarterly Financial Statements and Announces Convertible Securities Repricing

Toronto, Ontario--(Newsfile Corp. - August 29, 2014) - Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX: EOG) ("Eco Atlantic" or the "Company") announces that it has filed financial statements and accompanying Management Discussion and Analysis for the quarter ended June 30, 2014.

The Company further announces that its Board of Directors (the "Board") has approved amendments to re-price the Company's 5,920,000 issued and outstanding stock options (the "Options"). The Options were originally exercisable at prices ranging from $0.40 to $0.68 per share. The new exercise price for the Options will be $0.30 per share. The Board has also approved amendments to re-price 4,937,341 outstanding common share purchase warrants (the "Warrants"). The Warrants are currently exercisable at $1.00 and are set to expire at 5:00 p.m. EST on July 6, 2015. The new exercise price of the Warrants will be $0.30 per share, subject to acceleration provisions as required under the policies of the TSX Venture Exchange (the "Exchange"). The foregoing amendments are subject to any necessary approvals, including that of the Exchange, as applicable.

The Company further announces that, in compliance with its 2013 Restricted Share Unit Plan, it has issued 4,150,000 Restricted Share Units ("RSUs") to eligible participants to reward performance. The RSUs vested immediately.

About Eco Atlantic

Eco Atlantic is an oil and gas exploration company focused on unique upstream opportunities for low cost entry into technically merited prospective new and developing plays in frontier areas. Eco is currently a exploring the new and developing energy play in Namibia. Through a wholly owned Namibian subsidiary ("Eco Namibia"), it holds four petroleum licenses issued by the Government of the Republic of Namibia. Offshore in the Walvis Basin, Eco Atlantic holds three license blocks covering more than 25,000 square kilometers. Eco Atlantic holds an additional license block covering 23,000 square kilometers which includes both onshore and offshore areas. Founded in 2008, Eco Namibia enjoys a strong local presence and has a longstanding relationship with the energy and oil and gas sector in Namibia and other maturing exploration plays in Africa.

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.

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