Eco Atlantic Announces Update to Normal Course Issuer Bid

Toronto, Ontario--(Newsfile Corp. - May 15, 2015) - Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) ("Eco Atlantic" or the "Company"), today announced that further to its press release dated February 27, 2015 announcing TSX Venture Exchange (the "Exchange") approval for the Company's intention to make a normal course issuer bid (the "Issuer Bid"), the Company has as at May 14 2015, repurchased 1,130,000 common shares for cancellation. The Company has also changed its designated broker for the Issuer bid to Jones, Gable & Company Limited. All common shares will be purchased on the open market through the facilities of the Exchange and payment for the common shares so purchased will be in accordance with Exchange policies. The price paid for the common shares will be the market price at the time of purchase. No purchases will be made other than by means of open market transactions during the term of the Issuer Bid. The common shares purchased by the Company will be cancelled. Purchases may be suspended by the Company at any time.

A copy of the notice filed with the Exchange may be obtained, by any shareholder of the Company without charge, by contacting the Company's Executive Vice President as set forth below.

The Company further announces that, in accordance with its 2013 Restricted Share Unit Plan and the Policies of the TSX Venture Exchange, it has issued 250,000 restricted share units (the "RSUs") to an Insider of the Company. The RSUs will vest immediately.

About Eco Atlantic

Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company's objective is to identify technically merited prospective new and developing projects in frontier areas requiring low cost entry. Through a wholly owned Namibian subsidiary ("Eco Namibia"), the Company currently holds three offshore petroleum license blocks covering more than 25,000 square kilometers in the Walvis Basin and one license block covering 23,000 square kilometers, which includes both onshore and offshore areas. Through another wholly-owned subsidiary, Pan African Oil Namibia (Pty) Ltd., Eco Atlantic additionally operates two licenses offshore Namibia which cover close to 13,000 square kilometers. 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

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected performance, functionality and availability of our services and products, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company's website, http://www.ecooilandgas.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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