CEO.CA Chairman's Briefing

Toronto, Ontario--(Newsfile Corp. - February 3, 2017) - Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (the "Company" or "Eco Altantic"), an oil and gas exploration company with offshore licences in highly prospective regions in South America and Africa, is pleased to announce the publication of the Company's AIM Admission Document dated February 2, 2017 ("Admission Document") in relation to the admission of the Company's Common Shares, as enlarged upon completion of a conditional private placement, to trading on the London Stock Exchange's Alternative Investment Market ("AIM Admission"). The Company expects that AIM Admission and commencement of dealings in the Company's Common Shares will occur on February 8, 2017.

In connection with the AIM Admission, the Company has entered into agreements for the private placement of 30,000,000 Common Shares (the "UK Placing''), conditional on the AIM Admission and receipt of TSX Venture Exchange (the "TSXV") approval. Following its book-building process, in which the new Common Shares were conditionally subscribed for at £0.16 (CAD$0.26) per Common Share, and completion of the UK Placing the gross proceeds available to the Company will be approximately £4.8 million (CAD$7.83 million) and the net proceeds, after unpaid transaction costs, will be approximately £4.1 million (CAD$6.7 million). The Company anticipates that it may receive additional subscriptions prior to closing. The closing of the UK Placing, inter alia, is conditional on the AIM Admission which is expected to occur on February 8, 2017 and receipt of TSXV approval.

The UK Placing was led by the Company's joint brokers Brandon Hill Capital Limited (as lead broker) and Peterhouse Corporate Finance Limited (as joint broker). Strand Hanson Limited is acting as financial and nominated adviser to the Company in relation to the AIM Admission.

Further details of the UK Placing are set out in the Admission Document, which will shortly be available online at www.ecooilandgas.com, www.SEDAR.com and at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG, United Kingdom.

For more information please visit http://www.ecooilandgas.com/ or contact the following:

About Eco Atlantic

Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of upstream petroleum opportunities around the world. The Company's objective is to identify technically merited prospective new and developing projects in frontier areas allowing low cost entry. In Guyana, the company holds the Orinduik petroleum license, partially carried by Tullow Oil, through our subsidiary Eco Atlantic Guyana.

In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried, in a number of offshore petroleum licenses in the Walvis Basin.

Eco Atlantic enjoys strong local presence in the countries in which it operates and has a longstanding relationship with the energy and oil and gas sectors throughout Africa and other maturing exploration plays internationally.

Forward-looking statements

This announcement includes forward-looking statements relating to the Company's future prospects, developments and strategies and are based on the Company's current expectations projections, and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements are sometimes identified by the use of terms and phrases such as "believe", "expects", "envisage", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positioned", "targets" or "anticipates" or the negative thereof, variations or comparable expressions, including reference to assumptions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Company relating to the Company's future prospects, developments and strategies and are based on assumptions and estimates and involve risks, uncertainties and other factors that may cause the actual results, financial condition, performance or achievements of the Group or industry results to be materially different from any future results, performance or achievement expressed or implied by such forward looking statements. No assurance can be given that such future results will be achieved. New factors may emerge from time to time that could cause the Company's business not to develop as it expects and it is not possible for the Company to predict all such factors. Each forward-looking statement contained in this announcement speaks only as of the date of the particular statement. The Company, its directors and management, the nominated adviser and the joint brokers each expressly disclaim any obligation to update these forward-looking statements contained in this announcement to reflect any change in their expectations or any change in future events or developments on which such statements are based unless required to do so by applicable law or regulation, the AIM Rules for Companies or the AIM Rules for Nominated Advisers.

This news release does not constitute an offer to sell or the solicitation of an offer to sell any securities in the United States, in any province or territory of Canada or in any other jurisdiction.

Neither 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 release.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW COMMON SHARES OF ECO (ATLANTIC) OIL & GAS LTD. IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.