OREANDA-NEWS. Eco (Atlantic) Oil & Gas Ltd. (Eco Atlantic) is pleased to announce that the Company has taken strategic actions to decrease its near to mid-term financial obligations by farming out part of its offshore Namibian licenses for carry and cash, and has revised and reduced its next year work program in Namibia.

Through its wholly-owned subsidiary, Eco Oil and Gas (Namibia) (Pty) Limited (Eco Namibia), Eco Atlantic has entered into an Amended and Restated Farmout Agreement (the "Agreement") with Azinam Limited (Azinam), amending and restating the terms of the farmout agreement dated April 12, 2012, among the parties.

Pursuant to the Agreement, the Company will receive a total of approximately CADUSD 4.2 million (USD 3.65 million) in cash and will further reduce its financial commitments on its offshore petroleum blocks.

The Company is also pleased to announce that it has agreed with the Namibian Ministry of Mines and Energy to delay current planned 3D Survey programs on its Guy and Sharon Blocks by at least one year to March 2016.