Business
Eco Atlantic Rewards Recent Corporate Achievements with Equity Compensation Grants
TORONTO, ON / ACCESSWIRE / April 1, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (N...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco Atlantic Rewards Recent Corporate Achievements with Equity Compensation GrantsTORONTO, ON / ACCESSWIRE / April 1, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX:EOG) (\"Eco Atlantic\" or the \"Company\") is pleased to announce that, in connection with recent services rendered by certain individuals, and milestones achieved relating to the acquisition of significant license interests, and significant G&A and other costs reductions, it has granted a total of 965,000 stock options (the \"Options\") to certain directors, officers and consultants of the Company. Terms of the Options include an exercise price of $0.30 per common share, and a vesting schedule allowing for the vesting of the Options in three equal installments, with 1/3 vesting March 23, 2016; 1/3 vesting March 23, 2017 and 1/3 vesting March 23, 2018. The Options expire on March 23, 2021. Subsequent to this grant, the total number of stock options outstanding is 8,856,052. The Company further announces that it has issued 1,363,200 Restricted Share Units (\"RSUs\") to certain directors, officers and consultants of the company. The RSUs vested immediately.\nGil Holzman, President and CEO of Eco Atlantic commented: \"We are delighted with our recent accomplishments and have decided to reward valuable members of our team and third party consultants with Options and RSUs for their hard work and effort that led to our recent successes, including the significant new Guyana block acquisition in partnership with Tullow Oil. The Company has also substantially reduced G&A and other costs in order to preserve cash. We continue our hard work to further identify and materialize various corporate and operational opportunities, as well as improving management efficiency and cash preservation.\"\nAbout Eco Atlantic\nEco 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. In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried, in four offshore petroleum licenses in the Walvis and Lüderitz Basins.\nIn Ghana, Eco Atlantic also holds and operates an interest in the Deepwater Cape Thr...