Goldbard Capital Corporation
TSX VENTURE : GDB

October 25, 2011 13:04 ET

Goldbard Announces Extension of "Completion Deadline" of Its Business Combination With Eco Oil & Gas Ltd.

TORONTO, ONTARIO--(Marketwire - Oct. 25, 2011) - Goldbard Capital Corporation (TSX VENTURE:GDB) ("Goldbard"), a company listed on the TSX Venture Exchange (the "Exchange"), announces that it has signed a waiver with Eco Oil & Gas Ltd. ("Eco") extending the date before which it must complete its previously announced business combination (the "Business Combination") with Eco to November 26, 2011 (the "Completion Deadline").

The Business Combination received conditional approval from the Exchange on August 29, 2011, which requires that all transactions in connection with the Business Combination be completed by November 26, 2011. Both parties have mutually agreed to the extension of the Completion Deadline and intend to meet the Exchange's conditional approval timeline of November 26, 2011.

All resolutions in connection with the Business Combination were approved at a Special Meeting of Goldbard Shareholders on September 26, 2011. Further details on the Business Combination are described in Goldbard's management information circular (the "Circular") dated August 26, 2011 and as filed on www.sedar.com

About Eco Oil & Gas Ltd.

Incorporated in January 2011, Eco Oil & Gas Ltd. is an integrated oil and gas exploration company focused on the new and bourgeoning energy play in Namibia. Through its wholly owned subsidiary, Eco Oil & Gas (Namibia) (Proprietary) Limited ("Eco Namibia"), it holds five Government of the Republic of Namibia issued petroleum licenses. Offshore, Eco holds three license blocks covering more than 25,000 square kilometers (6,177,000 acres) and onshore, Eco holds two license blocks covering 30,000 square kilometers (7,413,000 acres). Eco Namibia, founded in 2008, enjoys a strong local presence having a longstanding relationship with the energy and oil and gas sector in Namibia and the region. The terms and conditions of these licenses are regulated by agreements signed by Eco with the Government of the Republic of Namibia in March 2011.

About Goldbard Capital Corp.

Goldbard Capital Corp. is a publicly traded company listed on the Exchange which is focused on pursuing exploration and development opportunities within the resource sectors.

Completion of the proposed transaction is subject to a number of conditions, including but not limited to, final acceptance by the TSX Venture Exchange. There can be no assurance that the Business Combination will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Circular, any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Goldbard should be considered highly speculative.

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 in this press release include, but are not limited to, statements with respect to the closing or completion of the Business Combination. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production, marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; 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.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and neither Eco nor Goldbard not undertakes 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 expressly required by securities law.

Contact Information

  • For further information about Goldbard Capital Corporation:
    Yaron Conforti
    Chief Executive Officer
    (416) 716-8181
    yaron@conforti.ca

    For further information about Eco Oil & Gas Ltd.:
    Gil Holzman
    Chief Executive Officer
    (972) 508884529
    gil@ecooilandgas.com