BANGKOK, Thailand, Feb. 8 /CNW/ - Oil Optimization Inc. (TSXV: OOI) (the "Company") today announced that, further to its press release of
February 3, 2011, the Company executed the L14/50 petroleum concession
agreement with the Ministry of Energy, at a ceremony hosted by the
Royal Thai Government. In addition to its other concessions, the
Company now owns the exclusive exploration rights to onshore Block
L14/50 until the year 2020. Production licenses run for 20 years from
the date of discovery with a potential 10-year extension.
Block L14/50 covers 1,000,000 acres in central Thailand and includes the
entire northern portion of the Petchabun Basin. The southern portion of
the same basin, whose rights are held by Pan Orient Energy (TSXV: POE)
and Australia's Carnarvon Petroleum Limited (ASX: CVN), is adjacent to
Block L14/50 and has a current productive capacity of 8,400 BOPD.
The Company also announced the appointment of Stephen Boundy as Senior
Geophysicist. Mr. Boundy's recent experience includes working for Pan
Orient Energy in Thailand, where he assisted in the development of the
Na Sanun East oil field, after the drilling of the POE-9 discovery well
and worked on seismic interpretation of Pan Orient's L44-V and
L44-W discoveries in Block L44/43. Mr. Boundy also mapped and
delineated the L33-1 and L33-2 prospects in Block L33/43, which Pan
Orient subsequently drilled as oil discoveries in August 2010.
About Oil Optimization Inc. (TSXV: OOI)
Oil Optimization Inc. is a junior oil and gas exploration company
headquartered in Calgary, Alberta with operations located onshore
Thailand. The Company currently holds interests in three exploration
blocks, being a 100% interest in Block L3/50, a 100% interest in Block
L14/50 and a 50% interest in Block L9/48. The Company, through its
wholly-owned subsidiary, JSX Energy (Thailand) Limited, is focused on
exploring and developing each of these blocks as well as seeking
accretive acquisitions in Thailand.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends" and similar expressions are intended to
identify forward-looking information or statements. More particularly
and without limitation, this news release contains forward looking
statements and information concerning the expected activities of Oil
Optimization. The forward-looking statements and information are based
on certain key expectations and assumptions made by Oil Optimization.
Although Oil Optimization believes that the expectations and
assumptions on which such forward-looking statements and information
are based are reasonable, undue reliance should not be placed on the
forward looking statements and information because Oil Optimization can
give no assurance that they will prove to be correct. By its nature,
such forward-looking information is subject to various risks and
uncertainties, which could cause the actual results and expectations to
differ materially from the anticipated results or expectations
expressed. Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date hereof, and
to not use such forward-looking information for anything other than its
intended purpose. Oil Optimization undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result
of new information, future events or otherwise, except as required by
SOURCE Oil Optimization Inc.
For further information:
Oil Optimization Inc.
Chris Serin - Chief Financial Officer
Phone (604) 628-7124