OIL OPTIMIZATION INC TO EXECUTE PETROLEUM CONCESSION IN THAILAND

CALGARY, Feb. 3 /CNW/ - Oil Optimization Inc. (TSXV: OOI) (the "Company") today announced that Thailand's Ministry of Energy has confirmed February 8, 2011 as the official signing date of Petroleum Concession No. 1/2554/109, which will formally confer a 100% interest in Block L14/50 to the Company. 

Block L14/50 is located in central Thailand and covers 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 immediately south of Block L14/50 and has a current productive capacity of 8,400 BOPD.

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 two exploration blocks, being a 100% interest in Block L3/50, a 50% interest in Block L9/48 and has conditionally been granted a 100% interest in Block L14/50. 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.

Forward-Looking Statements

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 law.

SOURCE Oil Optimization Inc.

For further information:

Oil Optimization Inc.
Chris Serin - Chief Financial Officer
Phone (604) 628-7124
www.oiloptimizationinc.com

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Oil Optimization Inc.

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