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.

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


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Oil Optimization Inc.

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