CALGARY, Alberta and BANGKOK, Thailand, Jan. 15, 2013 /CNW/ - Oil Optimization Inc. ("OOI" or the "Company") (TSXV: OOI) today announced that it has settled the previously-disclosed action involving its former Chief Executive Officer. Under the settlement, the Company has agreed to make a cash payment as a contribution to the former executive's legal costs and to issue 1,666,666 common shares of the Company (the "Settlement Shares") to the former executive at a deemed issue price of $0.05 per share. The Settlement Shares will be subject to a four-month "hold period" under applicable Canadian securities legislation
About Oil Optimization
Oil Optimization Inc. is a Canadian listed international junior oil and gas exploration company with operations located onshore Thailand. OOI currently holds interests in three exploration blocks, being a 100% interest in Block L3/50; a 100% interest in Block L14/50, which is subject to a farm‐out to Rockstone Petroleum Limited who can acquire up to a 60% interest; and a 100% interest in Block L9/48. The Company is focused on exploring and developing each of these blocks as well as seeking accretive acquisitions in the region. Visit www.oilop.com for more information.
This news release may contain 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.
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SOURCE: Oil Optimization Inc.
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