BANGKOK, Thailand, May 24, 2011 /CNW/ - Oil Optimization Inc. (TSXV:
OOI) (the "Company") today announced that it has commenced an
Environmental Impact Assessment ("EIA") on Block L14/50, a 100% owned
and operated petroleum concession onshore Thailand. Approval of the
EIA, expected in ninety days, will allow the Company to proceed with
its 3D seismic program over a 250 square kilometre area. The proposed
3D seismic program is based on 2D seismic data previously acquired on
the concession, where five drilling leads were identified.
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 has produced 8.6 million barrels of oil, while proven
and probable reserves were stated at 32 million barrels, as at December
31, 2010. Production rights to the southern part of the basin are held
by Pan Orient Energy Corp (TSXV: POE) and Australia's Carnarvon
Petroleum Limited (ASX: CVN).
About Oil Optimization Inc. (TSXV: OOI)
Oil Optimization Inc. is an international junior oil and gas exploration
company headquartered in Calgary, Canada 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