CALGARY, Dec. 13 /CNW/ - Oil Optimization Inc. (TSXV: OOI) (the "Company") today announced that it has officially commenced its work program focusing on its onshore oil concessions in Thailand. The Company is involved in ongoing discussions with seismic companies and anticipates awarding a contract in the near future.
The Company is also pleased to announce the appointment of Mr. Darren Steffes as Vice President, Exploration. In this role, Mr. Steffes will directly oversee all technical aspects of the Company's exploration program in Thailand. Mr. Steffes is an exploration geologist, responsible for commercial discoveries on various continents. Prior to joining the Company, Mr. Steffes held senior positions at Pegasus Oil and Gas Inc., Mustang Resources Inc. and developed business opportunities in Oman and former CIS countries. Mr. Steffes was formerly a geology professor at the Southern Alberta Institute of Technology.
The Company also announces that Thailand's Ministry of Energy has invited the Company to attend an official ceremony to be held in Bangkok. At the ceremony, the Company will execute a concession agreement which will formally confer a 100% interest in onshore Block L14/50 (otherwise known as the Petchabun Block) to the Company. The Petchabun Block is located in central Thailand and covers an area of 3,934 square kilometres, with the northern Petchabun Basin extending into the southern portion of the block. Oil producing blocks L33/43, L44/43 and SW1A (whose rights are held by Pan Orient Energy Corp. of Canada (TSXV: POE) and Australia's Carnarvon Petroleum Limited (ASX: CVN)) are immediately south of the Petchabun Block.
Lastly, the Company announces that the Board of Directors has voted to appoint Mr. Luc Desmarais as Chief Executive Officer of the Company effective December 31, 2010, replacing Mr. David Little. Mr. Desmarais currently serves as President of the Company and is the Company's single largest shareholder.
About Oil Optimization Inc.
The Company is a junior oil and gas exploration company headquartered in Calgary, Alberta. The Company now holds interests in two onshore exploration blocks in Thailand being a 100% interest in Block L3/50 and a 50% interest in Block L9/48 and has conditionally been granted a 100% interest in a third onshore exploration block being Block L14/50. The Company, through its wholly-owned subsidiary, JSX Energy (Thailand) Limited, will focus on exploring and developing each of these blocks as well as seeking accretive acquisitions in Thailand.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy for 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 law.
For further information: For further information:
Oil Optimization Inc.
Kevin Rooney, Director
Phone (416) 643-6899