CALGARY, Dec. 29 /CNW/ - Oil Optimization Inc. (TSXV:OOI) (the "Company") today announced that, further to its press release of December 13, 2010, it has delivered to Thailand's Ministry of Energy a bank guarantee in the amount of US$1,650,000 in respect of onshore Block L14/50 (otherwise known as the Petchabun Block). 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. The Ministry of Energy has also set January 14, 2011 as the date of the signing ceremony at which the Company will execute a concession agreement that will formally confer a 100% interest in the Petchabun Block to the Company.
The Company also announces the appointment of Mr. David Paterson as a director of the Company to fill the vacancy created by the resignation of Mr. David Little, and the appointment of Mr. Philip Moore as Chairman of the Board.
Mr. Paterson is a geologist/geophysicist with 35 years of experience in the upstream oil and gas industry. He began his career in Calgary with Hudson's Bay Oil & Gas, followed by 18 years with Lasmo PLC. Mr. Paterson held senior international exploration and new business management positions in London, Indonesia, North Africa, Calgary, and Nova Scotia. For the past 9 years, Mr. Paterson has provided geoscience consulting services on international exploration/development and new venture projects in Asia-Pacific, North Africa, Alaska, and South America. Clients are Canadian-based international juniors, including First Calgary Petroleum, Verenex Energy, TG World Energy and Valeura Energy.
The Company is also pleased to announce the appointment of Mr. Christopher Serin as Chief Financial Officer, replacing Ms. Sandra Beaulieu.
Mr. Serin has over 30 years of international financial and corporate management experience, mainly with public companies in the resource sector. Mr. Serin held a number of progressively responsible technical and financial positions with Aquitaine Company of Canada, an international oil and gas company, including responsibility for all financial aspects of Aquitaine's U.S. subsidiary and the administration of approximately US$2 billion of long term debt. Among a number of senior executive positions held in the industry, Mr. Serin was Chief Financial Officer of Royal Oak Mines Inc. and most recently, Chief Financial Officer of EurOmax Resources Limited. Mr. Serin holds a BSc. and an MBA from Queen's University.
Luc Desmarais, President of the Company, commented: "We are fortunate to have such qualified professionals join our board and management team, as both David and Chris offer a wealth of experience in their respective fields. We look forward to working alongside them while benefitting from their valuable expertise and input."
About Oil Optimization Inc. (TSXV: OOI)
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.||Oil Optimization Inc.|
|Luc Desmarais - President||Kevin Rooney - Director|
|Phone +662 259 6929||Phone (416) 643-6899|