BANGKOK, THAILAND--(Marketwire -11/16/11)- Oil Optimization Inc. (TSX-V: OOI.V - News) ("OOI" or the "Company") wishes to update its shareholders on the Company's operations onshore Thailand, in light of recent flooding in some parts of the country.
The Company's L14-50 project in the north Phetchabun basin has not experienced any flooding to date, although the rains can be heavy and unpredictable. As a result, the Company has modified its proposed work program to focus on three primary leads, starting with a 50-line kilometer 2D seismic survey. The objective of the revised program is to mature one or more of the three leads into drillable prospects, while minimizing technical and financial risk. The seismic program will commence in Q1-2012 and will be followed by a drilling program shortly thereafter. Funding for the Company's work program on L14/50 is secured by irrevocable bank guarantees now held by the Thai Ministry of Energy.
The Company's two other onshore concessions, Blocks L9/48 and L3/50, have not been impacted by the rains and work is proceeding as planned and on schedule.
Oil Optimization Inc. is an international junior oil and gas exploration company registered in Calgary, Canada, with operations onshore Thailand. OOI currently holds a 100% interest in exploration Blocks L3/50, L14/50 and L9/48 for a total of 2,500,000 acres. The Company is focused on exploring and developing each of these blocks as well as seeking accretive acquisitions in the region. www.oilop.com
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.
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