Tuesday, 11 November 2014 08:24 AM
Calgary, Alberta / ACCESSWIRE / November 11, 2014 / Oil Optimization Inc. (TSXV:OOI) (the "Company") is pleased to announce that it has entered into an agreement in principle with Rockstone Petroleum Limited ("Rockstone") to settle their respective claims filed in the Court of Queen's Bench of Alberta. Rockstone has also confirmed under the settlement that it will provide funding to drill the first well on Block L14-50, the Company's petroleum concession onshore Thailand.
Under the terms of the settlement, Rockstone will be appointed project operator going forward and will be entitled to an increased working interest in the concession. In the event that Rockstone elects to fund the entire cost of drilling the first well, then Rockstone's working interest in the concession will be increased to 67.5%. If Rockstone elects to fund the costs of drilling the first well up to a maximum of US$1,500,000, then Rockstone's working interest in the concession will be increased to 62.5%. The parties intend to enter into a definitive settlement agreement within approximately 30 days. The Farm-In Agreement with Rockstone dated August 12, 2012 will be amended to reflect the terms of the settlement.
The terms of the settlement with Rockstone are subject to approval of the TSX Venture Exchange.
About Oil Optimization Inc.
Oil Optimization Inc. is an international junior oil and gas exploration company based in Canada with an advanced discovery program onshore Thailand. The Company owns the long-term exclusive rights to onshore Block L14-50, which is subject to a farm-out agreement with Rockstone Petroleum. The one million acre petroleum concession covers the entire northern section of the hydrocarbon-rich Phetchabun basin in central Thailand, which has been subject to a 200-line kilometer 2D seismic acquisition program and an extensive magnetic survey. The southern section of the basin is currently being developed by China's ECO Orient Energy Ltd (60%) (a wholly-owned subsidiary of the Hong Kong and China Gas Company Limited), Australia's Carnarvon Petroleum Limited (20%) and by Loyz Energy Limited (20%) of Singapore.
Forward-Looking Statements
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.
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 is intended for distribution in Canada only and is not intended for distribution to the United States newswire services or dissemination in the United States. It does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any offer or sale of any of the Common Shares in any jurisdiction in which such offer or sale would be unlawful. The Common Shares have not been and will not be registered under the U.S. Securities Act, or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. Person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
For additional information contact:
Luc Desmarais
President & CEO
Email: [email protected]
Website: www.oilop.com
NOT FOR DISTRIBUTION TO THE UNITED STATES WIRE SERVICES
OR DISSEMINATION IN OR INTO THE UNITED STATES
SOURCE: Oil Optimization Inc.