BANGKOK, Thailand, March 18, 2014 (GLOBE NEWSWIRE) -- Oil Optimization Inc. (TSX-V: OOI ) (the "Company") is pleased to announce that Thailand's Ministry of Energy has approved its application to extend the Company's exclusive petroleum concession for three years, including an additional three-year option. The extension may be subject to a deduction to the Company's performance bond in the amount of one million dollars and discussions with relevant government officials are ongoing.
Management will now proceed to submit a multi-well environmental impact assessment report for governmental review and approval. A drilling program is also in the advanced planning stages and will commence once necessary permits are issued.
About Oil Optimization Inc.
Oil Optimization Inc. is an international junior oil and gas exploration company headquartered in Canada with operations in 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 concession covers the entire northern section of the hydrocarbon rich Phetchabun basin in central Thailand that has been subject to a 200 line kilometre 2D seismic data acquisition program and magnetic survey. The southern section of the basin is currently being developed by China's ECO Orient Energy Limited and Carnarvon Petroleum Limited of Australia.
Forward-Looking Statements
This news release may contain 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 OOI. The forward-looking statements and information are based on certain key expectations and assumptions made by OOI. OOI 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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Luc Desmarais President & CEO Email: Website: www.oilop.com