Oil Optimization Updates on its Exploration Programs in Thailand
November 16 2011 - 3:42PM
Marketwired
Oil Optimization Inc. (TSX VENTURE:OOI) ("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.
About Oil Optimization Inc. (TSX VENTURE:OOI)
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
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.
Contacts: Oil Optimization Inc. Christopher Serin Chief
Financial Officer (604) 628-7124info@oilop.comwww.oilop.com
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