CALGARY, Alberta / ACCESSWIRE / June 9, 2014 / Oil Optimization Inc. (TSX-V: OOI) (the "Corporation") announces that Rockstone Petroleum Limited ("Rockstone") has named the Corporation as a Defendant in a Statement of Claim filed in the Court of Queen's Bench of Alberta. Rockstone currently holds a 22% working interest in the Corporation's one million acre L14-50 concession (the "Concession") onshore Thailand. Rockstone alleges in its claim that it is still entitled to exercise an option to acquire a 35% working interest in the Concession in accordance with the terms of the Oil & Gas Farm-In Agreement (the "Agreement") among the parties dated August 14, 2012. The Corporation had previously advised Rockstone that the option expired on June 20, 2013 after Rockstone failed to make a USD$1,500,000 payment to the Corporation in accordance with the terms of the Agreement. Accordingly, the Corporation believes Rockstone's claim is without merit and will vigorously defend against it.
The Corporation also announces that it has granted stock options to purchase an aggregate of 7,250,000 common shares of the Corporation to certain of its directors, officers and consultants at an exercise price of $0.05 per share. The options are for a term of 5 years and are otherwise in accordance with the terms of the Corporation's stock option plan. The common shares issuable upon exercise of the stock options will be subject to a 4-month hold period in accordance with applicable securities laws, and are subject to approval by the TSX Venture Exchange ("TSX-V").
The Corporation also announces that it has received final approval from the TSX-V to re-price 3,500,000 incentive stock options issued to directors, officers and consultants, from $0.17 per share to $0.05 per share. These options were initially issued on November 20, 2010 and will expire on November 20, 2015. The amended exercise price was approved by disinterested shareholders at the Corporation's annual general meeting on February 5, 2014.
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 Corporation owns the long-term exclusive rights to onshore Block L14-50, which is subject to a 22% farm-out agreement. 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.
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President & CEO
SOURCE: Oil Optimization Inc.