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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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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For additional information contact:
President & CEO
Email: [email protected]
SOURCE: Oil Optimization Inc.