CALGARY, Canada / ACCESSWIRE / July 28, 2014 / Oil Optimization Inc. (TSXV-OOI) (the "Company") announces the release of a USD1,000,000 performance bond to the Thai Ministry of Energy, as per the terms of its petroleum concession agreement covering Block L14-50 onshore Thailand. The above payment satisfies a work commitment to drill one exploration well by February 7, 2014, that was delayed due to environmental permitting issues. The funds had been set aside upon signing of the agreement to settle such an eventuality. Interest charges covering a three-month period at the rate of fifteen percent per month are currently under negotiation with relevant officials.
The Company continues to pursue the environmental permit required to drill the first exploration well in the north Phetchabun sub-basin and is considering various options at its disposal, including additional corporate and social responsibility programs, to accelerate the approval process. The application was temporarily withdrawn after consultation with officers from the Ministry of the Environment and will be resubmitted once conditions are more favorable.
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 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.
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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President & CEO
Email: [email protected]
SOURCE: Oil Optimization Inc.