OIL OPTIMIZATION INC EXECUTES L14/50 PETROLEUM CONCESSION AGREEMENT IN THAILAND
February 08, 2011 07:09 pm
2/8/2011 9:59 AM - Canada NewsWire
BANGKOK, Thailand, Feb. 8, 2011 (Canada NewsWire via COMTEX News Network) --
Oil Optimization Inc. (TSXV: OOI) (the "Company") today announced that, further to its press release of February 3, 2011, the Company executed the L14/50 petroleum concession agreement with the Ministry of Energy, at a ceremony hosted by the Royal Thai Government. In addition to its other concessions, the Company now owns the exclusive exploration rights to onshore Block L14/50 until the year 2020. Production licenses run for 20 years from the date of discovery with a potential 10-year extension.
Block L14/50 covers 1,000,000 acres in central Thailand and includes the entire northern portion of the Petchabun Basin. The southern portion of the same basin, whose rights are held by Pan Orient Energy (TSXV: POE) and Australia's Carnarvon Petroleum Limited (ASX: CVN), is adjacent to Block L14/50 and has a current productive capacity of 8,400 BOPD.
The Company also announced the appointment of Stephen Boundy as Senior Geophysicist. Mr. Boundy's recent experience includes working for Pan Orient Energy in Thailand, where he assisted in the development of the Na Sanun East oil field, after the drilling of the POE-9 discovery well and worked on seismic interpretation of Pan Orient's L44-V and L44-W discoveries in Block L44/43. Mr. Boundy also mapped and delineated the L33-1 and L33-2 prospects in Block L33/43, which Pan Orient subsequently drilled as oil discoveries in August 2010.
About Oil Optimization Inc. (TSXV: OOI)
Oil Optimization Inc. is a junior oil and gas exploration company headquartered in Calgary, Alberta with operations located onshore Thailand. The Company currently holds interests in three exploration blocks, being a 100% interest in Block L3/50, a 100% interest in Block L14/50 and a 50% interest in Block L9/48. The Company, through its wholly-owned subsidiary, JSX Energy (Thailand) Limited, is focused on exploring and developing each of these blocks as well as seeking accretive acquisitions in Thailand.
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.