Oil Optimization Inc. Announces Claim, Stock Option Grant and Re-Pricing of Options
June 10 2014 - 3:29AM
Access Wire
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.
NOT
FOR DISTRIBUTION TO THE UNITED STATES WIRE SERVICES OR
DISSEMINATION IN OR INTO THE UNITED STATES
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.
This news release is intended
for distribution in Canada only and is not intended for
distribution to the United States newswire services or
dissemination in the United States. It does not constitute
an offer to sell or a solicitation of an offer to buy nor shall
there be any offer or sale of any of the Common Shares in any
jurisdiction in which such offer or sale would be unlawful. The
Common Shares have not been and will not be registered under the
U.S. Securities Act, or the securities laws of any state of the
United States and may not be offered or sold within the United
States or to, or for the account or benefit of, a U.S. Person (as
defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.
For additional information contact:
Luc Desmarais
President & CEO
Email: ir@oilop.com
Website:
www.oilop.com
SOURCE: Oil Optimization Inc.