OIL OPTIMIZATION INC EXECUTES L14/50 PETROLEUM CONCESSION AGREEMENT IN THAILAND

BANGKOK, Thailand, Feb. 8 /CNW/ -- 
BANGKOK, Thailand, Feb. 8 /CNW/ - 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.


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.


To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/08/c8865.html



pOil Optimization Inc.br/ Chris Serin - Chief Financial Officerbr/ Phone [phone]/p p align="justify"a href="http://www.oiloptimizationinc.com" cr="true"www.oiloptimizationinc.com/a/p

Copyright