Oil Optimization Inc. and Red Stag Resources Inc. Announce Conditional Acceptance of Qualifying Transaction and Filing of Filing

CALGARY, Oct. 15 /CNW/ -- 
/Not for distribution to U.S. Newswire Services or for dissemination in
 the United States.  Any failure to comply with this restriction may
 constitute a violation of U.S. Securities laws./


CALGARY, Oct. 15 /CNW/ - Oil Optimization Inc. (TSXV: OOI.H) ("OOI") is pleased to announce, further to its news releases dated August 17
 and August 26, 2010, that the TSX Venture Exchange (the "Exchange") has conditionally accepted its proposed qualifying transaction (the "Qualifying Transaction") with Red Stag Resources Inc. ("Red Stag ").  A Filing Statement in respect of the Qualifying Transaction has
 been prepared in accordance with the requirements of the Exchange and
 filed on SEDAR.  Shareholders are encouraged to go to www.sedar.com to
 review the Filing Statement.


OOI has also filed, in each province other than Quebec, a (final)
 prospectus in connection with the previously announced offering of
 common shares of OOI ("OOI Shares") which will now consist of a minimum of 21,666,666 Oil Optimization
 Shares and a maximum of 33,333,333 OOI Shares at a price of $0.15 per
 share (the "Offering").  In connection with the Offering, OOI and Red Stag have engaged
 Haywood Securities Inc. to act as lead agent for a syndicate of agents,
 which includes Union Securities Ltd., to offer and sell the OOI Shares
 on a commercially reasonable "best efforts" basis.


OOI and Red Stag  intend to close the Qualifying Transaction and
 Offering concurrently on or about October 27, 2010.


Trading of the OOI Shares will remain halted subject to Exchange
 approval to resume trading.


About Oil Optimization

OOI is a Capital Pool Company listed on the NEX.  As of the date hereof
 and prior to the completion of the Qualifying Transaction, OOI has not
 and will not have commenced any commercial operations and does not and
 will not have any assets other than  cash.  Upon completion of the
 Qualifying Transaction, the business of OOI will be the business of Red
 Stag.


About Red Stag Resources

Red Stag is a junior oil and gas exploration company headquartered in
 Calgary, Alberta.  Red Stag (through its subsidiary JSX Energy
 (Thailand) Limited) holds interests in two onshore exploration blocks
 in Thailand being a 100% interest in Block L3/50 and a third onshore
 block with a 50% interest in Block L9/48, and has conditionally been
 granted a 100% interest in a third onshore exploration block being
 Block L14/50 upon posting a bank guarantee.  Red Stag's operations are
 focused on exploring and, if warranted, developing these blocks, as
 well as seeking accretive acquisitions in Thailand.


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 completion of the Qualifying
 Transaction and the Offering. The forward-looking statements and
 information are based on certain key expectations and assumptions made
 by Oil Optimization, including expectations and assumptions concerning
 the results of its due diligence review of RSR and the results of RSR's
 due diligence review of Oil Optimization and the ability to obtain the
 required Exchange and shareholder approvals. 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. These risks and
 uncertainties, include, but are not limited to, the results of the due
 diligence review on either Oil Optimization or RSR by the other are
 less than satisfactory or the parties are unable to obtain the required
 Exchange and shareholder approvals. 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 the TSX Venture Exchange nor its Regulation Services Provider
 (as that term is defined in the policies of the TSX Venture Exchange)
 accepts responsibility for the adequacy or accuracy of this release.


To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/October2010/15/c3015.html



p align="justify"Oil Optimization Inc.br/ Paul Jones - Chief Financial Officerbr/ Phone: [phone]/p p align="justify"Red Stag Resources Inc.br/ David Little - Chief Executive Officerbr/ Phone [phone]/p

Copyright