CALGARY, Alberta and
BANGKOK, Thailand, Jan. 15, 2013 /CNW/ - Oil Optimization Inc.
("OOI" or the "Company") (TSXV: OOI) today announced that it has
settled the previously-disclosed action involving its former Chief
Executive Officer. Under the settlement, the Company has
agreed to make a cash payment as a contribution to the former
executive's legal costs and to issue 1,666,666 common shares of the
Company (the "Settlement Shares") to the former executive at a
deemed issue price of $0.05 per
share. The Settlement Shares will be subject to a four-month "hold
period" under applicable Canadian securities legislation
About Oil Optimization
Oil Optimization Inc. is a Canadian listed
international junior oil and gas exploration company with
operations located onshore Thailand. OOI currently holds interests in
three exploration blocks, being a 100% interest in Block L3/50; a
100% interest in Block L14/50, which is subject to a farm‐out to
Rockstone Petroleum Limited who can acquire up to a 60% interest;
and a 100% interest in Block L9/48. The Company is focused on
exploring and developing each of these blocks as well as seeking
accretive acquisitions in the region. Visit www.oilop.com for more
information.
Forward-Looking Statements
This news release may contain 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.
SOURCE Oil Optimization Inc.