TORONTO, ONTARIO--(Marketwired - Nov. 10, 2015) -
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.
Oil Optimization Inc. (TSX VENTURE:OOI) (the "Company") announced today that it has agreed to extend the closing date of the transaction with Singapore-based EP Global Limited on a non-exclusive basis, until to February 7, 2016.
As announced by the Company on July 21, 2015, the terms of the agreement call for EPGL to contribute the next US$2,500,000 towards the Company's work commitments on Block L14-50, that consist of drilling one exploration well, acquiring one hundred line kilometers of seismic data and generating a detailed geophysical report, all as outlined in the Petroleum Concession Agreement awarded to the Company by the Thai Ministry of Energy on February 8, 2011.
On closing of the transaction and upon full satisfaction of any conditions, EPGL will own a seventy percent working interest in the concession, while OOI and RPL will own twenty and ten percent, respectively. The parties will enter into a joint operating agreement on closing, when EPGL will be appointed project operator.
The transaction remains subject to TSX Venture Exchange approval and to the signing of an unconditional definitive agreement.
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 Company owns the exclusive rights to a 500,000 acre petroleum concession covering the entire northern section of the hydrocarbon-rich Phetchabun basin. The southern section of the basin currently produces approximately 1,888,888 barrels of oil per year and is being developed by China's ECO Orient Energy Limited (60%) (a subsidiary of the Hong Kong and China Gas Company Limited), Kazakhstan's Berlanga Group (20%) and Loyz Energy Limited (20%) of Singapore.
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 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.
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.
Source: Marketwired (Canada)
(November 10, 2015 - 10:05 AM EST)
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