BANGKOK, THAILAND -- (Marketwire) -- 02/11/13 -- Oil Optimization Inc. (TSX VENTURE: OOI) (the "Company") announced that, further to its press release of October 31, 2012, management has received an updated seismic data mapping report on Block L14-50 from Alconsult International Limited ("Alconsult") of Calgary, the Company's independent geophysical consultant. The report is based on the interpretation of 50 kilometres of infill 2D seismic data acquired by the Company in September 2012 and 150 kilometres of vintage 2D seismic data acquired from the Royal Thai Government.
The report confirms the presence of a 25 kilometre long faulted horst block, flanked to the east and west by narrow grabens with 1,200 meter thick Tertiary-age sections. Two independent four-way structural closure traps have been matured with the new infill seismic data and closure is mapped for the entire Tertiary-age section above the crest of the pre-Tertiary horst block. Faulting is present parallel to the horst block axis and "bright spot" seismic amplitude anomalies, often associated with hydrocarbons, are interpreted by Alconsult at multiple horizons adjacent to the faults.
Luc Desmarais, President and CEO of the Company, stated that "everyone involved in the project is encouraged by the positive interpretation and presence of "Direct Hydrocarbon Indicators", which we believe significantly increase the probability of an active petroleum system in the north Phetchabun basin. The Alconsult report clearly supports our view that the two mapped prospects offer substantial oil resource potential, consistent with estimates stated in our National Instrument 51-101 report on undiscovered prospective resources, prepared by Petrotech Engineering Limited on April 30, 2011. Furthermore, the on-trend seismic leads to the two prospects provide solid follow-up exploration potential with success in the initial drilling program."
Management is currently preparing an environmental impact assessment, as required by the Ministry of Natural Resources and Environment, and will commence drilling as soon as approvals are obtained.
About Oil Optimization Inc.
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 L9-48 and a 75% interest in Block L14-50, which is subject to a farm-out to Rockstone Petroleum Limited. Rockstone can elect to increase its interest in Block L14-50 to 60% by funding up to US$1,500,000 of the drilling program.
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.
Oil Optimization Inc.
Chief Financial Officer
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Pope Francis, Huge Crowd Joyously Celebrate Easter
- Automakers Turn to China to Fuel Sales Growth
- GM Boosting China Production Capacity
- GOP Making Bold Play for Oregon Senate Seat
- Confusion, Anger as Sunken Ferry's Relatives Wait
- NASA's Space Station Robonaut Finally Getting Legs
- Report: Iran VP Says Row Over Reactor Resolved
- Ohio Couple Married 70 Years, Die 15 Hours Apart
- Delay in Ferry Evacuation Puzzles Maritime Experts