(via Thenewswire.ca)
Calgary, Alberta / TNW-ACCESSWIRE / November 11 2014 / Oil Optimization Inc. (TSXV:OOI) (the "Company") is pleased to announce that it has entered into an agreement in principle with Rockstone Petroleum Limited ("Rockstone") to settle their respective claims filed in the Court of Queen's Bench of Alberta. Rockstone has also confirmed under the settlement that it will provide funding to drill the first well on Block L14-50, the Company's petroleum concession onshore Thailand.
Under the terms of the settlement, Rockstone will be appointed project operator going forward and will be entitled to an increased working interest in the concession. In the event that Rockstone elects to fund the entire cost of drilling the first well, then Rockstone's working interest in the concession will be increased to 67.5%. If Rockstone elects to fund the costs of drilling the first well up to a maximum of US$1,500,000, then Rockstone's working interest in the concession will be increased to 62.5%. The parties intend to enter into a definitive settlement agreement within approximately 30 days. The Farm-In Agreement with Rockstone dated August 12, 2012 will be amended to reflect the terms of the settlement.
The terms of the settlement with Rockstone are subject to approval of the TSX Venture Exchange.