Maxim Resources Inc.
OTC Bulletin Board : MXMSF

Maxim Resources Inc.

July 03, 2009 11:55 ET

Maxim Announces Corporate Status and Trinidad Production

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 3, 2009) - Maxim Resources Inc. (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5H) announces today that negotiations with New Scotland Oil & Gas on the South Erin Block Project located in Trinidad are nearing conclusion. This will facilitate Maxim's auditor to conclude the Company's audited financial statements, which is a requirement to having Maxim's shares resume trading on the TSX Venture Exchange. A net revenue sharing agreement provides for Maxim to receive 69% of 90% of net revenue until return of its original investment of approximately CDN$4.2 million, after which the net revenue drops to 41% of total net revenue.

Maxim is also pleased to announce that four wells are now in production in Trinidad. The combined production is more than 500 barrels of oil per day ("boe"). This production rate may vary up or down as the initial flow rates stabilize. There is one additional well to be brought on line shortly. Life expectancy for wells in this region is approximately 15 years or more.

On behalf of the Board

Arthur Brown, CEO

Neither 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.

Contact Information

  • Maxim Resources Inc.
    Arthur Brown
    (604) 630-0280 or toll free at 1-888-882-8891