Maxim Resources Inc.
OTC Bulletin Board : MXMSF

Maxim Resources Inc.

October 09, 2008 11:15 ET

Maxim Announces Drilling Commences in Trinidad

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2008) - Maxim Resources Inc. (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5H) has been informed by its operating partner that a contract has been awarded to drill the next four wells at the South Erin oil field in Trinidad. The first of the four wells is to be spudded by October 11, 2008. The four development wells will be drilled on the block which hosts the ER-98 discovery oil well. ER-98 was successfully drilled to a depth of 6,000 feet in November 2006, and encountered three oil-bearing, sand pay zones (see PR Nov 21, 2006). ER-98 has been free-flowing at a constant of 540 P.S.I. since July, 2007, averaging approximately 90 barrels of oil per day (BOD).

The wells in this program will be drilled to a planned 3,500 feet and are anticipated to intersect the lower forest A and B sands, as observed in ER-98. Drilling will take approximately 12 days per well and it is estimated that each well will produce between 150 to 250 BOD over a fifteen year life expectancy.

Maxim currently maintains a 69-per-cent working interest before payout and a 41-per-cent revenue interest (after payout) in the South Erin block of Trinidad.

On behalf of the Board

Arthur Brown, CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Maxim Resources Inc.
    Arthur Brown
    (604) 630-0280 or Toll Free: 1-888-882-8891
    First Canadian Capital Corp.
    Investor Relations
    (416) 742-5600 or Toll Free: 1-866-580-8891