Maxim Resources Inc.
OTC Bulletin Board : MXMSF

Maxim Resources Inc.

March 06, 2008 18:04 ET

Maxim Receives Approval on 47 Well Drill Program in Trinidad

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 6, 2008) - Maxim Resources Inc. (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5H) ("Maxim") is pleased to announce that it has received notice that the project in Trinidad has been granted a Certificate of Environmental Clearance (CEC) on March 3, 2008 from the Environmental Management Authority (EMA) to drill 47 Development Wells, installation of a Tank Farm and interconnecting pipeline.

Maxim is looking forward to participating in the next phase of the phase of the project consisting of the drilling of four development wells and completion of associated infrastructure. The wells will be drilled from the existing surface location to a depth of approximately 3500 feet. The updated geological report on the project indicates each well is expected to produce 150 to 250 barrels per day. Completion of this phase is expected during the 2nd or 3rd quarters of 2008.

Art Brown, President and Chief Executive Officer of Maxim, stated, "We are very pleased to have the environmental approvals behind us, we can now move forward on developing the new discovery. I am very excited about the current fundamental position of Maxim and the future prospects for growth."

Maxim currently maintains a 69 percent working interest before payout and a 41 percent revenue interest (after payout) in the South Erin Block of Trinidad.

On behalf of the Board

Arthur Brown, President and CEO

Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Maxim at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Maxim that actual results achieved will be the same in whole or in part as those indicated in the forward-looking statements.

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
    President and CEO
    (604) 630-0280