Maxim Resources Inc.
TSX VENTURE : MXM
OTC Bulletin Board : MXMSF
FRANKFURT : M5H

Maxim Resources Inc.

November 12, 2008 14:32 ET

Maxim Resources Announces Second Development Well TD

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) - Maxim Resources Inc. (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5H) has been notified by the project operator that the second development well (ER-100) in the South Erin field, Trinidad, was successfully drilled to a total depth of 4,150 feet. The Lower Forest A and B sands were encountered and have been logged with positive results as observed in the original exploration well ER98. This completes the second well of the 2008 development well program.

Wireline logging indicates the second well encountered better than expected net pay in the lower forest sands. Notably, there are a number of pay sands correlative to the pay intervals in the existing wells, which indicates the well may produce similar results to the other wells drilled in the South Erin Field. This second development well is actually the third successful well in the South Erin Field (including the ER-98 discovery well), and the third development well was spud on Monday, November 10, 2008. Drilling in this program is taking approximately 12 days per well, and it is estimated that each well will produce 150 to 250 barrels of oil per day. Subject to approvals, these wells are expected to be in production by the end of 2008.

Art Brown, Maxim Resources' President and Chief Executive Officer said, "Our enthusiasm about the South Erin, Trinidad Play increases with each well that is drilled. The well logs and data evaluation are correlative to one previous successful well, evidencing the viability of Maxim's Trinidad strategy. The preliminary results from the South Erin 100 Well suggest that this well should produce positive results for our shareholders from the Lower Forest A and B Sands."

We seek safe harbour.

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
    CEO
    (604) 630-0280 or Toll Free: 1-888-882-8891
    Website: www.maximresources.com
    or
    First Canadian Capital Corp.
    Investor Relations
    (416) 742-5600 or Toll Free: 1-866-580-8891