Maxim Resources Inc.

Maxim Resources Inc.

November 16, 2005 12:11 ET

Maxim to Acquire 75% Net Revenue Interest in 1390 Acres in the Palo Duro Basin

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2005) - Maxim Resources Inc. ("Maxim") (TSX VENTURE:MXM) is pleased to announce that they have entered into a "Letter of Intent" to acquire an interest in 1390 acres in the new and emerging prolific Pennsylvanian Sands play in the Palo Duro Basin in Motley County, Texas. The Palo Duro Basin, located in west Texas, is approximately 260 miles northwest of the Fort Worth Basin. The Palo Duro Basin (Bend Shale) and the Fort Worth Basin (Barnett Shale) have geological similarities. The property is bordered by Bankers Petroleum Ltd. (TSX:BNK) and Vintage Petroleum Inc. (NYSE:VPI). The acreage is 1.5 miles N.E of the successful Stephens # 1 well recently completed by Tyner Resources Ltd. (TSX VENTURE:TIP).

Maxim will pay Kendrick Oil & Gas Company a total consideration of $150,000 USD for a 75% net revenue interest in the acreage. Finder's fees may be paid in connection with the agreement in accordance with applicable securities laws and TSX Venture Exchange Policies.

Depending on rig availability, Maxim intends to commence a drilling program upon completion of the transaction.

About Maxim Resources Inc.

Maxim Resources Inc. is a Canadian-based oil and gas exploration company with significant exploration and development opportunities in the La Salle County in Texas, the Leon County in Texas and the Floyd and Motley County in west Texas.

On behalf of the Board

Arthur Brown, President and Director

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