TORONTO, ONTARIO — (Marketwired) — 10/16/14 — Maxim Resources Inc. (“Maxim or the company”) (TSX VENTURE: MXM)(FRANKFURT: M5HA)(OTCBB: MXMSF), is pleased to announce the completion and Sedar filing of an initial N.I. 51-101 report on its Hassi Berkane concession in the Kingdom of Morocco which it has a Reconnaissance Contract over.
Maxim engaged the services of Chapman Petroleum Engineering Ltd. (“Chapman”), to complete the initial N.I. 51-101 compliant technical report. The Chapman work included an evaluation of the Lead resources on the Hassi Berkane Block (formerly Beni Znassen Block) (the “Hasse Berkane Concession”) in the Kingdom of Morocco (“Morocco”) and was performed and completed in accordance with the National Instrument 51-101 – Standards for Disclosure for Oil and Gas Activities (“NI 51-101”) standards and protocols as well as being compliant with the Petroleum Resources Management System (“PRMS”) standards.
All material aspects for the evaluation were included including relevant nearby wells and or analogous reservoirs and geological structures and formations. Based on the information provided, sourced and analysed, Chapman believes there is sufficient merit to justify the work program being proposed.
As the Work Program is fully defined and commenced, Maxim will engage Chapman and other technical experts to evaluate and update the NI 51-101 report as various stages of the work program are completed.
Chapman performed the initial NI 51-101 on three leads within the Hassi Berkane Concession, a North, East and South Lead. These leads were previously identified by a previous evaluation study through the interpretation of geologic formations, existing 2-D seismic and the correlation of drilling and reservoir data available from publications containing similar geologic structures and structural style. The target horizons are Middle Jurassic (Dogger) sandstones.
Notes;
The proposed Work Program, which has commenced, will include the reprocessing of existing 2-D Seismic, surface work and the review and analysis of Aero Magnetic and GraviMetric survey work, all data has been provided by National Office of Hydrocarbons and Mines (“ONHYM”).
Art Brown, Chairman of Maxim said, “Maxim is pleased to have completed this initial stage NI 51-101 technical report on the Hassi Berkane Concession. As we complete the work program we will look forward to updating the NI 51-101 technical report to reflect the progress of research.”
Should the Hassi Berkane Concession transition from a Reconnaissance Contract to a Petroleum Agreement it would result in a 75% Working Interest for Maxim and ONHYM would retain the 25%. The Company has received conditional approval from the TSX Venture Exchange (the “TSXV”) in connection with the Reconnaissance Contract, which approval is subject to the filing of final documents with the TSXV and final approval of the TSXV.
Chapman Petroleum Engineering Ltd. has reviewed and approved of the use of material from the NI 51-101 report prepared by Chapman used in this press release.
About Maxim
Maxim is an oil and gas production and exploration company based in Vancouver, Canada. The Company is focused on identifying assets that meet the following criteria, producing, near term enhancement and exploration opportunities. Investments may be by way of acquisition, participation and/or fractional interest. Its most recent investment is a Reconnaissance Contract for the Hassi Berkane Concession in Morocco in partnership with the ONHYM.
We encourage any interested parties to visit and hit the Register for News tab at the top of the page.
Issued on behalf of the Board of Directors of Maxim Resources Inc.
Arthur Brown, Chairman
Neither the 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. This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company–s disclosure documents on the SEDAR website at . The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Contacts:
Maxim Resources Inc.
Arthur Brown
President and CEO
(604) 630-0280 or toll free at 1-888-882-8891