Mr. Arthur Brown reports:
MAXIM ANNOUNCES CORPORATE STATUS AND TRINIDAD PRODUCTION
Vancouver - Maxim Resources Inc. is nearing the conclusion of negotiations with New Scotland Oil & Gas on the South Erin block project located in Trinidad. This will facilitate Maxim's auditor to conclude the company's audited financial statements, which is a requirement to having Maxim's shares resume trading on the TSX Venture Exchange. A net revenue sharing agreement provides for Maxim to receive 69 per cent of 90 per cent of net revenue until return of its original investment of approximately $4.2-million, after which the net revenue drops to 41 per cent of total net revenue.
Maxim is also pleased to announce that four wells are now in production in Trinidad. The combined production is more than 500 barrels of oil per day. This production rate may vary up or down as the initial flow rates stabilize. There is one additional well to be brought on-line shortly. Life expectancy for wells in this region is approximately 15 years or more.
On behalf of the Board
Arthur Brown, CEO
SOURCE: Maxim Resources Inc.
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