Vancouver, B.C. - Maxim Resources Inc. (“Maxim” or the “Company”) announces that effective as of December 1, 2009, the Company’s interest in and to the 115 B-1 well and the High Island Block oil and gas leases in the Western Gulf of Mexico has been changed to an 8% working interest and a 4% net revenue interest. The Company agreed to reduce its working interest in settlement of the Company’s failure to make certain payments required by the applicable operating agreement. Prior to this change, the Company had a 20% working interest and a 10% net revenue interest. In addition, as the Company owes approximately US$770,000 in fees in connection with its interest in the High Island Block, the proceeds payable to the Company for its net revenue interest will be reduced in order to repay such amount owing.
On behalf of the Board
President and CEO
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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 www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.