SEPTMEBER 7, 2010 - VANCOUVER, B.C., CANADA, Maxim Resources Inc., (Maxim), (TSXV:MXM Frankfurt:M5H OTCBB: MXMSF), is pleased to announce that it has signed a nonbinding Letter of Intent, (LOl), to enter into a partnership and working interest relationship with Rocky Point Resources (St. Lucia) Ltd., Rocky Point Trinidad & Tobago Ltd., Wichita Energy Services (St. Lucia) Ltd., and Kamay Services Ltd., collectively named (Rocky Point).
Maxim has been actively seeking additional assets and investments in the Republic of Trinidad & Tobago since it initially established a revenue interest with Jasmin Oil & Gas Ltd.
As a result of these activities, Maxim is excited about the prospects of having another producing asset in Trinidad. At this time the LOT calls for the commencement of due diligence, technical review and pricing for the work program and working interest relationship.
Rocky Point has been working in Trinidad for 10 years and enjoys a very good reputation with the governing bodies of the oil industry. At this time Rocky Point operate 96 wells on the property which is 350 acres in size. Existing production is 250 Barrels per Day (BOPD) and 30% of the production is generated by 4 wells. In the proposed working relationship between Maxim and Rocky Point, each well will be analysed for its production ability and an enhancement program will commence if economically viable.
Maxim and Rocky Point will seek to complete Definitive Agreements in the coming weeks.
Maxim presently has a Revenue Interest in Trinidad which calls for 69% revenue override until payout and 41% override thereafter for funds invested. This Revenue Interest is attached to 5 producing wells. Maxim has an option to participate in an ongoing drill program totalling 42 wells over 1,000 plus acres as noted and licensed by PetroTrin, the Trinidadian Petroleum Authority.
Issued on behalf of the Board of Directors of
Maxim Resources Inc.
President & CEO
(604) 630-0280 or toll free at 1-888-882-8891
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 www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.