TSX.V: MXM | FRANKFURT: M5HA | OTCBB: MXMSF

Maxim Shareholder Update

Friday, March 2, 2012 - VANCOUVER, B.C., CANADA, Maxim Resources Inc., (Maxim or the Company), (TSXV:MXM Frankfurt:M5H OTCBB: MXMSF), is providing this shareholder update with respect to the Net Revenue Interest Agreement Maxim and New Scotland Oil & Gas Inc., (New Scotland) have with Jasmin Oil and Gas Ltd., (Jasmin).

Maxim, through New Scotland, entered into a Net Revenue Interest Agreement dated May 26 2009 with Jasmin. This Agreement was a reworking of the previous agreement between the companies that established an industry-standard Working Interest relationship for the investment made by Maxim.

Maxim at the time agreed to the Net Revenue Interest Agreement because Jasmin was withholding financial information Maxim required in order to complete its annual Audited Financial Statements under the previous agreement. These actions by Jasmin resulted in Maxim being placed under a Cease Trade Order by the British Columbia Securities Commission (BCSC) on May 4, 2009.

The Net Revenue Interest Agreement entitled New Scotland, and in turn Maxim, to 69% of the Net Revenue received by Jasmin from production within the South Erin Block. The property and sub-licence that Jasmin has with Petroleum Company of Trinidad and Tobago Limited (Petrotrin) covers 1,350 acres and allows for up to 42 wells to be drilled and produced. After payout of the principal investment to Maxim, the Net Revenue Interest would reduce to 41%. Jasmin has drilled and produced 5 wells to date.

Once Maxim agreed to the Net Revenue Interest Agreement, Jasmin provided the requisite financial information that enabled Maxim to file its annual Audited Financial Statements and make application to the BCSC for the Cease Trade Order to be revoked on August 5, 2009.

Since early 2009 Maxim and New Scotland have attempted to negotiate a purchase of Jasmin and its operations. During this period of time Jasmin and it’s shareholders have agreed in principle to multiple purchase and sale agreements with Maxim and in turn Maxim secured conditional financing and partners to conclude the acquisition of Jasmin. The financiers and partners agreed with Maxim's evaluation and opportunity to acquire Jasmin and preserve the value of the existing investment as well as develop the additional opportunity held by Jasmin through the sub -licence over the South Erin Block.

However, Jasmin and it’s shareholders were unable or unwilling to meet the requested disclosure conditions required by Maxim’s financiers. Jasmin has also not remitted any net revenue based on the 69% Net Revenue Interest Agreement since commencement of operations in the South Erin Block.

As a result of these factors, Maxim was left with little to no choice but to consider legal action to resolve this situation and secure its existing investment.

In accordance with the litigation rules in Trinidad, West Indies, Maxim was required to issue a Pre Action Protocol Letter to Jasmin in an attempt to resolve any issues before commencing litigation. Maxim’s litigation counsel completed this requirement but has not received a response from Jasmin.

Maxim recently requested the financial information from Jasmin it requires to complete its Annual Audited Financial Statements for 2011. This information is similar to the information requested and denied in 2009. Jasmin has once more refused in writing to provide the requisite financial information Maxim requires to substantiate and qualify its invested capital in Jasmin, and which is necessary information to permit Maxim to verify that Jasmin is complying with its obligations under the Net Revenue Interest Agreement.

As a result of the actions taken by Jasmin, it is with regret that Maxim is left with no choice but to commence litigation. Maxim has instructed its Trinidad Counsel to initiate court proceedings in the Trinidad Court.

Issued on behalf of the Board of Directors of
Maxim Resources Inc.

“Arthur Brown”

Arthur Brown
President & CEO

(604) 630-0280 or toll free at 1-888-882-8891
The Station, Suite #290-601 W. Cordova Street Vancouver, BC V6B 1G1 Telephone: (604) 630-0280 Fax: (604) 688-7846 E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.maximresources.com

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.