Tuesday, March 12, 2013 – VANCOUVER, B.C., CANADA, Maxim Resources Inc., (Maxim or the Company), (TSXV:MXM Frankfurt:M5H OTCBB: MXMSF), is providing an update in regards to its on-going litigation with Jasmin Oil and Gas Ltd., in Trinidad (“Jasmin”).
On April 16, 2012, Maxim and New Scotland Oil and Gas (“New Scotland”) commenced legal proceedings in the High Court of Justice in the Republic of Trinidad & Tobago against Jasmin and its directors, Charles Cook and Kenneth Macleod. Maxim claims various reliefs against the Defendants including orders under the Companies Act Chap. 88:01 of the Laws of Trinidad and Tobago restraining the oppressive conduct of the Defendants, appointing a receiver over Jasmin, compensating Maxim and New Scotland for their investment in Jasmin. Maxim also claims repayment of the sum of US$4,262,398.73 as money had and received by Jasmin to the use of Maxim and New Scotland and repayment by way of restitution to Maxim and New Scotland of the sum of US$4,262,398.73 by reason of the unjust enrichment of Jasmin.
On May 11, 2012 Jasmin and Charles Cook filed a Defence. Kenneth Macleod filed a Defence on August 17, 2012 as well as a Cross Claim against Jasmin.
The matter is at the stage of a case management conference and the Court has given directions for each party to disclose their respective documents. On March 1, 2013, Jasmin and Charles Cook filed a List of Documents and on March 8, 2013 Maxim filed its list of documents.
The next date for Court is March 22, 2013 at which further directions will be given for trial.
In the interim Jasmin continues to operate and produce from its field to the best of the knowledge of Maxim.
Maxim is a junior oil and gas production and exploration company based in Vancouver, Canada. [Maxim presently holds, through New Scotland Oil and Gas Limited, 69% Net Revenue in exploration and production of Jasmin within the South Erin Block, which cover 1,350 acres. After payout of the investment to Maxim, the Net Revenue Interest will reduce to 41%. Jasmin has drilled 5 wells to date and the exploration licenses for this Block allow for up to a further 42 wells to be drilled.]
Issued on behalf of the Board of Directors of Maxim Resources Inc.
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