Toronto, Ontario – August 12, 2013 – Maxim Resources Inc. (“Maxim” or the “Company”) (TSX V: MXM Frankfurt: MSH OTCBB: MXMSF) announces an update to the proposed transaction (the “Proposed Transaction”) between the Company and Leni Gas & Oil plc (“LGO”), whereby Maxim and LGO will work together to jointly pursue oilfield development opportunities in the Republic of Trinidad and Tobago (“Trinidad”).
Further to Maxim’s press releases of March 14, 2013 and May 23, 2013, and after further discussions between Maxim and LGO, the terms of the Proposed Transaction have been amended and shall consist of:
The execution of the definitive agreement in respect of the Proposed Transaction is expected to occur on or around August 15, 2013, or such other date as mutually agreed between the parties. The Closing Date expected to be on or around September 6, 2013, or such other date as mutually agreed between the parties. Other terms of the Proposed Transaction and the Joint Venture (as defined in the Company’s press release dated May 23, 2013) remain unchanged from the terms disclosed in the Company’s press release of May 23, 2013.
Further information with respect to LGO, including its most recent annual report, can be found on LGO’s website at www.lenigasandoil.com.
The Proposed Transaction is subject to customary due diligence by the parties, the successful negotiation and execution of definitive agreements between the parties, and the receipt by each of Maxim and LGO of all requisite regulatory approvals, including without limitation the approval of the TSX Venture Exchange.
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, a 69% Net Revenue Interest 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.On behalf of the Board
President and CEO
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.