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Maxim Completes Initial N.I. 51-101 Report On Hassi Berkane Block In Morocco

TORONTO, ONTARIO – October 16, 2014. Maxim Resources Inc. (“Maxim or the company”) (TSX.V: MXM Frankfurt: M5HA OTCBB: MXMSF), is pleased to announce the completion and Sedar filing of an initial N.I. 51-101 report on its Hassi Berkane concession in the Kingdom of Morocco which it has a Reconnaissance Contract over.

Maxim engaged the services of Chapman Petroleum Engineering Ltd. (“Chapman”), to complete the initial N.I. 51-101 compliant technical report. The Chapman work included an evaluation of the Lead resources on the Hassi Berkane Block (formerly Beni Znassen Block) (the “Hasse Berkane Concession”)in the Kingdom of Morocco (“Morocco”) and was performed and completed in accordance with the National Instrument 51-101 – Standards for Disclosure for Oil and Gas Activities (“NI 51-101”) standards and protocols as well as being compliant with the Petroleum Resources Management System (“PRMS”) standards.

All material aspects for the evaluation were included including relevant nearby wells and or analogous reservoirs and geological structures and formations. Based on the information provided, sourced and analysed, Chapman believes there is sufficient merit to justify the work program being proposed.

As the Work Program is fully defined and commenced, Maxim will engage Chapman and other technical experts to evaluate and update the NI 51-101 report as various stages of the work program are completed.

Chapman performed the initial NI 51-101 on three leads within the Hassi Berkane Concession, a North, East and South Lead. These leads were previously identified by a previous evaluation study through the interpretation of geologic formations, existing 2-D seismic and the correlation of drilling and reservoir data available from publications containing similar geologic structures and structural style. The target horizons are Middle Jurassic (Dogger) sandstones. 

Summary of Gross Prospective Resources

July 1, 2014

Hassi Berkane Block, Morocco

Description

Lead Resources

 

Predicted Initial Rate STB/d/well

Assumed Area (Acres)

API Gravity (Degrees)

Lead Resources (MSTB)

Best Estimate

         

North Lead

Middle Jurassic (Dogger)

150

1,316

36

8,508

East Lead

Middle Jurassic (Dogger)

150

3,631

36

23,474

South Lead

Middle Jurassic (Dogger)

150

4,329

36

27,987

 

Total Best Estimate

 

9,276

 

59,969

Low Estimate

         

North Lead

Middle Jurassic (Dogger)

150

658

36

4,254

East Lead

Middle Jurassic (Dogger)

150

1,815

36

11,734

South Lead

Middle Jurassic (Dogger)

150

2,164

36

13,990

 

Total Low Estimate

 

4,637

 

29,978

High Estimate

         

North Lead

Middle Jurassic (Dogger)

150

2,632

36

17,016

East Lead

Middle Jurassic (Dogger)

150

7,263

36

46,955

South Lead

Middle Jurassic (Dogger)

150

8,658

36

55,974

 

Total High Estimate

 

18,553

 

119,945

 Notes;

  1. STD/d - Stock Tank Barrels of oil per day or oil production rate
  2. MSTB - Thousands of Stock Tank Barrels of oil
  3. Leads- These three leads have been defined by initial stage review and research and will require more research prior to the targets being considered viable drilling targets. .
  4. It is inappropriate to aggregate Lead resources with reserves or contingent resources.
  5. As used in the Canadian Oil and Gas Evaluation Handbook (“COGEH”), “Lead Resources” are those quantities of petroleum estimated, at a certain date, to be potentially recoverable from undiscovered accumulations by application of future development work. These Lead Resources should not be construed as reserves or contingent resources. 
  6. There is no certainty that any portion of the Lead resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the Lead resources.

The proposed Work Program, which has commenced, will include the reprocessing of existing 2-D Seismic, surface work and the review and analysis of Aero Magnetic and GraviMetric survey work, all data has been provided by National Office of Hydrocarbons and Mines (“ONHYM”).

Art Brown, Chairman of Maxim said, “Maxim is pleased to have completed this initial stage NI 51-101 technical report on the Hassi Berkane Concession. As we complete the work program we will look forward to updating the NI 51-101 technical report to reflect the progress of research.” 

Should the Hassi Berkane Concession transition from a Reconnaissance Contract to a Petroleum Agreement it would result in a 75% Working Interest for Maxim and ONHYM would retain the 25%.  The Company has received conditional approval from the TSX Venture Exchange (the “TSXV”) in connection with the Reconnaissance Contract, which approval is subject to the filing of final documents with the TSXV and final approval of the TSXV.

Chapman Petroleum Engineering Ltd. has reviewed and approved of the use of material from the NI 51-101 report prepared by Chapman used in this press release.

About Maxim

Maxim is an oil and gas production and exploration company based in Vancouver, Canada. The Company is focused on identifying assets that meet the following criteria, producing, near term enhancement and exploration opportunities. Investments may be by way of acquisition, participation and/or fractional interest. Its most recent investment is a Reconnaissance Contract for the Hassi Berkane Concession in Morocco in partnership with the ONHYM.

We encourage any interested parties to visit www.maximresources.com and hit the Register for News tab at the top of the page.

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

        “Arthur Brown”

  ____________________

Arthur Brown, Chairman

For further information, please contact Arthur Brown, President and CEO of the Company at (604) 630-0280 or toll free at 1- 888-882-8891, 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.