TORONTO, ONTARIO, October 22, 2015 – Maxim Resources Inc. (TSX VENTURE: MXM) ("Maxim" or the "Company") is pleased to announce that it has entered into a Cooperation Agreement (the “Agreement”) effective October 19, 2015 with Dubai based Quest Energy LLC (“QE”). QE is part of the Quest Group which includes Quest Investment LLC and Quest Oil & Gas Ventures Inc.
The Agreementforms the foundation for a strategic relationship between QE and Maxim, (the “Parties”), enabling the joint evaluation and potential acquisition of oil and gas projects that either company is considering.
It is the intention of the Parties pursuant to the terms of the Agreement to consider production or near term production opportunities, which may include strategic opportunities that could be considered unconventional but can lead to an expanded asset or set of opportunities. The Parties intention is that cash flow or near term cash flow will be a strong focus for the opportunities considered under the terms of the Agreement.
Maxim and Quest has built a strong strategic relationship over the past 12 months as a result of a proposed transaction which the Parties initiated in connection with an oil and gas concession in the United Arab Emirates and as previously disclosed in the Company’s press release dated June 2, 2015. This transaction was subsequently cancelled due to lack of financing. During this period of time, Mr. Ian Baron, Managing Director of Quest, joined the board of directors Maxim.
Andrew Male, CEO of Maxim commented "This Agreement provides a unique opportunity for Maxim to be able to access projects that it may normally not be able to. The Agreement also enables Maxim to have continued access to the technical expertise of Quest and its affiliates. In turn, we believe that Maxim’s public company platform will provide access to the capital markets for necessary financing for opportunities which arise under the Agreement. Overall, we believe that the Agreement solidifies Maxim’s strategic relationship with Quest and we look forward to continuing to working with Quest.”
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 Block, in the Kingdom of Morocco (“Morocco”) in partnership with the National Office of Hydrocarbons and Mines (“ONHYM”).
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Issued on behalf of the Board of Directors of Maxim Resources Inc.
Andrew Male, President & 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 forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Maxim believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Maxim disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.