grantastic
8 years ago
you don't have to react negatively to everything
I respond negatively to unwarranted hype + poor results. And penny stocks are crammed full of both.
for MXM in particular:
- What success have these new guys given shareholders previously?
- Why are these guys leaving their current positions?
- Who made the decision to replace them?
- How can we trust that person or group that replaced these positions made a smarter decision today than they did last time?
- How will the new guys run this company any differently than it has been running already?
- Will MXM continue its now-current project or take on a new one?
- With whatever project it pursues, what is the proposed end-game? (i.e., how far will they develop it before selling out)
Vancouver jr stocks are a well known den of scams. I know this, you know this. Executives and shareholders play musical chairs with these basement stocks, skimming off nice fees etc. for themselves and doing nothing for shareholders.
The last Vancouver Jr. miner I watched had a fantastic story full of authentic sounding updates... up until the point where mining was supposed to start, and then the activity mysteriously dried up. And that's not an isolated story- I've talked to people in the vancouver jr promotion industry who simply had to leave because their conscience couldn't handle the constant scheming.
If you or others want to momentum invest on token PRs for short-term profits, that can be an excellent, profitable strategy and I sincerely wish you success.
However: I judge companies on a business perspective, and so far with MXM I've found nothing but the typical string of endless hyped-yet-unfulfilled projects stretching back years, failures, and destroyed investor equity.
If you think "this time is different" with MXM then I am truly open minded, but I'd have to see good, validated answers to the questions above to consider it.
souwester
8 years ago
MXMSF - Management Changes
TORONTO, ONTARIO--(Marketwired - July 15, 2016) - Maxim Resources Inc. (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5HA) ("Maxim" or the "Company") announces that the Company has implemented a series of corporate changes. Effective immediately, Art Brown, and Cyrus Driver have tendered their resignations as Directors of the Company, and Mr. Chris Farnworth has tendered his resignation as Corporate Secretary. The Company thanks Art Brown, Cyrus Driver and Chris Farnworth for their service to the Company and wish them success in the future.
The Board of Directors appointed Mr. Ian Baron as President and CEO effective immediately. Mr. Andrew Male, present CEO, will take on the role of Executive Vice President of Corporate Development with the Company and will continue to serve as a Director of Maxim. The Board has also appointed Mr. David Robinson as Chairman of the Board of Directors.
Mr. Ian Baron is presently a Non Executive Director of the Company and has been working with Maxim for over 2 years now. Mr. Baron has almost 40 years' experience in the upstream oil and gas business, most of it living and working in the Middle East region. Mr. Baron is currently Director Oil & Gas for the Quest Group based in Dubai.
Mr. David Robinson is presently a Non Executive Director of the Company and joined the Board of Maxim on February 10, 2016. Mr. Robinson has over 28 years of experience in the energy sector, with a strong background in finance. He has held management and directorship positions in a number of TSX and TSXV listed companies and was Founder and CEO of an AIM-listed exploration and production company in London, UK.
Andrew Male, a Director of Maxim, stated: "I am pleased to have Ian and David take on elevated roles in the Company. Having worked with Ian closely for the last 2 years at Maxim, I believe his executive level involvement in Maxim now will help the Company pivot to a new level and be able to reinvent itself. Since joining the Board David has been a very positive influence on the Company and I look forward to working with both Ian and David in this new phase of Maxim's development."
Maxim will seek to fill the remaining open Board positions in the near future. The Company will continue to maintain its focus on the Middle East North Africa region and look to leverage the relationships and experience that will be available to the newly constituted corporate structure.
About Maxim Resources Inc.
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 in partnership with the National Office of Hydrocarbons and Mines.
Issued on behalf of the Board of Directors of Maxim Resources Inc.
Andrew Male, Director
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.
Maxim Resources Inc.
Andrew Male
Director
+1 604 561-0840
andrew@maximresources.com
Maxim Resources Inc.
Ian Baron
Director & CEO
+971 (50) 556 6989
ian@maximresources.com
www.maximresources.com
Read more at http://www.stockhouse.com/news/press-releases/2016/07/15/maxim-resources-inc-announces-corporate-changes#Ly4C8L94OLb4HGVF.99
souwester
9 years ago
MXMSF - 23 April 2015 NR
Maxim Announces Research Coverage By SP Angel Corporate Finance
TORONTO, ONTARIO, April 23, 2015 – Maxim Resources Inc., (“Maxim” or the “Company”) (TSX V: MXM Frankfurt: M5HA OTCBB: MXMSF), is pleased to announce SP Angel Corporate Finance LLP (“SP Angel”), the Company’s Nominated Adviser (“Nomad”) and UK broker in connection with its proposed secondary listing on the Alternative Investment Market in London (“AIM”), has published a fact sheet on the Company’s oil and gas interests in the Hassi Berkane Block in Morocco and its proposed interest in the Emirate of Umm Al-Quwain in the United Arab Emirates, (subject to completing the transaction with Quest Investment LLC as disclosed in the Company’s press release dated March 23, 2015).
A copy of the report can be obtained by accessing SP Angel’s website through the following link.
Zac Phillips, Senior Research Analyst at SP Angel authored the fact sheet. Zac is an oil and gas industry specialist with a PhD in chemical engineering and an extensive background in both investment banking and in the oil and gas industry. Zac has worked as head of oil and gas research at a number of specialist resource sector investment banks and has developed extensive international oil and gas research coverage at RFC Ambrian Limited, Religare Capital Markets, FDC and as a director at Merrill Lynch. As a consultant, Zac has advised or worked with a large number of oil and gas companies, government entities, banks and financial investors covering a variety of international oil and gas jurisdictions.
All reports on Maxim prepared by analysts represent the views of such analysts and are not necessarily those of Maxim. Maxim is not responsible for the content, accuracy or timelines provided by analysts.
About SP Angel Corporate Finance LLP
S.P. Angel is an investment bank formed in 2006, is a member of the London Stock Exchange, an AIM nominated advisor and a leading resources sector advisor and broker. SP Angel prides itself in combining the flexibility, creativity and focus of a smaller institution with the expertise of a global investment bank and is committed to servicing its clients. S.P. Angel is authorized and regulated by the Financial Conduct Authority in the UK. For further information see: www.spangel.co.uk
About Maxim
Maxim is an oil and gas 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”). Maxim on March 23rd 2015 signed a Heads of Agreement (“HOA”) with Dubai based Quest Investments LLC (“QI”) and its wholly owned subsidiary Quest Oil & Gas Ventures Inc. (“Quest”) to acquire between 17.5% and up to 25% indirect equity ownership interest in an oil and gas exploration and production concession (the "Concession") covering an onshore area of 747km2within the Emirate of Umm Al-Quwain, in the United Arab Emirates (the “UAE”).
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 of the Board of Directors
For further information, please contact the Company at +1 604 630 0280 or toll free at +1 888 882 8891 FREE, info@maximresources.com 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 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 proposed listing by the Company on the AIM exchange and the completion of the acquisition of shares in Quest Investment LLC. 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
souwester
9 years ago
MXMSF - Dubai Deal/AIMS Listing
Maxim Resources Inc. (TSX VENTURE: MXM)(OTCBB: MXMSF)(FRANKFURT: M5HA) ("Maxim" or the "Company") is pleased to announce that it has entered into a non-binding Heads of Agreement (the "HOA") dated effective March 20, 2015 with Dubai based Quest Investments LLC ("QI") and its wholly owned subsidiary Quest Oil & Gas Ventures Inc. ("Quest"). Upon completion of the transactions contemplated in the HOA, Quest will become a significant shareholder of the Company, and Maxim will acquire up to a 25% indirect equity ownership interest in an oil and gas exploration and production concession (the "Concession") covering an onshore area of 747km(2) within the Emirate of Umm Al-Quwain, in the United Arab Emirates (the "UAE"). The Concession Rights are held pursuant to a Petroleum Concession Agreement, ("PCA") in the Emirate of Umm Al-Quwain in the UAE held by UAQ Petroleum Limited ("UAQ PL"), a Hong Kong domiciled company. UAQ PL is a subsidiary of Canemir Petroleum (UAQ) Corp. ("Canemir"), domiciled in the British Virgin Islands. Canemir is owned 50% by Quest and 50% by Arawak Euroasia FZE ("Arawak"), which is part of the Vitol Group. Pursuant to the terms of the HOA, Maxim will acquire 50% of the issued and outstanding shares of Quest ("Quest Shares"), which will in turn provide Maxim with an indirect 25% equity ownership interest in Canemir. Pursuant to the HOA and subject to the negotiation and execution of definitive agreements, Maxim can acquire up to a 50% interest in Quest through a staged transaction, involving the exchange of common shares in the capital of Maxim ("Maxim Shares") and cash consideration for shares in Quest. Closing of the final stage of the transaction is scheduled to occur on or around June 12, 2015, or such other date as mutually agreed to by the parties. Upon completion of the transactions contemplated in the HOA, Quest may own more than 20% of the issued and outstanding Maxim Shares and may therefore be a "control person" of Maxim as defined in the policies of the TSX Venture Exchange (the "TSXV"). The HOA and transactions contemplated therein remain subject to standard closing conditions for a transaction of this nature, including being conditional upon the completion by Maxim of satisfactory due diligence on or before April 6, 2015, and the successful negotiation of definitive agreements. Pursuant to the HOA, upon signing of definitive agreements, Mr. Ian Baron, a director of UAQ PL and stakeholder in Quest, will be appointed to the board of directors of Maxim. All of the transactions contemplated in the HOA (including the creation of Quest as a "control person" of Maxim) remain subject to the receipt of all required regulatory approvals, including the approval of the TSXV, and the approval of the shareholders of Maxim. Andrew Male, CEO of Maxim commented, "This transaction represents a unique strategic and commercial opportunity for Maxim to accelerate its growth and deliver shareholder value by partnering with leading investment group in the United Arab Emirates." Moreover, it positions Maxim well for future growth by strategically aligning itself with an established MENA-based oil and gas exploration group. Ian Baron - Mr. Baron has almost 40 years' experience in the upstream oil and gas business, most of it living and working in the Middle East region. His expertise covers exploration, field development and infrastructure projects. In 2002 he established ESG Dubai, a firm providing project management and advisory services to the energy industry. He has been a non-executive director of several private and public energy companies. He was CEO of Cadogan Petroleum plc and before this was CEO of Dragon Oil plc. He spent a large part of his career with Conoco Inc. where he reached the position of V.P. of Conoco Middle East based in Dubai, UAE. Mr. Baron graduated in Geology from the University of Manchester in England in 1977 and is a member of the UK Institute of Directors, the Association of International Petroleum Negotiators and the American Association of Petroleum Geologists. Quest and QI are privately held companies whose founder, chairman and controlling interest holder is Mahmood Al Ansari, a U.A.E. national. Through the contemplated transaction QI will become a substantial shareholder of Maxim and in turn QI will agree to appropriate trading restrictions as stipulated by the TSX Venture Exchange and the AIM in the U.K. Maxim along with its London, U.K. advisors S.P. Angel, who are the Company's Broker and Nomad for its intended AIM Listing in London, will work together to complete an equity capital raising that will be concurrent with Maxim's listing on AIM. Description of the Concession The Concession acreage comprises the majority of the land area of the Emirate of Umm Al Quwain in the United Arab Emirates; approximately 747km(2). The Concession is well located in a prospective area for oil and gas, and is on trend with significant producing fields in the adjacent Emirates and in the neighbouring Sultanate of Oman. The main hydrocarbon play is the Lower Cretaceous Thamama Group carbonates which are productive throughout the region. The Thamama Group is the main reservoir in the Saaja field, located in the Emirate of Sharjah within 7km of Umm al Quwain's southern boundary. The Sajaa Field, operated by British Petroleum plc has previously reported in place volumes of 7.5 Tcf (trillion cubic feet) gas, and greater than 450 MMbbl (million barrels) condensate. Further to the South in the Margham Field in the Emirate of Dubai where reserves have been reported of 1 Tcf and 100 MMbbl of condensate, the Thamama Group is again the reservoir and is on the same structural trend. Additionally, there are fields to the north of Umm al Quwain, notably the Bukha and West Bukha in the Sultanate of Oman originally discovered by Elf Petroleum. The Concession is also prospective for hydrocarbons at shallower levels with potential in the Lower Tertiary similar to the Hamidyah Field 10 km's west in the neighbouring Emirate of Ajman with estimates of recoverable reserves in the order of 20MMbbl condensate. The Mecom-Pure UAQ-1 well drilled on the Concession in 1967 also encountered oil and gas shows at several levels in the Tertiary. The Late Cretaceous Simsima Limestone is known to be present nearby and is a potential reservoir that is productive in the Shah Field in Abu Dhabi. Eight wells have been drilled in the Concession since exploration began in the 1960's however none have been drilled since 1986. Only two wells are reported to have penetrated the top of the primary reservoir target, the Thamama Group and post drilling seismic interpretation indicates that both of these appear to have been drilled outside structural closures. Post drilling interpretation also indicates that none of the wells were drilled on valid closures at the shallower Tertiary or Late Cretaceous levels. Nevertheless several wells had gas shows, including Al Ali - 2, Thunayah - 1 and Al Rusaifah - 1, while the Mecom-Pure UAQ-1 well is reported to have encountered oil and gas shows at multiple levels from 7575'-7725'MD in the Tertiary. The Concession remains under-explored and will benefit from modern seismic acquisition and interpretation technology over the fold and thrust belt complex that covers much of its territory. A Technical Report on the Concession, was prepared by Senergy (GB) Ltd. of the United Kingdom in accordance with National Instrument 51-101, in January 2013. Summary of Work Program The Company's Phase 1 work program, has been completed comprising re-processing and re-interpretation of the most recent existing 2D and 250 km(2) of existing 3D seismic data, followed by the acquisition of 200 km(2) new 3D seismic acquisition. Based on the results of this program the Company anticipates being able to identify a primary prospect for the drilling of an exploration well as its second phase work program. 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 Block, in the Kingdom of Morocco ("Morocco") in partnership with the National Office of Hydrocarbons and Mines ("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. 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 HOA, including the acquisition by the Company in an interest in Quest, and the proposed listing by the Company on the AIM exchange. 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
Read more at http://www.stockhouse.com/companies/bullboard/v.mxm/maxim-resources-inc#wwqffrE2sFKcutZo.99
souwester
9 years ago
MXMSF AGM Results
AGM results:
Maxim shareholders approve all items at AGM
Ticker Symbol: C:MXM
Maxim shareholders approve all items at AGM
Maxim Resources Inc (2) (C:MXM)
Shares Issued 36,276,254
Last Close 11/3/2014 $0.16
Tuesday November 04 2014 - News Release
Mr. Arthur Brown reports
MAXIM ANNOUNCES AGM RESULTS
Maxim Resources Inc. held its annual general meeting on Oct. 31, 2014, at the office of the company. The meeting was called to order with a substantial quorum achieved.
The resolutions contained in the company's proxy form were passed and there was no new business brought forward; these included:
1. The approval of the audited financial statements of the corporation for the financial year ended Dec. 31, 2013, and the reports of the auditor thereon;
2. To approve number of directors of the corporation to be elected at the meeting at five;
3. The election of Art Brown, Andrew Male, David Stadnyk, Neil Dinsdale and Glen MacDonald to the board of directors of the corporation;
4. The appointment of Mackay LLP, chartered accountants, as the auditor of the company;
5. The approval of the stock option plan of the corporation;
6. The approval of the special resolution approving the application of the corporation for continuance under the laws of Ontario.
All resolutions were passed and Maxim would like to thanks its shareholders.
We seek Safe Harbor.
© 2014 Canjex Publishing Ltd.
Read more at http://www.stockhouse.com/companies/bullboard/v.mxm/maxim-resources-inc#xbigOctGfvz1ClGP.99
souwester
9 years ago
MXMSF - Maxim Resources, First Sahara property agreement
2014-11-04 18:15 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to a heads of agreement, dated May 14, 2014, and a reconnaissance contract, dated June 18, 2014, between Maxim Resources Inc., First Sahara Energy Inc. and the Office National Des Hydrocarbures et des Mines (ONHYM), whereby the company has acquired the vendor's interest in a reconnaissance contract on the Hassi Berkane block, located in the kingdom of Morocco.
Under the terms of the HOA, the company will issue two million common shares to the vendor as consideration.
For further details, please refer to the company's news releases dated May 15, 2014, June 23, 2014, and July 24, 2014.
© 2014 Canjex Publishing Ltd. All rights reserved.
Read more at http://www.stockhouse.com/companies/bullboard/v.mxm/maxim-resources-inc#0cY8JShLg8QIeT4L.99
souwester
9 years ago
MXMSF - European IR Retained - Upcoming Rally IMHO
TORONTO, ONTARIO - October 22, 2014 - Maxim Resources Inc., (Maxim), (TSX.V: MXM Frankfurt: M5HA OTCBB: MXMSF), is pleased to announce that it has retained the services of Star Finance GmbH (“Star Finance”), an investor relations firm from Switzerland to provide investor relations services in Europe.
Effective immediately, Star Finance will provide investor relations, marketing and consultant services for the European market to Maxim Resources Inc. for a period of twelve months. Star Finance will be paid a monthly fee of 3,000 EUR plus allowable disbursements. Star Finance will also receive up to 200,000 incentive stock options (“Options”) to acquire common shares in the capital of Maxim at a price based on the 5 day Volume Weighted Average Price (“VWAP”), subsequent to Maxim’s annual and special meeting scheduled for October 31, 2014 and subject to TSX Venture Exchange approval. The Options will vest 50,000 options every 3 months over 12 months and have a five-year term.
Upon termination of the services agreement, any vested Options will be cancelled after 30 days, as is required for TSX Venture’s Tier 2 Issuers.
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 Block, in the Kingdom of Morocco (“Morocco) in partnership with the National Office of Hydrocarbons and Mines (“ONHYM”)”.
About Star Finance
Star Finance GmbH is one of the founding members of Stockteam Germany – a network of Europe-based individual investor relations companies and communication specialists (www.stockteam-germany.com). Stockteam Germany is a one-stop-shop for European investor relations and corporate communication activities and is offering a large variety of state-of-the-art services to its clients, including lead generation, media coverage and dissemination (on- and offline), news release translation and dissemination, social media relations, online investor video conferences, institutional roadshows and (dual-) listing assistance for German stock exchanges. These activities are long-term focussed and bundled into tailor-made packages for each individual client.
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 President & CEO
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, info@maximresources.com 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.
souwester
10 years ago
MXMSF - NI 51-101 Report
Maxim Completes Initial N.I. 51-101 Report on Hassi Berkane Block in Morocco
Thursday, October 16, 2014
Maxim Completes Initial N.I. 51-101 Report on Hassi Berkane Block in Morocco
16:05 EDT Thursday, October 16, 2014
TORONTO, ONTARIO--(Marketwired - Oct. 16, 2014) - Maxim Resources Inc. ("Maxim or the company") (TSX VENTURE: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 - Standardsfor Disclosurefor 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.
souwester
10 years ago
MXMSF (V.MXM) - Morocco Property
Maxim Signs Reconaissance Contract for Hassi Berkane Block With ONHYM
TORONTO, ONTARIO--(Marketwired - Jun 23, 2014) - Maxim Resources Inc. (Maxim) (TSX-VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5H) is pleased to announce the Corporation has signed a Reconnaissance Contract for the Hassi Berkane Block (formerly Beni Znassen Block) in the Kingdom of Morocco ("Morocco").
Maxim signed the Reconnaissance Contract with Mrs. Amina Benkhadra, the Managing Director of the National Office of Hydrocarbons and Mines ("ONHYM"). ONHYM and Maxim has jointly applied to the Ministry of Energy, Mines, Water and Environment of Morocco (MEMWE) for the Reconnaissance Concession, which is expected to be issued in the coming weeks.
The Hassi Berkane Block is located onshore in the northeast part of Morocco and encompasses 5,116 km2 with extensive 2-D seismic data. Key attributes of the Hassi Berkane Block are:
•Similar reservoir and source rocks to the Tselfat area in central Morocco, which has large proven oil and gas reserves.
•The seismic data reveals several alluring structural anomalies with a similar profile to the numerous oil & gas fields in the Tselfat area.
•At least one of the anomalies is extremely large and appears to be structurally closed.
•There is a known oil seep at the periphery of the Hassi Berkane Basin.
•Drilling depth to target horizons is less than 3,000 meters.
•The property is close to the Maghreb Europe Gas Pipeline, which transports gas from the super giant Maghreb gas field in adjacent Algeria. The pipeline has ample excess capacity.
Maxim will start Stage 1 reconnaissance of the Hassi Berkane Block in the next 30 days which will consists of;
•Preparation of a NI51-101 Standards of Disclosure For Oil and Gas Activities by a Qualified Person
•Reprocessing 600 kilometers of existing 2-D seismic data
•Reprocessing 10,000 kilometers of aero mag and gravity
•A rock evaluation of basin outcrops
•A micro-seepage study across the identified structural anomaly
•Attribute reprocessing of key seismic lines, including direct hydrocarbon identification
•Hyper spectral/multi-spectral analysis from high-resolution satellite imagery.
Art Brown, CEO and President of Maxim stated; "Maxim has been seeking new opportunities that will have both exploration and near term production possibilities. This Hassi Berkane Block has a substantial footprint and the early stage research appears promising. Morocco has become a new frontier for oil and gas exploration and production and we are very excited about the opportunity to participate in this country's development."
About Maxim
Maxim is an oil and gas production and exploration company. The Company is focused on identifying assets that are producing or near term production with possible upgrading and exploration step out opportunities. The Company is actively seeking projects that meet this criteria. Investments may be by way of acquisition, participation and/or fractional interest.
Issued on behalf of the Board of Directors of Maxim Resources Inc.
Arthur Brown, 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 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.
Maxim Resources Inc.
Arthur Brown
President and CEO
(604) 630-0280 or Toll Free: 1- 888-882-8891
info@maximresources.com
www.maximresources.com
morokoy
14 years ago
PIEX
The South Erin Block is comprised of approximately 1,350 acres in southwest Trinidad, which is about 40 miles southwest of the Port of Spain and approximately 18 miles southwest of San Fernando. This largely unexplored farm out block is west of and adjacent to the Erin/Palo Seco oilfield, which has produced over 200 million barrels of oil. This new 1,350-acre block is part of the productive Southern Basin of Trinidad that forms part of the prolific Eastern Venezuelan Basin.
On July 9, 2006, Macallan Oil and Gas Inc. and partners “the partners” announced the drilling of the first discovery well on the South Erin Block, Trinidad. The well, ER-98, was targeted to drill into the Middle Cruse Prospect and to test two other secondary targets, the Lower Forest ‘A’ and ‘C’ sands.
November 20, 2008 Pioneer enters into Material Definitive Agreement to acquire 125,000 shares of Macallan Oil & Gas Inc. is a private Barbados company. Macallan Oil & Gas Inc has a 39% revenue interest (after payout) in an oil discovery in Trinidad Tobago. The 125,000 Shares being acquired by Pioneer represent 2.1% of all of the issued and outstanding shares of Macallan Oil & Gas Inc.
The question is, what is that 39% relative to, since -
MXMSF.PK
Oil - The South Erin Block, Trinidad: Maxim Resource’s main focus is the 1350-acre South Erin Block of Trinidad, which is a largely unexplored block situated in the prospective Southern Basin of Trinidad that forms part of the prolific Eastern Venezuelan Basin. The block is reportedly estimated to contain reserves (NI 51-101 compliant) of 725 thousand stock tank barrels. (MSTB) The Operator has logged off 12 million barrels on the Joint Venture Block (2.5 million barrels recoverable at 18%) Maxim currently maintains a net revenue sharing agreement which provides for Maxim to receive 69 per cent of 90 per cent of net revenue until return of its original investment of approximately $4.2-million, after which the net revenue drops to 41 per cent of total net revenue.
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