Maxim Announces Heads of Agreement to Acquire Reconsaissance Contract Interest from First Sahara Energy
15 Mai 2014 - 3:15PM
Marketwired
Maxim Announces Heads of Agreement to Acquire Reconsaissance
Contract Interest from First Sahara Energy
TORONTO, ONTARIO--(Marketwired - May 15, 2014) - Maxim Resources
Inc., (Maxim), (TSX-VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:MSH), is
pleased to announce it has entered into a Heads of Agreement,
("HOA"), with First Sahara Energy Inc., ("FSE"), to acquire its
interest in a Reconnaissance Contract on the Beni Znassen Block in
the Kingdom of Morocco ("Morocco").
Maxim and FSE have agreed that the Reconnaissance Contract
Interest held by FSE in the Beni Znassen Block will be transferred
to Maxim and its newly formed wholly owned Moroccan subsidiary
MAXIM Pétrole de Gaz SARL, ("Maxim PG").
The Reconnaissance Contract Interest is administered by the
Office National des Hydrocarbures et des Mines, ("ONHYM"), and will
be re-registered to Maxim PG, with the acceptance and approval of
ONHYM, on or about June 15, 2014. Upon completion of the
re-registration to Maxim PG of the Reconnaissance Contract
Interest, Maxim will issue to FSE a total of 2,000,000 common
shares as consideration.
Maxim is pleased to also announce that effective immediately Mr.
David Stadnyk, Former Director and CEO of FSE, has joined the Maxim
Board of Directors. As part of the acquisition of the
Reconnaissance Contract Interest in the Beni Znassen Block by
Maxim, Maxim agreed to provide this Board seat as Mr. Stadnyk is
able to bring a high level of knowledge and relationship experience
to this opportunity as a result of his previous workings with
ONHYM.
Mr. Stadnyk has extensive knowledge in the public capital
markets and strong relationships with global investment banks and
independent boutique investment dealers. He is President and CEO of
Supreme Pharmaceuticals Inc. where he is key in providing a variety
of leadership, investment and developmental roles in the biotech
and pharmaceuticals sector as well as the roles he has held in the
resource sector. With more than 25 years of investment banking
experience he has successfully pioneered equity capital fundraising
efforts in excess of well over $500 MM. From 1998 to 2006, Stadnyk
was the President of Patch International Inc., an international
junior oil and gas exploration and production company. Stadnyk has
also been a Director of Birch Lake Energy Inc., Canadian Energy
Exploration Inc. and Co-Founder and a Director of Arsenal Energy
Inc., listed on the TSX Venture Exchange.
The Beni Znassen Block is located onshore in the northeast part
of Morocco and encompasses 1.28 million acres with extensive 2-D
seismic data. Key attributes of the Beni Znassen 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 Beni Znassen
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.
ONHYM requirements for the Stage 1 development of the Beni
Znassen Block will include the following;
- 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.
Maxim will be developing a budget as well as a plan to deploy
the required elements for the Stage 1 requirements upon completion
of the signing and re-registration of the Reconnaissance Contract
with ONHYM in the coming weeks.
Art Brown, CEO and President of Maxim said, "Maxim has been
seeking new opportunities that will have both exploration and near
term production possibilities. This Beni Znassen project 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. This
acquisition along with David joining the Board are productive steps
for Maxim."
About Maxim
Maxim is a junior 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. The Company is actively
seeking investments and participation in assets that meet the
established investment criteria. Investments may be by way of
acquisition, participation and/or fractional interest.
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 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 BrownPresident and CEO(604) 630-0280
or toll free at
1-888-882-8891info@maximresources.comwww.maximresources.com
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