Welcome!

News Feed Item

Maxim Announces Heads of Agreement to Acquire Reconsaissance Contract Interest from First Sahara Energy

TORONTO, ONTARIO -- (Marketwired) -- 05/15/14 -- 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 Petrole 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.

Contacts:
Maxim Resources Inc.
Arthur Brown
President and CEO
(604) 630-0280 or toll free at 1-888-882-8891
[email protected]
www.maximresources.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...