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Maxim Announces Heads of Agreement to Acquire Reconsaissance Contract Interest from First Sahara Energy
|By Marketwired .
|May 15, 2014 09:15 AM EDT
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
-- 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
-- Hyper spectral/multi-spectral analysis from high-resolution satellite
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."
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.
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