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.

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
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?