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
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide 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 ...
The initial debate is over: Any enterprise with a serious commitment to IT is migrating to the cloud. But things are not so simple. There is a complex mix of on-premises, colocated, and public-cloud deployments. In this power panel at 18th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will look at the present state of cloud from the C-level view, and how great companies and rock star executives can use cloud computing to meet their most ambitious and disruptive business ...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...