|By Marketwired .||
|June 23, 2014 11:30 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/23/14 -- Maxim Resources Inc. (Maxim) (TSX VENTURE: MXM)(OTCBB: MXMSF)(FRANKFURT: M5H) is pleased to announce the Corporation has signed a Reconnaissance Contract for the Hassi Berkane Block (formerly Beni Znassen Block) in the Kingdom of Morocco ("Morocco").
Maxim signed the Reconnaissance Contract with Mrs. Amina Benkhadra, the Managing Director of the National Office of Hydrocarbons and Mines ("ONHYM"). ONHYM and Maxim has jointly applied to the Ministry of Energy, Mines, Water and Environment of Morocco (MEMWE) for the Reconnaissance Concession, which is expected to be issued in the coming weeks.
The Hassi Berkane Block is located onshore in the northeast part of Morocco and encompasses 5,116 km2 with extensive 2-D seismic data. Key attributes of the Hassi Berkane 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 Hassi Berkane 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.
Maxim will start Stage 1 reconnaissance of the Hassi Berkane Block in the next 30 days which will consists of;
-- Preparation of a NI51-101 Standards of Disclosure For Oil and Gas Activities by a Qualified Person -- 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.
Art Brown, CEO and President of Maxim stated; "Maxim has been seeking new opportunities that will have both exploration and near term production possibilities. This Hassi Berkane Block 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."
Maxim is an oil and gas production and exploration company. The Company is focused on identifying assets that are producing or near term production with possible upgrading and exploration step out opportunities. The Company is actively seeking projects that meet this criteria. Investments may be by way of acquisition, participation and/or fractional interest.
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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