November 12, 2008.
MXM-TSXV
M5H-FRANKFURT
MXMSF-US OTC
Maxim Resources Announces Second Development Well TD
Vancouver, BC. November 12, 2008 Maxim Resources Inc. (MXM.V), has been notified by the project operator that the second development well (ER-100) in the South Erin field, Trinidad, was successfully drilled to a total depth of 4,150 feet. The Lower Forest A and B sands were encountered and have been logged with positive results. This completes the second well of the 2008 development well program.
Wireline logging indicates the second well encountered better than expected net pay in the lower forest sands. Notably, there are a number of pay sands correlative to the pay intervals in the existing wells, which indicates the well may produce similar results to the other wells drilled in the South Erin Field. This second development well is actually the third successful well in the South Erin Field (including the ER-98 discovery well), and the third development well was spud on Monday, November 10, 2008. Drilling in this program is taking approximately 12 days per well, and it is estimated that each well will produce 150 to 250 barrels of oil per day. Subject to approvals, these wells are expected to be in production by the end of 2008.
Art Brown, Maxim Resources' President and Chief Executive Officer said "Our enthusiasm about the South Erin, Trinidad Play increases with each well that is drilled. The well logs and data evaluation are correlative to one previous successful well, evidencing the viability of Maxim's Trinidad strategy. The preliminary results from the South Erin 100 Well suggest that this well should produce positive results for our shareholders from the Lower Forest A and B Sands."
On behalf of the Board
Arthur Brown
CEO
For further information, please contact the Company at
(604) 630-0280 or toll free at 1-888-882-8891
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
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Maxim Resources Inc.
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CODE : MXM.V |
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Maxim Res. est une société d’exploration minière et de pétrole basée au Canada. Maxim Res. est en développement de projets de gaz en Australie. Son principal projet en production est SELLHEIM GOLD en Australie et son principal projet en développement est SOUTH ERIN BLOCK en Australie. Maxim Res. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 292 050 CA$ (218 813 US$, 209 404 €). La valeur de son action a atteint son plus haut niveau récent le 30 décembre 2005 à 1,10 CA$, et son plus bas niveau récent le 16 décembre 2016 à 0,01 CA$. Maxim Res. possède 58 410 000 actions en circulation. |