MXM-TSXV November 24, 2008
Maxim Resources Announces Third Development Well TD
Vancouver, BC. Maxim Resources Inc. (MXM.V), has been
notified by the project operator that the third development well (ER-101)
in the South Erin field, Trinidad, was successfully drilled to a total depth
of 3,850 feet. The Lower Forest A and B sands were encountered and have been
logged with positive results. This completes the third well of the 2008
development well program.
Wireline logging indicates the third 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 third development well is actually the fourth successful
well in the South Erin Field (including the ER-98 discovery well). The
fourth development well was spud on Friday, November 21, 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 101 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
For further information, please contact:
Arthur Brown, CEO
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