TORONTO, ONTARIO--(Marketwired - Jan 28, 2015) - Maxim Resources Inc. ("Maxim" or the "Company") (TSX VENTURE:MXM)(M5HA.F)(MXMSF) is pleased to provide this corporate update as well as an update on activities in Morocco.
Early December 2014 Maxim concluded the contract hiring of Mr. Anthony Lucas as Exploration Manager and consultant. Mr. Lucas has been working in the oil and gas industry for over 35 years and has held roles ranging from Geophysical Manager and Senior Geophysicist, Technical Manager and Exploration Manager for a number of exploration and production companies throughout the world.
Recently in mid-December 2014 Maxim held Joint Management Committee meetings National Office of Hydrocarbons and Mines, ("ONHYM"), to review the current activity and the next steps of work required under the Reconnaissance Contract Maxim holds with ONHYM. During the meetings Maxim was able to gain access to additional data on the Hassi Berkane Concession. This included some reprocessed seismic data on the pre-existing 2D seismic package originally provided to Maxim by ONHYM. It is anticipated that this could possibly accelerate the evaluation program presently underway.
Maxim and its exploration team guided by Mr. Lucas are currently completing the first phase of the plan by;
- Completing the analysis of PSTM (Pre-Stack Time Migration seismic processing) data, which has been loaded to the Kingdom work station (Kingdom software is an established interpretation system used to find oil & gas bearing geological structures in the subsurface and is used by 85 percent of the 150 largest petroleum exploration and production companies). The seismic re interpretation of the full (relevant) data set comprises approximately 1,150 2D line kilometers. This is described in 3 sets;
- Ankoul 230.0km
- Beniznassen 629.3km
- Driouch) 290.7km
- Acquisition of satellite imagery (e.g. Quickbird) for structural geology.
- Integration of gravity data or review/purchase of speculative gravity data.
- Evaluation and possible integration of Geochemical surveys and data
- Reprocess a subset of the 2D vintage seismic data and apply Apex Spectral analysis, a DHI (Direct Hydrocarbon Indicator) process.
- Define leads and prepare volumetric calculations based on new seismic interpretation, regional geology and well data.
- Prepare suggested drilling location(s)
Once the analysis is completed Chapman Petroleum Engineering Ltd. ("Chapman"), will provide an update to the already published initial N.I. 51-101 Technical Report.
Maxim has also appointed Mr. Chris Farnworth to the role of Vice President of Corporate Affairs. Mr. Farnworth has been with Maxim for some time but is now taking on a more comprehensive role with the Company.
Further to a News Release on October 10, 2014, Maxim continues with its efforts and working with its consultants to complete a dual listing on the AIM Market of the London Stock Exchange ("AIM").
Mr. Andrew Male, Director and CEO commented; "Having recently taken over the role of President and CEO of Maxim I am pleased with the continued progress that we make at a project level as well as expanding the technical and expertise available to Maxim. These activities are a continuation of the corporate vision and working relationship that Art Brown and I have had for the past couple of years while working together."
About Maxim
Maxim is an 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. Investments may be by way of acquisition, participation and/or fractional interest. Its most recent investment is a Reconnaissance Contract for the Hassi Berkane Block, in the Kingdom of Morocco ("Morocco) in partnership with the National Office of Hydrocarbons and Mines ("ONHYM")".
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Issued on behalf of the Board of Directors of Maxim Resources Inc.
Arthur Brown, Chairman of the Board of Directors
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.