Maxim Resources Announces Private Placement

Maxim Resources Inc. on Tuesday said that it announced a proposed CDN$1 million private placement on July 24, 2006. The non-brokered financing comprises 4 million units priced at $0.25 per unit; each unit consists of one share and one-half share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at $0.35 for a period of 1 year after the closing of the private placement.

Maxim also issued the following update on its operations:

Cooke Ranch Field, LaSalle County, Texas
Bayshore Exploration LLC completed 3D Seismic on 2,500 of the partnerships 8840 acres with promising results. Cooke #4 Well was spud on July 31,2006. It offsets Cooke #3, which continues to flow at 145 BOEPD. Cartwright #1 continues to be production-tested, and Cartwright #2 is being surveyed and staked. Maxim holds a 9.5% working interest in the Cooke Ranch Field.

El Maton Field, Matagorda County, Texas
The Howard Expl-Hickl #1 Well was drilled to a depth of 9,400 feet. On August 1, 2006, it was logged and production casing was run. Completion and testing are underway. Maxim holds a 15% working interest in approximately 234 acres of this Texas Gulf Coast property.

South Erin Block, Trinidad, West Indies
On August 8, 2006, project operator Jasmin Oil notified Maxim that the F25CH-7 well was drilled to a depth of 6,000 feet and that it had been logged and production casing had been run. Several potential pay zones have been encountered, and 2-3 weeks of testing will be required to determine flow rates. Maxim has a 69% interest before payout of CDN$450,000, and a 41% interest after, in approximately 1,350 acres.

In regard to finance and corporate matters, Maxim said that on July 19, 2006, it appointed professional geologist Michael Zander to the company’s board of directors. Zander has 34 years’ experience in prospect evaluation and generation from Western Canada to Texas.

Maxim Resources Inc. is an oil and natural gas producer engaged in the acquisition, exploration, production, and development of oil and natural gas properties.

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