Arthur Brown, President and CEO of Maxim said, "We successfully drilled to a depth of 6,000 feet. The well has been logged and several potential pay zones have been encountered."
Production casing has been run, and the well will require two to three weeks of testing to determine flow rates.
"While the big players Petro-Canada, Canadian Superior, Talisman, BHP, BP and others are focusing on new bids and existing production offshore of Trinidad and Tobago", continued Mr. Brown, "Maxim and our partners, New Scotland, felt the smaller leases onshore in Trinidad were being overlooked."
Maxim will earn a 69% interest before payout of CDN $1,017,000 and a 41% interest after payout in approximately 1350 acres.
In closing, Mr. Brown added, "We have a comfortable cash position with a steady and building revenue stream. This allows Maxim's geological, engineering and land team to evaluate other exploration prospects in our existing areas of operation as well as other opportunities worldwide."
Maxim is a natural resource company engaged in the acquisition, exploration, and development of oil and gas properties. Maxim currently holds a 9.5% working interest in the Cook Ranch Prospect, a 75% net revenue interest in the Palo Duro Basin Prospect and a 15% working interest in the El Maton Field Prospect all located in Texas, USA. Maxim also holds a 41% A.P.O. in the South Erin Block located in Trinidad and Tobago, West Indies and 50% working interest in 376,000 acres, primarily onshore, in Prince Edward Island, Canada.
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