Maxim Acquires 50% Working Interest in Pei Properties

Maxim Resources

Maxim Resources has entered into an working interest agreement with Shannon International Inc. of Dartmouth, Nova Scotia, an arm's-length public oil and gas and technology company, to acquire a 50% working interest in all the rights, title and interest in Prince Edward Island Oil and Gas Permits Numbered 02-01, 04-01 and 04-04 and certain seismic data.

In exchange for the working interest in the Blocks, Maxim has agreed to pay $320,000 to SHIR payable by a current payment of $50,000 and the conversion of an accrued loan with a current balance of $270,000 to this working interest. Maxim has now earned the 50% working interest.

The licensed blocks are comprised of about 376,000 acres primarily onshore in Price Edward Island. To date over $7.5 million has been spent in identifying large oil and gas structures to be drilled and developed.

Finder's fees may be paid in connection with the participation agreement in accordance with TSX Venture Exchange Policies.

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 production and exploration of the Cook Ranch Field, 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 69% working interest in the South Erin Block located in Trinidad and Tobago, West Indies.