Maxim Resources Makes Discovery at South Erin Field in Trinidad

Maxim Resources has been notified by the project operator, Jasmin Oil and Gas Ltd., of the test results from the IER-98 well in the South Erin Field onshore in Trinidad. The well was successfully drilled to a depth of 6,000 feet. Three oil bearing sand pay zones have been encountered. The flow rates are as follows:

Zone 1 The Lower Forest A Sand
At 3100 ft - 80 ft of net pay 12/64 choke - 620 PSI (Flowing Tubing Head Pressure - FTHP) - 320 BOPD

Zone 2 The Lower Forest B Sand
At 3200 ft - 100 ft of net pay 12/64 choke - 500 PSI (FTHP) - 282 BOPD

Zone 3 The Middle Cruse Sand
At 5000 ft - 30 ft of net pay 1/4 choke - 420 PSI (FTHP) - 120 BOPD

Total Flow Rate 722 BOPD

The well is expected to be put in production in the near future.

Maxim will earn a 69% interest before payout and a 41% interest after payout in the project.

Ten development-drilling locations have been identified as well as several exploratory targets that will test new structures.