VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/09/10 -- Maxim Resources Inc., ('Maxim' or the 'Company'), (TSX VENTURE: MXM)(OTCBB: MXMSF)(FRANKFURT: M5H) is pleased to announce that it has signed an Offer to Purchase with Alberta Oilsands Inc. (AOS), for the acquisition of properties in Leduc-Woodbend, Alberta.
The Offer to Purchase calls for the due diligence and review of assets, as well as the financing and closing of the purchase to be completed by September 15, 2010.
The property consists of 2,068 Hectares and has 9 producing wells with 45 to 50 barrels of oil per day of production. There are a further 12 suspended wells that require review and analysis to ascertain if they can be brought back into production. This will be done in concert with the due diligence process.
Maxim will commence due diligence and a full review of the assets immediately, as well as begin to seek a relationship with a qualified Operator. This transaction is subject to the Company receiving all regulatory approvals.
This transaction was brought to Maxim through Western Divestments Inc.
Maxim presently has a Revenue Interest in Trinidad which calls for 69% revenue override until payout and 41% override thereafter for funds invested. This Revenue Interest is attached to 5 producing wells. Maxim has an option to participate in an ongoing drill program totalling 42 wells over 1,000 plus acres as noted and licensed by PetroTrin, the Trinidadian Petroleum Authority.
Issued on behalf of the Board of Directors of Maxim Resources Inc.
Arthur Brown, President & CEO
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.
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