MXMSF - NI 51-101 Report
Maxim Completes Initial N.I. 51-101 Report on Hassi Berkane Block in Morocco
Thursday, October 16, 2014
Maxim Completes Initial N.I. 51-101 Report on Hassi Berkane Block in Morocco
16:05 EDT Thursday, October 16, 2014
TORONTO, ONTARIO--(Marketwired - Oct. 16, 2014) - Maxim Resources Inc. ("Maxim or the company") (TSX VENTURE:MXM)(FRANKFURT:M5HA) (OTCBB:MXMSF), is pleased to announce the completion and Sedar filing of an initial N.I. 51-101 report on its Hassi Berkane concession in the Kingdom of Morocco which it has a Reconnaissance Contract over.
Maxim engaged the services of Chapman Petroleum Engineering Ltd. ("Chapman"), to complete the initial N.I. 51-101 compliant technical report. The Chapman work included an evaluation of the Lead resources on the Hassi Berkane Block (formerly Beni Znassen Block) (the "Hasse Berkane Concession") in the Kingdom of Morocco ("Morocco") and was performed and completed in accordance with the National Instrument 51-101 - Standardsfor Disclosurefor Oil and Gas Activities ("NI 51-101") standards and protocols as well as being compliant with the Petroleum Resources Management System ("PRMS") standards.
All material aspects for the evaluation were included including relevant nearby wells and or analogous reservoirs and geological structures and formations. Based on the information provided, sourced and analysed, Chapman believes there is sufficient merit to justify the work program being proposed.
As the Work Program is fully defined and commenced, Maxim will engage Chapman and other technical experts to evaluate and update the NI 51-101 report as various stages of the work program are completed.
Chapman performed the initial NI 51-101 on three leads within the Hassi Berkane Concession, a North, East and South Lead. These leads were previously identified by a previous evaluation study through the interpretation of geologic formations, existing 2-D seismic and the correlation of drilling and reservoir data available from publications containing similar geologic structures and structural style. The target horizons are Middle Jurassic (Dogger) sandstones.
Summary of Gross Prospective Resources July 1, 2014
Hassi Berkane Block, Morocco
Description Lead Resources Predicted Initial Rate
STB/d/well Assumed Area (Acres) API Gravity (Degrees) Lead Resources
(MSTB)
Best Estimate
North Lead Middle Jurassic (Dogger) 150 1,316 36 8,508
East Lead Middle Jurassic (Dogger) 150 3,631 36 23,474
South Lead Middle Jurassic (Dogger) 150 4,329 36 27,987
Total Best Estimate 9,276 59,969
Low Estimate
North Lead Middle Jurassic (Dogger) 150 658 36 4,254
East Lead Middle Jurassic (Dogger) 150 1,815 36 11,734
South Lead Middle Jurassic (Dogger) 150 2,164 36 13,990
Total Low Estimate 4,637 29,978
High Estimate
North Lead Middle Jurassic (Dogger) 150 2,632 36 17,016
East Lead Middle Jurassic (Dogger) 150 7,263 36 46,955
South Lead Middle Jurassic (Dogger) 150 8,658 36 55,974
Total High Estimate 18,553 119,945
Notes;
1. STD/d - Stock Tank Barrels of oil per day or oil production rate
2. MSTB - Thousands of Stock Tank Barrels of oil
3. Leads- These three leads have been defined by initial stage review and research and will require more research prior to the targets being considered viable drilling targets.
4. It is inappropriate to aggregate Lead resources with reserves or contingent resources.
5. As used in the Canadian Oil and Gas Evaluation Handbook ("COGEH"), "Lead Resources" are those quantities of petroleum estimated, at a certain date, to be potentially recoverable from undiscovered accumulations by application of future development work. These Lead Resources should not be construed as reserves or contingent resources.
6. There is no certainty that any portion of the Lead resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the Lead resources.
The proposed Work Program, which has commenced, will include the reprocessing of existing 2-D Seismic, surface work and the review and analysis of Aero Magnetic and GraviMetric survey work, all data has been provided by National Office of Hydrocarbons and Mines ("ONHYM").
Art Brown, Chairman of Maxim said, "Maxim is pleased to have completed this initial stage NI 51-101 technical report on the Hassi Berkane Concession. As we complete the work program we will look forward to updating the NI 51-101 technical report to reflect the progress of research."
Should the Hassi Berkane Concession transition from a Reconnaissance Contract to a Petroleum Agreement it would result in a 75% Working Interest for Maxim and ONHYM would retain the 25%. The Company has received conditional approval from the TSX Venture Exchange (the "TSXV") in connection with the Reconnaissance Contract, which approval is subject to the filing of final documents with the TSXV and final approval of the TSXV.
Chapman Petroleum Engineering Ltd. has reviewed and approved of the use of material from the NI 51-101 report prepared by Chapman used in this press release.
About Maxim
Maxim is an oil and gas production and exploration company based in Vancouver, Canada. The Company is focused on identifying assets that meet the following criteria, producing, near term enhancement and exploration opportunities. Investments may be by way of acquisition, participation and/or fractional interest. Its most recent investment is a Reconnaissance Contract for the Hassi Berkane Concession in Morocco in partnership with the ONHYM.
