Maxim Resources Inc. (fka MXMSF)

[morokoy]

PIEX
The South Erin Block is comprised of approximately 1,350 acres in southwest Trinidad, which is about 40 miles southwest of the Port of Spain and approximately 18 miles southwest of San Fernando. This largely unexplored farm out block is west of and adjacent to the Erin/Palo Seco oilfield, which has produced over 200 million barrels of oil. This new 1,350-acre block is part of the productive Southern Basin of Trinidad that forms part of the prolific Eastern Venezuelan Basin.

On July 9, 2006, Macallan Oil and Gas Inc. and partners “the partners” announced the drilling of the first discovery well on the South Erin Block, Trinidad. The well, ER-98, was targeted to drill into the Middle Cruse Prospect and to test two other secondary targets, the Lower Forest ‘A’ and ‘C’ sands.

November 20, 2008 Pioneer enters into Material Definitive Agreement to acquire 125,000 shares of Macallan Oil & Gas Inc. is a private Barbados company. Macallan Oil & Gas Inc has a 39% revenue interest (after payout) in an oil discovery in Trinidad Tobago. The 125,000 Shares being acquired by Pioneer represent 2.1% of all of the issued and outstanding shares of Macallan Oil & Gas Inc.

The question is, what is that 39% relative to, since -
MXMSF.PK
Oil - The South Erin Block, Trinidad: Maxim Resource’s main focus is the 1350-acre South Erin Block of Trinidad, which is a largely unexplored block situated in the prospective Southern Basin of Trinidad that forms part of the prolific Eastern Venezuelan Basin. The block is reportedly estimated to contain reserves (NI 51-101 compliant) of 725 thousand stock tank barrels. (MSTB) The Operator has logged off 12 million barrels on the Joint Venture Block (2.5 million barrels recoverable at 18%) Maxim currently maintains a net revenue sharing agreement which provides for Maxim to receive 69 per cent of 90 per cent of net revenue until return of its original investment of approximately $4.2-million, after which the net revenue drops to 41 per cent of total net revenue.