Canadian Shells

[Tackler]

MXM Maxim to acquire interest in oil and gas prospect

2004-10-25 18:16 ET - News Release

Mr. Arthur Brown reports

MAXIM ENTERS INTO ACQUISITION AGREEMENT

Maxim Resources Inc. has entered into an acquisition agreement with Delek Corp., an arm's-length private oil and gas company, to acquire a 75-per-cent net revenue interest in an oil and gas prospect located in Stark county, North Dakota. In exchange for the working interest in the North Dakota prospect, Maxim has agreed to pay Delek the sum of $1,457,703 (U.S.), representing the completed cost of the initial test well. At the present time, there is no production and no reserves attributable to the North Dakota prospect. Maxim intends to finance the acquisition of the working interest in the North Dakota prospect with the net proceeds from the non-brokered private placement of units which was previously reported in Stockwatch on Sept. 8, 2004.