EXPM:MXMSF - Post by User
Post by
Scruffon Oct 22, 2015 10:41am
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Post# 24216007
NEWS
NEWSMaxim Resources, Quest to explore O&G properties 2015-10-22 10:31 ET - News Release Mr. Andrew Male reports MAXIM SIGNS HEADS OF COOPERATIVE AGREEMENT WITH QUEST ENERGY LLC Maxim Resources Inc. has entered into a co-operation agreement effective Oct. 19, 2015, with Dubai-based Quest Energy LLC (QE). QE is part of the Quest Group which includes Quest Investment LLC and Quest Oil & Gas Ventures Inc. The agreement forms the foundation for a strategic relationship between QE and Maxim, enabling the joint evaluation and potential acquisition of oil and gas projects that either company is considering. It is the intention of the parties, pursuant to the terms of the agreement, to consider production or near-term production opportunities, which may include strategic opportunities that could be considered unconventional but can lead to an expanded asset or set of opportunities. The parties intention is that cash flow or near-term cash flow will be a strong focus for the opportunities considered under the terms of the agreement. Maxim and Quest have built a strong strategic relationship over the past 12 months as a result of a proposed transaction which the parties initiated in connection with an oil and gas concession in the United Arab Emirates and previously disclosed in the company's press release dated June 2, 2015. This transaction was subsequently cancelled due to lack of financing. During this period of time, Ian Baron, managing director of Quest, joined the board of directors at Maxim. Andrew Male, chief executive officer of Maxim, commented: "This agreement provides a unique opportunity for Maxim to be able to access projects that it may normally not be able to. The agreement also enables Maxim to have continued access to the technical expertise of Quest and its affiliates. In turn, we believe that Maxim's public company platform will provide access to the capital markets for necessary financing for opportunities which arise under the agreement. Overall, we believe that the agreement solidifies Maxim's strategic relationship with Quest, and we look forward to continuing to working with Quest." We seek Safe Harbor.