Maxim Resources Inc. V.MXM

RE:RE:RE:RE:RE:A couple more wells in production in Trinidad for Leni

[souwester]

chatty,

I was in this one for years, waiting for Jasmin (and a few other projects) to finally get going. Always the same old story, same old delays, same old missed deadlines, etcetera, ecetera.

I hadn't thought about it for a long time, but MXM shared ongoing liabilities from the Gulf natural gas JV with Probe (which went bankrupt). Probe's wells were damaged by a hurricane which hit Galveston, and Probe suffered some serious losses. If I recall, MXM had to bear a proportionate share of the losses. That's something at which you should look. In the unlikely event MXM ever achieves anything re South Erin/Jasmin, the Probe JV creditors may come sniffing around, as I'm sure they took a hit from Probe's bankruptcy and will pursue any recourse they can from MXM.