Maxim Resources Inc. announced an update to the proposed transaction between the company and Leni Gas & Oil plc, whereby Maxim and Leni Gas will work together to jointly pursue oilfield development opportunities in the Republic of Trinidad and Tobago. The terms of the proposed transaction have been amended and shall consist of: the cash payment of CAD 75,000 previously paid by Leni Gas to Maxim upon the execution of the heads of agreement with respect to the proposed transaction; the issuance by Maxim to Leni Gas of: 16,666,666 common shares in the capital of Maxim at a price of $0.12 per maxim share on the date of closing of the proposed transaction; and 4,166,667 maxim shares at a price of $0.12 per maxim share following completion of the transactions contemplated under paragraph (d), below; on the Closing Date, either: a cash payment of CAD 1,925,000 by Leni Gas to Maxim on the date of closing of the proposed transaction; or the issuance by Leni Gas to Maxim, on the closing date, of that number of free-trading ordinary shares in the capital of Leni Gas equal to a value of CAD 1,925,000, with the price per Leni Gas share being equal to the closing mid-market price of the Leni Gas shares on the trading date immediately preceding the closing date, with such method of payment to be determined by the parties prior to the date of payment; and should Maxim gain effective control, either directly or indirectly, of the South Erin Field in Trinidad, through Jasmin Oil and Gas Limited, either: a cash payment of CAD 500,000 by Leni Gas to Maxim at such time, or the issuance by Leni Gas to Maxim of that number of Leni Gas shares equal to a value of CAD 500,000, with the price per Leni Gas share being equal to the closing mid-market price of the Leni Gas shares on the trading date immediately preceding the date of issuance, with such method of payment to be determined by the parties prior to the date of payment. This will then bring the total invested by Leni Gas into Maxim to CAD 2.5 million.

The execution of the definitive agreement in respect of the proposed transaction is expected to occur on or around August 15, 2013, or such other date as mutually agreed between the parties. The closing date expected to be on or around September 6, 2013, or such other date as mutually agreed between the parties. Other terms of the proposed transaction and the Joint Venture remain unchanged.