Maxim Resources Inc. entered into a heads of agreement, (HOA), with First Sahara Energy Inc. to acquire its interest in a Reconnaissance Contract on the Beni Znassen Block in the Kingdom of Morocco (Morocco). Maxim and FSE have agreed that the reconnaissance contract interest held by FSE in the Beni Znassen Block will be transferred to Maxim and its newly formed wholly owned Moroccan subsidiary MAXIM Pétrole de Gaz SARL, (Maxim PG).

The company also announced that effective immediately Mr. David Stadnyk, Former Director and CEO of FSE, has joined the Maxim Board of Directors. As part of the acquisition of the reconnaissance contract interest in the Beni Znassen Block by Maxim, Maxim agreed to provide this Board seat as Mr. Stadnyk is able to bring a high level of knowledge and relationship experience to this opportunity as a result of his previous workings with ONHYM. Mr. Stadnyk has extensive knowledge in the public capital markets and strong relationships with global investment banks and independent boutique investment dealers. He is President and CEO of Supreme Pharmaceuticals Inc. where he is key in providing a variety of leadership, investment and developmental roles in the biotech and pharmaceuticals sector as well as the roles he has held in the resource sector.