Maxim acquires 50-per-cent interest in PEI properties (TSXV: MXM).

0 Comments | M2 Presswire, September, 2006

M2 PRESSWIRE-28 September 2006-StockInvestors.net: Maxim acquires 50-per-cent interest in PEI properties (TSXV: MXM)(C)1994-2006 M2 COMMUNICATIONS LTD RDATE:27092006 Maxim Resources Inc. (TSXV: MXM) has entered into a working interest agreement with Shannon International Inc. (SHIR) of Dartmouth, N.S., an arm's-length public oil and gas and technology company, to acquire a 50-per-cent working interest in all the rights, title and interest in Prince Edward Island Oil and Gas permits numbered 02-01, 04-01 and 04-04 and certain seismic data.

In exchange for the working interest in the blocks, Maxim has agreed to pay $320,000 to SHIR payable by a current payment of $50,000 and the conversion of an accrued loan with a current balance of $270,000 to this...