Maxim Resources Inc. provided an update to the Joint Venture and financing relationship with Leni Gas and Oil plc. (LGO). On March 14, 2013, along with subsequent updates, Maxim announced that it had entered into a Joint Venture and financing Heads of Agreement, (HOA), with LGO whereby Maxim and LGO will work together to jointly pursue oilfield development opportunities in Trinidad and Tobago (Trinidad).

Upon signing of the HOA, LGO made an initial, refundable payment to Maxim of CAD 75,000. Further payments by LGO of up to CAD 2,425,000 (in cash or freely tradable ordinary shares of LGO would be payable pursuant to the terms of the HOA to Maxim on and after closing of the proposed transaction and the achievement by Maxim of certain performance objectives, in exchange for the issuance by Maxim to LGO of up to 30,000,000 shares of Maxim at a price of $0.12 per share, representing a maximum of approximately 49% of the issued and outstanding common shares of Maxim on completion of the proposed transaction. The proposed closing date of this transaction was scheduled for on or before September 26, 2013.

As of October 1, 2013, LGO and Maxim have mutually agreed that this HOA be extended for a 6 month period, subject to regulatory and shareholder approval (if applicable). This extension will allow both parties to continuously evaluate the ongoing litigation Maxim has with Jasmin Oil and Gas Limited, in Trinidad, while at the same time consider alternate development opportunities available to both companies to mutually pursue in Trinidad. LGO has re-confirmed their interest in participating with Maxim in Trinidad based opportunities that become available going forward.