Maxim Signs Definitive Agreement With Quest Oil & Gas Ventures Inc.

TORONTO, ONTARIO--(Marketwired - June 2, 2015) - Maxim Resources Inc. (TSX VENTURE: MXM)(FRANKFURT:M5HA)(OTCBB:MXMSF) ("Maxim" or the "Company") is pleased to announce that further to its press release dated March 23, 2015, it has entered into an agreement (the "SPA") with Quest Investments LLC ("QI") whereby QI will become a controlling shareholder in Maxim and Maxim will acquire an indirect equity position in an oil and gas exploration and production concession (the "Concession") covering an onshore area of 747km² within the Emirate of Umm Al-Quwain ("Umm Al-Quwain"), in the United Arab Emirates (the "UAE"). Under the SPA effective June 2, 2015 Maxim will acquire up to a 50% equity interest in Quest Oil & Gas Ventures Inc. ("Quest") which will provide Maxim with a minimum of 17.5% indirect equity ownership interest in the Concession.

Mr. Andrew Male the Company's CEO stated, "Maxim's board of directors (the "Board") and senior management are very excited with this next step in the evolution of our Company. The signing of the SPA sets the stage for the completion of our financing and secondary listing on the AIM market in London. We are looking forward to our shareholder meeting next Monday on June 8^th, to approve the terms of the transaction and move forward with completing our proposed admission to AIM."

Mr. Male added, "Partnering with Quest and the other strategic stakeholders in the Concession in the UAE will enable Maxim to become a uniquely positioned Canadian public company which provides investors in the capital markets with access to emerging oil and gas opportunities in the Middle East and North Africa ("MENA"). We also welcome Mr. Ian Baron to the Board and look forward to drawing upon his wealth of experience in the MENA region as the company continues to explore further opportunities in that market. Finally, the Board thanks Mr. Glen MacDonald for his service to Maxim."

Incoming Quest director, Mr. Ian Baron commented "The acquisition of its substantial shareholding in Maxim will be a strategic move for Quest which we intend to leverage in order to expand our oil and gas business in the MENA region. In particular, Quest's regional networks provide early access to new opportunities, which we can now take greater advantage of with Maxim's public listing and access to the international capital markets. We believe this partnership with Maxim is synergistic whereby our combined strengths and expertise will benefit both parties significantly."