Jasmin

Maxim originally established a Working Interest Investment with Jasmin Oil and Gas Ltd., (“Jasmin”), through an entity in Nova Scotia Canada named New Scotland Oil and Gas Ltd., (“New Scotland”).

New Scotland approached Maxim for and investment in the Jasmin, a Trinidad-based company, in order to commence the exploration and drilling programme. The original Working Interest was modified by all parties to reflect a 69% Net Revenue Interest before payout of its investment and then 41% Net Revenue Interest in perpetuity on the first five Wells after payout. Maxim originally invested approximately $4.6 million and a further $500,000 was subsequently loaned to Jasmin on a demand basis.

Located in the South Erin Block of onshore Trinidad is the Jasmin Sub License from Perttrin, the oil and gas authority in Trinidad. The property comprises of approximately 1,350 acres and is presently licensed to drill 42 Wells to a maximum depth of 6000 feet. The first five wells have been drilled and are producing. Jasmin intends to commence the second drill program that consists of 3 to 5 Wells during 2011, financing and regulatory approvals permitting.

The South Erin Block lies about 40 miles southwest of the Port of Spain at about 18 miles southwest of San Fernando. The block is located in the productive southern basin Trinidad, which forms part of the prolific eastern Venezuelan basin.