Update on Maxim JV in Trinidad

For Immediate Release, 7 am 13 August 2013

LENI GAS AND OIL PLC

("LGO")

Update on Maxim Joint Venture Agreement in Trinidad

LGO today announces that, further to its announcements on 14 March 2013 and 23 May 2013 concerning a non-binding Heads of Agreement ("HOA") with Maxim Resources Inc. ("Maxim"), who are listed on the TSX Venture Exchange in Toronto, Maxim have issued a further press statement.

The closing date of the transaction has been adjusted to reflect the timetable for the completion of due diligence and is now set as on or about 6 September 2013, or such other date as the parties mutually agree. The remaining terms of the HOA agreed in March and repeated 23 May 2013 have not been amended except to reflect the movement in the Maxim share price which impacts the number of shares to be issued to LGO should the transaction be completed in shares. LGO's intention remains to complete the transaction for cash; pending the imminent anticipated closing of the Meridian SECZ financing announced earlier.

Maxim has indicated in their press release that the target date for completion of definitive documentation is now 15 August 2013. LGO sees this as a target date and it may be subject to further revision as the transaction progresses.

The full text of Maxim's press release is appended for information.

Enquiries:

Leni Gas & Oil plc

Beaumont Cornish Limited

Old Park Lane Capital Plc

Pelham Bell Pottinger

Maxim Resources announces details on JV Agreement with LGO

Toronto, Ontario - August 12, 2013 - Maxim Resources Inc. ("Maxim" or the "Company") (TSX V: MXM Frankfurt: MSH OTCBB: MXMSF) announces an update to the proposed transaction (the "Proposed Transaction") between the Company and Leni Gas & Oil plc ("LGO"), whereby Maxim and LGO will work together to jointly pursue oilfield development opportunities in the Republic of Trinidad and Tobago ("Trinidad").

Further to Maxim's press releases of March 14, 2013 and May 23, 2013, and after further discussions between Maxim and LGO, the terms of the Proposed Transaction have been amended and shall consist of:

(a) the cash payment of Cdn$75,000 previously paid by LGO to Maxim upon the execution of the heads of agreement with respect to the Proposed Transaction;

(b) the issuance by Maxim to LGO of: (i) 16,666,666 common shares in the capital of Maxim (each, a "Maxim Share") at a price of $0.12 per Maxim Share on the date of closing of the Proposed Transaction (the "Closing Date"), and (ii) 4,166,667 Maxim Shares at a price of $0.12 per Maxim Share following completion of the transactions contemplated under paragraph (d), below;

(c) on the Closing Date, either: (i) a cash payment of Cdn$1,925,000 by LGO to Maxim on the date of closing of the Proposed Transaction (the "Closing Date"), or (ii) the issuance by LGO to Maxim, on the Closing Date, of that number of free-trading ordinary shares in the capital of LGO (each, a "LGO Share") equal to a value of Cdn$1,925,000, with the price per LGO Share being equal to the closing mid-market price of the LGO Shares on the trading date immediately preceding the Closing Date, with such method of payment to be determined by the parties prior to the date of payment; and

(d) should Maxim gain effective control, either directly or indirectly, of the South Erin Field in Trinidad, through Jasmin Oil and Gas Limited ("Jasmin"), either: (i) a cash payment of Cdn$500,000 by LGO to Maxim at such time, or (ii) the issuance by LGO to Maxim of that number of LGO Shares equal to a value of Cdn$500,000, with the price per LGO Share being equal to the closing mid-market price of the LGO Shares on the trading date immediately preceding the date of issuance, with such method of payment to be determined by the parties prior to the date of payment. This will then bring the total invested by LGO into Maxim to Cdn$2.5 million.

The execution of the definitive agreement in respect of the Proposed Transaction is expected to occur on or around August 15, 2013, or such other date as mutually agreed between the parties. The Closing Date expected to be on or around September 6, 2013, or such other date as mutually agreed between the parties. Other terms of the Proposed Transaction and the Joint Venture (as defined in the Company's press release dated May 23, 2013) remain unchanged from the terms disclosed in the Company's press release of May 23, 2013.

Further information with respect to LGO, including its most recent annual report, can be found on LGO's website at www.lenigasandoil.com.

The Proposed Transaction is subject to customary due diligence by the parties, the successful negotiation and execution of definitive agreements between the parties, and the receipt by each of Maxim and LGO of all requisite regulatory approvals, including without limitation the approval of the TSX Venture Exchange.

About Maxim

Maxim is a junior oil and gas production and exploration company based in Vancouver, Canada. Maxim presently holds, through New Scotland Oil and Gas Limited, a 69% Net Revenue Interest in exploration and production of Jasmin within the South Erin Block, which cover 1,350 acres. After payout of the investment to Maxim, the Net Revenue Interest will reduce to 41%. Jasmin has drilled 5 wells to date and the exploration licenses for this Block allow for up to a further 42 wells to be drilled.