Maxim Resources Inc. announced that it has entered into a non-binding Heads of Agreement (HOA) dated effective March 20, 2015 with Quest Investments LLC and its wholly owned subsidiary Quest Oil & Gas Ventures Inc. Upon completion of the transactions contemplated in the HOA, Quest will become a significant shareholder of the Company, and Maxim will acquire up to a 25% indirect equity ownership interest in an oil and gas exploration and production concession covering an onshore area of 747km(2) within the Emirate of Umm Al-Quwain, in the United Arab Emirates. Pursuant to the HOA, upon signing of definitive agreements, Mr. Ian Baron, a director of UAQ PL and stakeholder in Quest, will be appointed to the board of directors of Maxim. Ian Baron - Mr. Baron has almost 40 years' experience in the upstream oil and gas business, most of it living and working in the Middle East region.

His expertise covers exploration, field development and infrastructure projects. In 2002 he established ESG Dubai. He has been a non-executive director of several private and public energy companies.

He was CEO of Cadogan Petroleum plc and before this was CEO of Dragon Oil plc.