Weekend Regards…........................

Here are my notes from Thursdays AGM Meeting at Maxim’s offices.

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As mentioned previously the AGM was attended by Maxim Management, trust company, a scrutinizer and 2 shareholders. By proxy around 7% voted or just under 5-million shares where eligible to vote.

Everything on the agenda passed including the 10% stock revolving stock option plan. For those interested, I calculated the options that have been set as of October 31, 2008 and that amount is: 6,728,797 options or 9.5% of total outstanding shares.

Well researching the options granted I also noted the total share structure (back of the napkin calculations) is as follows:

Shares Outstanding:

70,487,966

Warrants:

27,255,748

Options:

6,728,797

Fully Diluted:

104,472,511

The official meeting was very quick that ended on a lengthier Presidential operational update and discussion session. I kept wondering why more shareholders didn’t / don’t attend these meetings.

On to the meat of it or my notes made:

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GOM:

I will start with the Gulf of Mexico…. The well was drilled successfully and was starting to yield monthly a check of about $250,000 to Maxim. The recent hurricane Ike stirred up havoc in the GULF and damaged a platform downstream of the Hi Island 2 well. This resulted in the flow line being shut down as the neighbour repairs there unit.

Once the down stream repairs are done the well can be turned back on again to flow gas through the flow line to the point of sale. The High Island well is operational but awaits the permission to resume production. It is estimated that by the middle of November operations will resume again. Maxim reported they most likely will not see revenues earned in NOV/DEC till January 2009.

Probe Resources has been actively drilling other prospects outside the HI Island JV Leases as Maxim indicated at this time, all concentrated efforts are focused on the Trinidad Discovery and development.

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Texas:

Texas was briefly discussed – Revenues where previously reported at approximately 40 Barrels a day and 250,000 MCF gas. Maxim has a 10% interest in the project. The operator with other help from JV Partners drilled another well that resulted in screwing up the Cooke well flows. Therefore the project is abandon and revenues have dried up in the last quarters. The operator approached Maxim to re-work or essentially re-drill the Cooke well and was not entertained. Once again, it was reaffirmed or reiterated all concentrated efforts are towards TRINIDAD.

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Trinidad:

How Trinidad was introduced to Maxim was discussed. In short, it was brought to Maxim with a time-line dilemma. Apparently back in 2006 Maxim was approached by the JV partners to farm into the 1,350 acre block in Trinidad. At that time the property or Lease was close to being lost to Petrotrin as the previous private partners where not meeting the exploration lease obligations.

Keeping that in mind, Maxim was able to negotiate a strong deal for the project as they scrambled to find a drill rig and pipe to meet the required lease expectations. Maxim mentioned the only pipe they could find to meet the timelines was of a smaller diameter and that was 7-5/8 inch in size. This has been a big factor impacted the free flow or volume of oil that can be produced from the 3 pay zone discovery well. Pipe moving forward on the development wells (at least the next 4) are using 9 -5/8 inch sized pipe.

I was surprised to learn that the Development wells are not being drilled off the existing pad. I believe the Engineer, Geologist, and operator have come to a consensus that this is the best course of action. They are still calling them development wells and are targeting the upper two shallower FOREST Sands which they expect at minimum will mirror the discovery well net pay zones.

I got the impression the new strategy to step out off the discovery pad is to test if the pool of oil widens and to test the belief the pool might get deeper. I guess in short the Development wells are also being used in an attempt to prove more economic reserves. (IE Colin’s recent email BLAST) Maybe will see the flow rates flowing within the guidelines of 150-250 BOED but from larger net pay forest A/B Zones?

It was confirmed all 4 development wells will be drilled prior to a completion rig being brought in to complete the 4 wells by perforating (either 1 or 2 zones per) and flow the oil. Looking at the Calendar and knowing will hit TD on the 2nd well next week, then adding 24 more days for the 3rd and 4th wells will be in to December before completion commences. Will we see flow rate results in December or will it be in January…only Santa knows?

I asked what is next after the 4 development wells and whether the rig will remain drilling… I got the impression that the idea is to drill the next 4-wells, complete and then revisit the next phase of development. It was not clearly said if the rig will be released or if it will remain… I guess it’s too early in the first phase of development to ask that question. He did mention the drill contractor is one of the best on the Island and does all the work for Petrotrin. Simply saying, “we have the best of the best drilling”.

The Tank farm and inter connecting pipe line is 80-percent complete and is fully expected to be complete before the 4 wells come on stream. I asked the question – since we have a pipe line flowing off the property why do we need to have a tank farm. Maxim indicated it was part of the approval process and mandated as a developmental condition. The tank farm will hold at minimum 3,000 barrels of oil. I also asked if the new pipeline running from the property to connect to the refinery could be used by adjacent properties to create an addition revenue stream. (Someone asked here) and the answer given was the pipe line was exclusive to this project.

The JV Buyout by Maxim is still under discussions but back burner for now as the economics never made sense. Looking at the oil prices today – most likely was a wise decision. Time will tell if it was a prudent decision but one most remember – Maxim keeps getting 69-percent revenue returned until paid out. These development wells are paid for by Maxim 69% and the JV partners have to come-up with cash to advance…which means they are getting diluted each time. After expenses and the checks start to flow, in my opinion, will see the JV Partners struggling to keep up with development schedules. Thus leaving Maxim in the driver seat (with 69%) and in a better position to negotiate?

There were some questions asked regarding Trinidad Taxation and royalties. Maxim mentioned there are some things in the works and hopeful they will have something positive to share on this subject in the near future. The president did mention he is traveling to Trinidad to finalize a few things in the next weeks and I guess it remains to be seen if this entails anything to-do with the RBC Line of credit, JV Buyouts, Taxation, addition land or simply an overall operational review.

The company remains with 1.7 million cash in the treasury and has already advanced the next 4 wells and associated infrastructure capital ($$$) to Trinidad. Maxim did indicate they are progressively looking at the possibility to increase land holdings in Trinidad. I asked the question regarding the permitted 47 wells that approval was granted on and whether they could be moved to new land holding locations. The answer given was there are 47 targets clearly identified on the 1,350 acre block currently.

I asked what the plans are to increase awareness of Maxim’s story line moving forward. Maxim mentioned they are preparing additional promotional material, increasing communications both by email and through telemarketing. They are also looking at some road show campaigns in the New Year to promote the progress from the current program and the upside potential as time progresses. I drew the conclusion that lets get the next 4 wells on line (meaning hopefully 5 producing wells + GOM) and the strategic plans in place on how things are to move forward. Then it will be an easy story that “sells itself” especially with revenues and hopefully a new engineers reserve estimate report (proven and probable).

Well as I see I am heading into the third page zone and near the end of my notes… I will CRUSE out of here for now. Please feel free to add/comment and please remember these are my version of events from the AGM and I tried my best to but into context what transpired.

Enjoy your WEEKEND and as far as my CFL day goes…. GO BC GO !!!!

Tommer

PS: I am ecstatic about where MAXIM is going so PLEASE keeping this in mind….do your own DD and MY NOTES are not intended as investment advise….blah, blah, blah