THE WOODLANDS, Texas, July 16, 2009 (GLOBE NEWSWIRE) -- Maxim TEP, Inc. (OTCBB:MTIM), an independent oil and gas Production Company headquartered in The Woodlands, Texas, announces that on June 26, 2009, the Judge for the 5th District Court, Louisiana, approved the Judgment Dismissing Maxim and other Defendants and the Judgment Approving Maxim and other Defendants' Settlement Agreement of Delhi Field Claims. Maxim will be responsible for the remaining remediation costs to restore the surface leases to standards set by the Louisiana Department of Natural Resources. This liability should total approximately $100,000.
Robert D. Johnson, CEO stated, "The settlement of this environmental lawsuit lifts a major cloud of uncertainty from Maxim. The uncertainty surrounding environmental matters made it very difficult to secure the funds necessary to develop the Company's assets. With this behind us, we should be more attractive to the investment community."