VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/05/13 -- Altima Resources Ltd. (TSX VENTURE: ARH)(PINKSHEETS: ARSLF)(FRANKFURT: AKC) announces that the Altima Chambers 14-35-41-11 W5M well was drilled to a Total Depth (TD) of 3,201m Measured Depth, casing set to TD, and Rig Released (RR) on February 28, 2013.
Rick Switzer, President and CEO reported: "Altima, in only twelve days, has drilled and cased a directional well faster than anyone else in the area. There are 93 wells drilled within a 10km radius of the 14-35 Chambers well, averaging depths around 3,100 meters and ranging from 24 to 66 days to drill - averaging around 43 days. Our Engineers researched, planned, and implemented techniques and systems for directional drilling, mud systems and overall drilling techniques that may now be standard bearers for industry to follow. Everyone involved not only carried out their jobs at high and efficient levels, but also safely. Altima extends its thanks to all those individuals who made drilling this well so successful."
As reported in the Company's February 19, 2013 News Release, the 14-35 well is the first well drilled under Altima's Participation Agreement with Whistler Oil and Gas Pty. Ltd., and is located approximately 5km to the north of the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well that was drilled and completed in 2012.
The Company's mostly contiguous land base at Chambers-Ferrier totals twenty (20) sections (12,800 gross acres) with an approximate average working interest of 97.2% in 10 of the 20 sections and varying interests in nine (9) wells.
Richard Switzer, CEO, President and a Certified Professional Geologist, is the Qualified Person under National Instrument 51-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
Joe DeVries, Director
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to: availability of capital and financing required to continue the Company's exploration and development plans; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favorable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Altima Resources Ltd.
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