VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/13 -- Altima Resources Ltd. (TSX VENTURE: ARH)(PINKSHEETS: ARSLF)(FRANKFURT: AKC) provides this update on the status of the Chambers-Ferrier property in Alberta.
Rick Switzer, President and CEO reported: "Altima has expanded its acreage position to twenty five sections at Chambers-Ferrier with the successful acquisition of six sections at the April 3, 2013 Crown sale. Altima acquired the lands on an equal basis with Whistler Oil and Gas Pty. Ltd.".
The subject sale lands are in-part a direct offset to the the Altima Chambers 14-35-41-11 W5M well which was drilled to a Total Depth (TD) of 3,201m Measured Depth and Rig Released (RR) on February 28, 2013. The 14-35 well is subject to a Participation Agreement (the "Agreement") with Whistler Oil and Gas Pty. Ltd. (reference Altima News Release January 24, 2013). Rick Switzer went on to say: "Altima will now proceed with the fracture stimulation and completion of the 14-35 well. Subject to weather conditions, we anticipate the well will be fracture stimulated within 30 days and tied in for production by the end of Q2 2013."
The Company's mostly contiguous land base at Chambers-Ferrier now totals twenty-five (25) sections (16.640 gross acres) with an approximate average working interest of 79.5% in 16 of the 25 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.
(604) 718-2808 (FAX)
Most Popular Stories
- Stop-Start Engines Save Gas, Reduce Emissions
- Shia LaBeouf Plea Deal, Alcoholism Treatment
- Ohio State Band Chief Fired After Probe
- Hispanic Leader Goes the Extra Mile
- U.K. Economy Surpasses Pre-Crisis Peak
- Visa, Amazon Results Drag Down the Street
- World Tensions Don't Curb Enthusiasm for Stocks
- Pandora Tumbles in Late Trading
- Morgan Stanley Ponies Up $275 Million to Settle SEC Charges
- Ricky Martin Joins 'The Voice ... Mexico'