VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/26/13 -- Altima Resources Ltd. (TSX VENTURE: ARH)(FRANKFURT: AKC)(PINKSHEETS: ARSLF) announces that it has entered into a Participation Agreement with Acumen Energy Partners Inc. ("Acumen"), pursuant to which Acumen has been granted the right to earn a 5% working interest (the "Working Interest") in the Company's 30% working interest in the COPOL ET AL HZ CHAMERS 14-15-41-11 W5M well (the "Well") and the associated Pooled Lands located in the Chambers-Ferrier area of the Western Canada Sedimentary Basin, Alberta (the Well and Pooled Lands hereinafter referred to as the "Property").
In consideration for the Working Interest, Acumen has agreed to advance the Company $1,112,706 (the "Initial Investment"). The Company has received $500,000 from the Initial Investment, with the balance of $612,706 to be provided on "cash call" basis.
To earn its Working Interest in the Property, Acumen has agreed to pay 100% of the funds required to enable Altima to complete and equip the Well and construct the 3,800 metre pipeline and facilities to tie in the Well into the COPOL Compressor Station located at 09-04-41-11 W5M. Upon earning the 5% Working Interest, Acumen will have the right (but not the obligation) to invest additional funds in the Property if required by the Company. Altima will pay Acumen 30% of its net revenue from the Well until Acumen has recovered 100% of its Initial and Additional Investments.
Rick Switzer, President and CEO reports "The pipeline from the 14-35-41-11 W5M well to the 10-36 tie-in is now 95% complete. The separator skid is on location today, with electrical and instrumentation work underway. Pressure testing is slated for mid-week, and production start-up scheduled for after Labour Day. Our engineering, construction and supervision personnel have done a tremendous job on this Chambers pipeline and production facilities project. In total, the project has approximately 6.5 km of pipeline infrastructure that will also serve additional offset drilling. We will now move our efforts to the pipeline and facilities construction and tie-in of the COPOL HZ 14-15-41-11 W5M well, which we anticipate bringing on-stream in October."
ON BEHALF OF THE BOARD
Joe DeVries, Director
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.
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.
Altima Resources Ltd.
Most Popular Stories
- Paniagua Wins Grand Prize in Young Artists Program
- Cable TV Not Going Away, Says Cable TV
- Yaris Adds French Flair for US Market
- German Intelligence Blames Ukraine Rebels for MH17
- Sub Hunt Brings Cold War Chill Back to Baltic
- 'Fury' Blows 'Gone Girl' Out of the Box Office
- Turkey to Help Kurds Reach Fight in Kobani
- IBM to Pay Big to Unload Chip Division
- ISIS Seeks to Expand Terror War
- Perez Leads Push for Obama's Job Proposals