Altima Increases Its Chambers-Ferrier Acreage

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Buyers
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Description

Purchased six sections in Chambers-Ferrier on an equal basis with Whistler Oil and Gas Pty. Ltd.

Altima Resources Ltd. (TSXV: ARH) expanded its acreage position at Chambers-Ferrier in Alberta, Canada.

Altima acquired six sections at the Crown sale on April 3. The company acquired the lands on an equal basis with Whistler Oil and Gas Pty. Ltd.

The company's mostly contiguous land base at Chambers-Ferrier now totals 25 sections (16.64 gross acres) with an average working interest of 79.5% in 16 of the 25 sections and varying interests in nine wells.

The subject sale lands are in part a direct offset to the Altima Chambers 14-35-41-11 W5M well which was drilled to a total depth of 3,201 meters measured depth and rig released on Feb. 28. The 14-35 well is subject to a participation agreement with Whistler Oil and Gas.

Altima will now proceed with the fracture stimulation and completion of the 14-35 well. Subject to weather conditions, the company anticipates the well will be fracture stimulated within 30 days and tied in for production by the end of Q2 2013, said Rick Switzer, Altima president and CEO, in the release.

Altima Resources Ltd. is an independent oil and gas company engaged in the acquisition, exploration, and development of petroleum and natural gas. The company is headquartered in Vancouver, B.C.