Altima Licenses New Well and Updates Status of Horizontal Well at
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/12 -- Altima
Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC)
announces that it has licensed a New Pool Wildcat well at Chambers,
Alberta. The well, Altima Chambers 14-35-41-11 W5M, is anticipated to
be drilled to a depth of 3,065 meters into the Nordegg formation.
Altima has a 100% Working Interest (WI) in the subject well and
offsetting section. The 14-35 well is located approximately 5
kilometers to the north of the COPOL ET AL HZ CHAMBERS 14-15-41-11
W5M well that completed drilling in March 2012. The 14-35-41-11 W5M
well is scheduled to be drilled in the first quarter of 2013.
Altima also announces that the Operator of the COPOL ET AL HZ
CHAMBERS 14-15-41-11 W5M well has notified Altima of its intent to
continue flow and build up testing operations, which are anticipated
to commence within the next week, subject to weather conditions
permitting access. Altima had previously reported a limited four day
test completed over the period May 23 through May 27, 2012 (see News
Release dated August 8, 2012, and for further reference, News Release
April 12, 2012), with the well flowing varying rates of natural gas,
associated condensate, and frac fluid. Downhole pressure recorders
were run and the well shut-in. On June 21, 2012, the recorders were
recovered. Altima holds a 30% WI in the subject well. Adverse
seasonal conditions have prevented further operations to this time.
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 eight (8) wells.
Richard Switzer, CEO, President and a Certified Professional
Geologist, is the Qualified Person under NI 43-101 responsible for
preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD OF ALTIMA
Richard Switzer, CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news
release includes certain forward-looking statements or
forward-looking information within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and applic
provincial securities legislation (together, "forward-looking
statements"). Forward-looking statements include, but are not limited
to, statements with respect to the terms and conditions of, the
completion of and the use of proceeds of the proposed transactions.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking
statements. Such factors include, but are not limited to: general
business, economic, competitive, political and social uncertainties;
and delay or failure to receive board, shareholder or regulatory
approvals. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Altima 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 required by law.
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.
Press spacebar to pause and continue. Press esc to stop.