Altima Updates Status of Horizontal Well at Chambers-Ferrier, Alberta
and Announces the Grant of Stock Options
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/05/12 -- Altima
Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC)
announces that the Operator of the COPOL ET AL HZ CHAMBERS
14-15-41-11 W5M well completed 124.5 hours of production testing on
November 26, 2012. The subject well is a confidential New Pool
Wildcat (NPW), in which Altima holds a 30% working interest in the
well and 2,560 acres of surrounding lands with the operator.
The well tested varying amounts of natural gas and associated high
API condensate with no water recovery over the test period. Down-hole
pressure recorders were run at the conclusion of the testing
operation and will be recovered for analysis in late December. It is
anticipated that pipelining will commence in Q1 2013, with production
to follow in the first quarter.
On November 15, 2012, the Company announced it had licensed a New
Pool Wildcat well at Chambers, Alberta. The well, Altima Chambers
14-35-41-11 W5M, is anticipated to be drilled in Q1 2013 to a depth
of 3,065 meters into the Nordegg formation. Altima has a 100% Working
Interest 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.
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 National Instrument 51-101
responsible for preparing and reviewing the data contained in this
Grant of Stock Options:
The Company also announces the grant pursuant to a Fixed Stock Option
Plan (the "Fixed Plan"), of options entitling eligible participants
to purchase up to 12,000,000 common shares at an exercise price of
$0.10 per share for a three year term expiring December 4, 2015.
Under the Fixed Plan, the Company has reserved 19,500,000 common
shares for issuance, 400,000 of which are currently outstanding.
Following this stock option grant a balance of 7,100,000 remains
available for future grants.
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)
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