Altima Enters Into Participation Agreement on Three Future Wells to
Be Drilled at Chambers-Ferrier, Alberta
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- Altima
Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC)
announces that it has entered into a Participation Agreement (the
"Agreement") with Whistler Oil and Gas Pty. Ltd. ("Whistler"),
pursuant to which Whistler has been granted the right to earn a 50%
working interest (the "Working Interest") in three (3) conventional
vertical wells (the "Future Wells") to be drilled on the Company's
currently held oil and gas leases located in the Chambers-Ferrier
area of the Western Canada Sedimentary Basin ("WCSB"), Alberta (the
In consideration for a 50% Working Interest in the first of the
Future Wells to be drilled on the Project (the "First Well"),
Whistler has agreed to advance the Company $4,000,000 (the "Initial
Investment"). The Company has received $2,700,000 from the Initial
Investment to commence drilling the First Well, and the balance of
$1,300,000 will be provided to the Company on "cash call" basis.
Whistler has the right (but not the obligation) to invest additional
funds, currently estimated at $8,000,000 (the "Additional
Investment"), for a 50% working interest in the remaining two (2)
wells comprising the Future Wells.
Whistler has agreed to pay 100% of the Drilling, Completion and
Equipping costs of each Future Well drilled in order to earn its 50%
Working Interest, provided that Whistler will receive 60% of the net
revenue from the Future Wells until it has recovered 100% of its
Initial and Additional Investments.
The Agreement will terminate upon the earlier of the date that the
Initial and Additional Investment has been received by the Company
from Whistler (and the subsequent transfer of a 50% interest in the
Future Wells to Whistler), or June 30, 2014.
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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