VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/12/10 -- Altima Resources Ltd. (TSX VENTURE: ARH)(FRANKFURT: AKC) is pleased to provide the following update on its Chambers, Alberta Property.
Altima has entered into a Farm-out and Participation Agreement whereby the farmee has agreed to drill a 3,100 meter Rock Creek test well on Altima lands on a pay 100% of the costs through completion to earn 60% in the well and farm-out lands. The farm-out well will test the multiple, liquids-rich, natural gas zones generally present in the area. The location in township 41, range 11, W5M has excellent 3D seismic support, which is expected to enhance the opportunity to encounter better than average producing zones. Rapidly improving and well tested limited entry multi-stage fracing, similar to such practices used in the Montney and Horn River plays, will be applied in the test well. Permitting has begun, and it is anticipated that the well will be spud the third week of September. The Company has retained the right to participate in a portion of the test well costs, which will result in Altima holding a 50% working interest in the farm-out lands.
Rick Switzer, President and CEO, said, "We are encouraged with recent on trend (horizontal) drilling results and the implication of new completion strategies on production profiles. These facts, when coupled with recently implemented Alberta Government policies on reduced spacing and new royalty structures, bode very well for Altima's exploration efforts at Chambers."
ON BEHALF OF THE BOARD
Richard W. Switzer, President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of applicable Canadian provincial securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the proposed Transaction. 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; 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.
Contacts:
Altima Resources Ltd.
Richard W. Switzer
President and CEO
604-718-2800
604-718-2808 (FAX)
www.altimaresources.com