VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/13/12 — Altima Resources Ltd. (TSX VENTURE: ARH)(PINK SHEETS: ARSLF)(FRANKFURT: AKC) reports it has been notified by the Operator that the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well (reference News Release February 1, 2012) was spud on February 12, 2012. The well will evaluate certain formations defined by 3D seismic in the vertical portion of the well prior to drilling the horizontal leg, which is anticipated to be over 1,250 meters in length.
Altima–s Chambers project takes advantage of changes to the Alberta Royalty Framework (ARF). The New Gas royalty rate is 5% for the first twelve (12) months of production up to 500 million cubic feet (MMCF). The “Natural Gas Deep Drilling Program” (NGDDP) is also of great benefit to Altima, with offset credits to royalty payments of $625.00/meter drilled for depths of 2,000-3,500 meters. The ARF provides for approximately a $750,000 reduction in royalty for a typical vertical and up to $1.2 Million for a typical horizontal Chambers-Ferrier well (100% interest). This approach facilitates the ability for investors to more quickly recover upfront capital investments.
The Company–s mostly contiguous land base at Chambers-Ferrier totals twenty four (24) sections (15,360 gross acres) with an approximate average working interest of 82% in 17 of the 24 sections (100% in 11 sections) and varying interests in seven (7) wells.
ON BEHALF OF THE BOARD
Richard Switzer, President and 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 applicable Canadian 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.
Contacts:
Altima Resources Ltd.
Richard Switzer
President and CEO
(604) 718-2800 (ext 301)
(604) 718-2808 (FAX)