VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/19/12 — 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 (reference News Release February 1, 13, 28, and March 13, 2012) completed the drilling of the horizontal portion of the hole on March 13, 2012 to 4280 meters MD (measured depth) extending the well bore approximately 180 meters over the original targeted length. Casing was run to 4,275m MD (14,025 feet) on March 16th and the rig released on March 17, 2012.
Rick Switzer, President and CEO of Altima, stated that “the COPOL ET AL HZ CHAMBERS 14- 15-41-11 W5M well is the first horizontal well drilled in the Chambers, Alberta area and drilling results are indeed encouraging at this time. Barring any logistical or weather related setbacks, a multistage frac completion will be undertaken prior to the end of the month”. Mr. Switzer went on to say “We believe the drilling of the 14-15-41-11W5M horizontal well marks a significant step forward in the history of Altima. We are very encouraged that the Chambers area will yield the potential sought by the industry and Altima. On behalf of the Company, the Board and I thank shareholders for their continuing support.”
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.
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
Joe DeVries, Director
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.
Joe DeVries
Director
(604) 718-2800