VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 10/13/11 — Altima Resources Ltd. (TSX VENTURE: ARH)(FRANKFURT: AKC) announces that that the 14-6-41-10W5M Ferrier well commenced production on October 12, 2011. Production rates will be stabilized over the next few weeks, and it is anticipated up to 35bbls of liquids will be recovered per million cubic feet of natural gas produced. The well is produced through the ConocoPhillips Chambers gas gathering system to the Keyera deep cut plant for liquids removal and sales. Altima holds a 19.3545% interest in the subject well in addition to sections 5 and 6 Twp. 41 Range 10 W5M and the 6-5-41-10W5M well approximately one mile to the east.
Overall in the Chambers-Ferrier area, the Company–s mostly contiguous land base totals twenty four (24) sections (15,360 gross, 11,482 net acres) with an approximate average working interest of 88.8% in 19 of the 21 sections and varying interests in seven (7) wells. Altima has constructed all weather access roads and completed infrastructure pipelining, drilled two (2) and completed three (3) wells and secured an interest in four (4) additional wells. Additional drilling at Chambers is scheduled for late fourth quarter 2011.
The Company is also pleased to announce that it has negotiated a loan extension between its subsidiary, Unbridled Energy Corp. (“Unbridled”), and the Huntington National Bank, to extend the maturity date of the loan to June 30, 2012. The original loan of US$3,607,500 was acquired with the acquisition of Unbridled in February 2010. Since that time, Altima has paid approximately US$3,000,000 towards the loan, resulting in a current loan balance of US$629,962.
ON BEHALF OF THE BOARD
Richard Switzer, CEO and President
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 Switzer
CEO and President
604-718-2800
604-718-2808 (FAX)