CALGARY, ALBERTA–(Marketwired – June 24, 2014) – Altima Resources Ltd. (TSX VENTURE:ARH)(FRANKFURT:AKC)(PINKSHEETS:ARSLF) announces that the Altima Chambers 5-35-41-11 W5M well (5-35 well) completed fracture stimulation operations on June 19, 2014. Three separate fracture stimulations treatments were conducted on five formations, and all flowed back gas and liquids. Operations are continuing to mill out plugs and commingle all zones, run production tubing, and perform a flow and build up test on the well.
Altima has completed the 1.37 kilometer, 4 inch natural gas pipeline from the 5-35 well to a newly constructed riser located at 9-35-41-11 W5M. This infrastructure will connect the 5-35 well into Altima’s existing Chambers North production and gathering system. Well site facilities will be installed after the flow test is completed, and the Company anticipates production from the 5-35 well to commence in early July.
As reported in the Company’s March 3 and March 17, 2014 News Releases, the 5-35 well is the second well drilled under Altima’s Participation Agreement with Whistler Oil and Gas Pty. Ltd., and was drilled to a Total Depth of 3,158 meters and Rig Released on March 16, 2014. Under the subject Whistler Agreement, an additional follow up well has been licensed and new well location constructed at 9-35-41-11 W5M.
The Company’s mostly contiguous land base at Chambers-Ferrier totals twenty-seven (27) sections (17,280 gross acres) with an approximate average working interest of 86% in 16 of the 27 sections and varying interests in eleven (11) wells.
ON BEHALF OF THE BOARD
Richard Switzer, CEO and President
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.
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.
Altima Resources Ltd.
CEO and President
(604) 718-2808 (FAX)