(via Thenewswire.ca)
November 4, 2014 / TNW-ACCESSWIRE / November 4 2014 / Altima Resources Ltd. (TSX-V: ARH / FSE: AKC / OTC Pink: ARSLF) announces that it has completed work-over operations on the UNE Chambers 3-17-41-11 W5M well.
Altima, through its joint venture with Acumen Energy Partners Inc. (refer to News Release August 6, 2014) completed work-over and flow-testing operations of the UNE Chambers 3-17-41-11 W5M well on October 30, 2014.
Rick Switzer, President and CEO of the Company reported that that existing packers and bridge plugs were recovered from the well bore and a total of six intervals were tested. Mr. Switzer commented: "After removing the packers and plugs to bottom, we were encouraged by the results from the first test intervals and made a decision to fracture stimulate an upper zone. The upper most formation was then isolated with a bridge plug set below the perforations and the interval was then fracture stimulated."
"Subsequent to the frac, much higher than anticipated bottom hole pressure was encountered. It was decided to leave the bridge plug in place and place the upper interval on production. At a later date when the bottom hole pressure has decreased, the Company will re-enter the well bore and remove the bridge plug to open up the bottom formations for commingled production. Although operations after the frac were very challenging, the Company is encouraged with the results."
Altima will now move forward in placing the well on production through the Conoco 9-4-41-11 W5M compressor station. Production is anticipated to commence within four to six weeks.
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.
Richard Switzer, CEO, President and a Certified Professional Geologist, is the Qualified Person under National Instrument 51-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
SIGNED: "Jurgen Wolf"
Jurgen Wolf, Director
Contact: (604) 336-8610
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.
Forward Statements:
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.
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