(via Thenewswire.ca)
Vancoouver, BC / TheNewswire / August 4, 2015 - Altima Resources Ltd. (TSX-V: ARH / FSE: AKC / OTC Pink: ARSLF) announces it has increased production at Chambers-Ferrier, Alberta. On July 31, 2015, the Company commenced production of the UNE Chambers 3-17-41-11 W5M well (refer to November 4, 2014 Press Release).
Altima, through its joint venture with Acumen Energy Partners Inc., completed work-over and flow-testing operations of the 3-17 well in late fall 2014. Rick Switzer, President and CEO of the Company reported: "Although the Company anticipated an earlier start-up date, area plant capacity and significant long term work on the major regional transportation systems delayed Altima's on-stream production. Industry has invested heavily to de-bottleneck regional capacity restrictions and we are now seeing capacity and transportation restrictions being alleviated through these industry initiatives. Altima is poised to move forward as the Company has four Chambers-Ferrier wells licensed, along with three additional pipelines which will connect to the Company's North Chambers gathering system. We have designed three of the new well surface locations as pads to provide for future horizontal drilling. Recent indications are that prices will move up and we can once again get the bit back in the ground for our shareholders and industry partners."
The Company's mostly contiguous land base at Chambers-Ferrier totals twenty-nine (29) sections (18,560 gross acres) with an average working interest of approximately 94% in ten 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: "Joe DeVries"
Joe DeVries, 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-Looking Statement:
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.
.
Copyright (c) 2015 TheNewswire - All rights reserved.