Vancouver, British Columbia--(Newsfile Corp. - January 15, 2025) - Altima Energy Inc. (TSXV: ARH) (OTC Pink: ARSLF) (BE: AKC) (the "Company" or "Altima") announces the successful acquisition ("Acquisition") of Crown Petroleum and Natural Gas lease tracts totaling 1,408 hectares (3,479 acres) offsetting the Richdale operated field, located in Eastern Alberta. This acquisition enhances Altima's position within Alberta's conventional light oil fairways, building on the Company's goal to strengthen its operational capabilities and resource base.
The Richdale Acquisition
The Crown lease acquisition provides Altima with control over key petroleum and natural gas rights near its Richdale production area, complementing its existing operations. The Richdale Field includes producing wells and essential infrastructure that support efficient resource extraction and operational cost management.
Optimizing Richdale's Production Potential
Altima Energy has implemented a workover program in the Richdale Field to optimize production from its existing wells. Five wells have been successfully worked over and returned to production, with a sixth well being converted for water injection to enhance reservoir management. These workovers improve the field's long-term production potential.
Strategic Vision for Sustainable Growth
This Acquisition reinforces Altima's strategic focus on creating sustainable growth in North America's energy sector. With assets located at relatively shallow depths (approximately 1,200 meters) and producing light-medium oil (34°API), the Richdale field offers opportunities for streamlined development and lower operational costs compared to more complex projects.
Joe DeVries, interim CEO and President of Altima, commented, "The addition of these Crown lands surrounding Richdale aligns with our commitment to enhancing shareholder value through strategic resource development. We are encouraged by the results of our recent workover program and look forward to building on this momentum."
About Altima Energy Inc.
Altima Energy is a Vancouver-headquartered oil and gas exploration and production company with a strategic focus on unlocking the potential of hydrocarbon assets across North America. Committed to efficient resource development, Altima combines cutting-edge technology and industry expertise to drive operational excellence and deliver sustainable growth. With a focus on long-term value creation, Altima is dedicated to enhancing returns for its shareholders while maintaining a disciplined approach to asset management.
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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