Altima Resources Ltd.
TSX VENTURE : ARH

Altima Resources Ltd.

October 04, 2007 08:01 ET

Altima Provides Operational Update Chambers Area, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 4, 2007) - Altima Resources Ltd. (TSX VENTURE:ARH) ("Altima" or the "Company") is pleased to provide an update on the drilling of its option well at 16-21-4111W5M (16-21) in the Chambers/Ferrier area of west-central Alberta. As previously announced, the 16-21 was spud on August 26, 2007 and reached a Total Depth ("TD") of 3,289 meters on September 20, 2007. Following logging evaluation and coring, a production liner was run to TD and the rig released on September 27, 2007. The Company reports that drilling costs were 19% under budget which was attributed to a well designed and executed drilling program. The well cost also included building a 6km road, which is a one-time expense that will provide access to additional future wells and gathering line infrastructure. The 16-21 encountered multiple potential gas bearing zones and completion and production testing is anticipated to commence in early November.

As previously reported (September 5, 17 and 21, 2007), the sale and purchase from Golden Eagle Energy Inc. (GEEI) brings Altima's overall interest in the Chambers area to approximately 63%. Altima's land holdings include 17 sections (10,880 gross acres) of Crown land and 6 sections (3,840 gross acres) of farmin and farmin option lands. In conjunction with Altima's purchase of 100% of the GEEI Chambers Assets, Altima has farmed out to its partner the right to earn up to an approximate 10.75% net interest on the GEEI lands if its cumulative qualifying farmin expenditures total $3 million by June 30, 2008.

ON BEHALF OF THE BOARD

Richard Switzer, President

Forward-Looking Statements:

Certain of the statements contained in this press release may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Statements or information regarding objectives of the board of directors are forward-looking statements. The words "intends" and "expects" and similar expressions are intended to identify forward-looking statements or information, although not all forward-looking statements or information contain these identifying words. Plans, intentions or expectations disclosed in any forward-looking statements or information should not be read as guarantees of future results or events, and will not necessarily be accurate indications of whether or the times at or by which such results or events will be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Altima, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Except as required by law, Altima expressly disclaims any intention and undertakes no obligation to update any forward-looking statements or information as conditions change.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Altima Resources Ltd.
    Richard Switzer
    President
    (604) 718-2800
    (604) 718-2808 (FAX)