Altima Resources Ltd.
TSX VENTURE : ARH

Altima Resources Ltd.

January 08, 2008 09:20 ET

Altima Provides Update on Chambers, Alberta Gas Condensate Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2008) - Altima Resources Ltd. (TSX VENTURE:ARH) ("Altima" or the "Company") announces that since November 7, 2007 it has been selling gas and condensate from its 3-17-41-11 W5 well into the ConocoPhillips Canada local pipeline system, which connects to Keyera's sales pipeline system. As reported by the operator, the well is producing at a restricted rate of approximately 1.0 million cubic feet per day of gas and 50 barrels per day of condensate. As a result of the success of the 3-17 well, additional drilling locations are being targeted on offsetting lands held by the Company.

In the third quarter of 2007, Altima and its partners drilled an option well on Conoco Philips lands, located at 16-21-41-11 W5M, to its intended total vertical depth of 3,290 meters. As reported, the well encountered numerous gas-bearing formations and casing was cemented to total depth. The Elkton formation was tested using a small acid stimulation treatment. The well was flowed before being shut-in for a mandatory pressure buildup test. The buildup test is now complete and the data is under analysis. Additionally, a gas sales pipeline design has now been completed in order to lay an approximate four-mile pipeline to tie in the 16-21 well. This pipeline will be available to tie in possible future development wells in this part of the Company's acreage. A second option well that will earn three additional sections has now been licensed one and one half miles south of the 16-21 well at 5-15-41-11 W5M.

The Chambers area contains significant potential to rapidly grow cash flow and reserves. Overall the Chambers play is quickly growing toward an opportunity to drill a significant number of wells over a large acreage position. To date the Company has encountered numerous potentially productive intervals in conventional gas reservoirs. Altima holds an average of 61% working interest in 12,800 acres (20 sections), with an option on an additional 1,920 acres (three sections) on contiguous lands in the Chambers/Ferrier area.

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)