Altima Resources Ltd.
TSX VENTURE : ARH

Altima Resources Ltd.

November 14, 2007 14:37 ET

CORRECTION FROM SOURCE: Altima Provides Operational Update on Chambers Area, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2007) - A correction from source is issued with respect to the release issued today at 12:41 ET. In the fifth sentence of the second paragraph, "The 3-17 was previously tested at over 3,000 cubic feet per day" has been changed to the correct "The 3-17 was previously tested at over 3,000,000 cubic feet per day (3mmcfe/d)". The corrected release follows:

Altima Resources Ltd. (TSX VENTURE:ARH) ("Altima" or the "Company") is pleased to provide an update on its operations in the gas and condensate Chambers/Ferrior area, northwest of Calgary.

Chambers/Ferrior Area, Alberta

Altima and it joint venture partner have reached a milestone in their Chambers operations by initiating natural gas and gas condensate sales from the 3-17-41-11 W5 well. During the last month, the production pipeline was completed and connected from the 3-17 well into ConocoPhillips Canada's local pipeline system, which connects with Keyera's sales pipeline system. On November 8, 2007, the 3-17 well was opened, initiating sales of gas and condensate. The well was brought on-line at a restricted rate of approximately 1.1 million cubic feet per day of gas and 50 barrels per day of condensate. The 3-17 was previously tested at over 3,000,000 cubic feet per day (3mmcfe/d). The pipeline construction to the Company's 7-18-41-11 W5M well immediately west of the 3-17 well is scheduled to be completed in the first quarter of 2008. It was previously tested at 450,000 cubic feet equivalent per day.

As previously announced, Altima and its joint venture partner recently drilled an option well, located at 16-21-41-11 W5M, to its intended total vertical depth of 3,290 metres. Open-hole logging was performed, a production liner run, and cemented to total depth. The 16-21 encountered numerous gas shows and formations to test. Altima now plans to conduct completion operations and test the first interval in late November. Plans to lay an approximate four-mile pipeline to the 16-21 well are also under design with anticipated installation by the first quarter of 2008. This pipeline will be available for use by projected future wells in this part of the Company's acreage.

The Chambers area contains significant potential to quickly grow cash flow and reserves. Over all, this play is quickly growing toward an opportunity to drill a significant number of wells over a large acreage position in this basin-centred gas play. There are a limited number of plays today with potential to produce between 10 and 20 bscf per well, as observed in wells just to the east of Chambers. To date at Chambers we have encountered numerous potentially productive intervals in different facies, including sands, shales and carbonates.

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)