Altima Resources Ltd.

Altima Resources Ltd.

January 13, 2011 13:27 ET

Altima Announces Anticipated Production Start-Up Ferrier-Chambers Area, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2011) - Altima Resources Ltd. (TSX VENTURE:ARH)(FRANKFURT:AKC) announces that sales gas pipeline construction is underway for its Ferrier-Chambers area well in Township 41 Range 10 W5M. Crimson Energy Ltd. (CEL), Operator of the well and gathering line, reported construction is estimated to be completed by month end, in conjunction with the installation of surface equipment. Following a period of line and surface equipment testing by the Operator, production is anticipated to commence in mid February.

The Company earned a 19.3545% working and revenue interest in two wells and two sections through Altima and Unbridled Energy Corporation (Unbridled) fulfilling their obligations under a participation agreement with CEL. The agreement provided for the fracture stimulation, completion, and testing of multiple zones in CEL's drilled and cased well in 41-10 W5M.

Rick Switzer, President and CEO, reported that "four zones in the well were completed and will be comingled for production. Testing has shown the gas is of high Btu value and the well is indicated to produce approximately 25 barrels of condensate and natural gas liquids per million cubic feet of gas. This liquids-rich, high quality gas provides for an estimated 35% uptick to the price received." Mr. Switzer also noted that "new down-spacing rules could provide for the drilling of up to six additional wells on this CEL operated two section block."


"Richard Switzer"

Richard Switzer, President and CEO

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of applicable Canadian provincial securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the proposed Transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Altima 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 required by law.

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.

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