Altima Resources Ltd.

Altima Resources Ltd.

October 12, 2006 09:30 ET

Altima Announces Chambers Area, Alberta Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2006) - Altima Resources Ltd. (TSX VENTURE:ARH) ("Altima" or the "Company") is pleased to provide the following update regarding its property holdings following several Crown Land Sales in the Chambers Area that concluded October 4, 2006.

Since commencing the Chambers Project in the first quarter of 2006, Altima has now acquired an interest in 8,960 acres of land through earning and Crown sales, and has optioned a further 3,840 gross acres. Altima's average working interest is just over 22%, ranging from a low of 18.75% to a high of 35%. The Company intends to continue to increase its land position in the play area. In addition, the Company and its partners have acquired a total of approximately 140 square miles of 3D seismic and have concluded two independent petrophysical studies over several Townships in the Chambers/Ferrier area.

As previously announced, the GEEL ET AL CHAMB 3-17-41-11 W5M Well has been completed (multi-zone completion) at commercial rates of natural gas and associated condensate. Additional zones are being evaluated at present, and plans are underway for additional production testing. It is anticipated that multiple zones will be commingled similar to completion and production techniques used in many of the Ferrier Pools to the immediate east. Plans moving forward are to tie-in the well, with anticipated gas sales commencing prior to year end 2006.

Altima and its partners had previously elected to the tie-in and equipping of the POCO Chambers 7-18-41-11 W5M well which is also anticipated to commence production in conjunction with the 3-17-41-11 W5M well.

Altima and its partners have also elected to drill on optioned lands, and are in the process of applying for a Mineral Service Lease and well license for the first location. This well is anticipated to spud in December 2006, and a second drilling location may follow in the first quarter of 2007.


Richard Switzer, President

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 2 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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

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