Altima Resources Ltd.

Altima Resources Ltd.

April 20, 2007 07:00 ET

Altima Announces Chambers Area, Alberta Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 20, 2007) - Altima Resources Ltd. (TSX VENTURE:ARH) ("Altima" or "the Company") is pleased to provide the following update regarding its property holdings in the Chambers Area west central Alberta.

Altima, in conjunction with its partner, has entered into a Farmin and Option to Purchase Agreement with Golden Eagle Energy Inc. ("GEEI") whereby Altima and its partner have the right to purchase all of GEEI's assets including, but not limited to all land, option rights, and wells in Townships 41 and 42 Ranges 10, 11, and 12 W5M. Altima will share in the Farmin and Option to Purchase Agreement on a 50-50 basis.

In addition, Altima and its partner will immediately take steps to complete, equip and tie in the 3-17-41-11W5M and 7-18-41-11W5M joint interest wells. With this Agreement, Altima and its partner have also assumed GEEI's share of its rights and obligation with respect to the drilling of the Conoco Phillips option well located at 16-21-41-11W5M. It is anticipated this well will spud in June with the potential of an additional second option well to follow.

Recent 2007 activity by Encana and Direct Energy within three miles of Altima's interest lands has resulted in the drilling and casing of 5 gas wells and the re-entry and successful completion of one additional gas well. Activity in 2006 in the immediate Chambers area was high with fifteen wells drilled and cased. Of these, five were flowing gas wells at year end. No wells were abandoned. The Company estimates that between 8 and 10 additional well locations exist across Altima held lands based on conventional spacing.

Since commencing the Chambers Project in the first quarter of 2006, Altima has now acquired an interest in 9,600 acres (15 sections) of land through earnin, purchase, and Crown sales, and has optioned a further 3,840 gross acres (six sections). The Company's net working interest per section on current lands varies from 100% to 18.75% averaging 28.25% overall. Altima currently holds a 20% and 18.75% working interest in the 3-17 and 7-18 wells respectively. The Company and its partners also acquired approximately 140 square miles of 3D seismic and have concluded two independent petrophysical studies over several Townships in the Chambers/Ferrier area. The GEEI Farmin and Option to Purchase Agreement provides the opportunity for Altima to increase its interest by an approximate overall additional 21%.


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
    (604) 718-2800
    (604) 718-2808 (FAX)