VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 30, 2013) - Altima Resources Ltd. (TSX VENTURE:ARH) (FRANKFURT:AKC) (PINKSHEETS:ARSLF) announces it has commenced construction of a new 3.78 kilometer pipeline (the "Line") and facility to connect the COPOL HZ 14-15-41-11 W5M well (Refer to News Release September 5, 2013) to the ConocoPhillips Canada compressor facility (the "Facilities") located at 09-04-041-11 W5M. Through a Participation Agreement (the "Agreement") between Acumen Energy Partners Inc. ("Acumen"), and the Company, Acumen has been granted the right to earn a 5% working interest (the "Working Interest") in the Company's 30% working interest in the COPOL ET AL HZ CHAMERS 14-15-41-11 W5M well (the "Well") and the associated Pooled Lands located in the Chambers-Ferrier area of the Western Canada Sedimentary Basin, Alberta (refer to News Release August 26, 2013 for details). As per the Agreement, Acumen and the Company will construct the Line and Facilities, which are anticipated to be completed and the Well placed on production in late October.
Upon completion, the Company and Acumen will receive 100% of the revenue relating to a penalty payout agreement with ConocoPhillips Canada. After which, the payout of the penalty provides that, the Company will retain a 25% working interest in the Well and joint lands (refer to News Release January 24, 2013).
Additionally, the Company is proceeding to survey and License two additional offset wells (the "Wells") to the Altima Chambers 15-35-41-11 W5M well, which was placed on production September 4, 2013. Both offset wells will take advantage of the recently completed pipeline of approximately 6.4 kilometers infrastructure, which tied the 15-35 well to the Baytex header located at 4-4-42-10 W5M (Reference News Release September 3, 2013).
Under a joint venture agreement with Whistler Oil and Gas Pty. Ltd., Whistler has the right to participate in the two offset wells (Reference News Release January 24, 2013). The Company anticipates the drilling of the Wells to commence in Q1, 2014.
ON BEHALF OF THE BOARD
Rick Switzer, President & CEO
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.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to: availability of capital and financing required to continue the Company's exploration and development plans; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favorable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly 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 otherwise required by applicable securities legislation.