VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2013) - Altima Resources Ltd. (TSX VENTURE:ARH)(FRANKFURT:AKC)(PINKSHEETS:ARSLF) announces the ALTIMA ET AL HZ CHAMBERS 14-15-41-11 W5M well, surface location 1-16-41-11 W5M (the Well") was placed on production November 1, 2013.
The Company commenced construction of the 3.78 km Pipeline and Facilities for the Well on September 25, 2013 through a participation agreement (the "Agreement") between Acumen Energy Partners Inc. ("Acumen"), and Altima, (the "Company"). The Agreement grants Acumen the right to earn a 5% working interest (the "Acumen Interest") of the Company's 30% working interest in the ALTIMA ET AL HZ CHAMBERS 14-15-41-11 W5M Well and four sections of the associated pooled lands (the "Pooled Lands") located in the Chambers-Ferrier area of the Western Canada Sedimentary Basin, Alberta (refer to News Release August 26, 2013 for details).
The Company (70%) and Acumen (30%) will initially receive 100% of the revenue pursuant to a penalty payout agreement with ConocoPhillips Canada. After payout of the penalty, Altima will retain 25% working interest in the Well and the Pooled Lands (refer to News Release January 24, 2013) and Acumen will hold 5% working interest.
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.