Altima Resources Ltd.

Altima Resources Ltd.

October 21, 2010 15:18 ET

Altima Extends Forbearance Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2010) - Altima Resources Ltd. (TSX VENTURE:ARH)(FRANKFURT:AKC) is pleased to announce that Huntington National Bank has agreed to an Amendment to the Forbearance Agreement with the Company's wholly owned subsidiary, Unbridled Energy Corp. The Bank has agreed to extend the maturity date of the outstanding bank loan to February 16, 2011 and to forbear from taking any further action until at least February 16, 2011.

The original loan of US$3,607,500 was acquired as part of the acquisition of Unbridled Energy Corp. in February 2010 (see news release dated February 11, 2010). The Company has paid approximately US$3,000,000 towards the loan, leaving the current principal balance at US$654,973 (see news releases dated March 10, 2010 and July 15, 2010).


Richard Barnett, CFO and Secretary

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.

Contact Information