Altima Resources Ltd.
TSX VENTURE : ARH

Altima Resources Ltd.

September 17, 2007 12:40 ET

Altima Provides Acquisition and Operational Update, Chambers Area, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2007) - Altima Resources Ltd. (TSX VENTURE:ARH) (the "Company" or "Altima") is pleased to provide the following update on the Chambers, Alberta Property.

Altima has concluded the Sale and Purchase from Golden Eagle Energy Inc. (Calgary, Alberta) of all Golden Eagle assets in the Chambers Area of central Alberta. As previously reported (September 5, 2007 News Release), this purchase increases Altima's overall interest in the Chambers area to approximately 63%. Land holdings now include 17 sections (10,880 gross acres) of Crown Land, 6 sections (3840 acres gross acres) of farmin and farmin option lands, and interest in five wells.

The Chambers area lies immediately west of multiple producing pools in the Ferrier field which continues to see significant industry drilling activity. During the past two and a half years, over 100 wells have been drilled in Townships with Altima land holdings or in Townships adjacent to Altima land holdings. Competition is industry wide but includes Rider Resources Ltd., Devon Energy Corporation, and EnCana Corporation who have collectively drilled over 30 wells in the area since 2005.

Altima's current operational activities at Chambers include the drilling of the 16-21-41-11W5M well farmed in from Conoco Phillips. Altima holds rights to additional farmin lands adjacent to the current drilling operation. The 16-21 well has reached intermediate casing point at 2880m TVD, logs have been run, and intermediate casing has been set. It is anticipated the projected TD of 3300m will be reached prior to mid October. Based on success of the 3-17 well, area well control, and 3-D seismic coverage, management expects the well to encounter numerous gas bearing targets. Completion, pipelining, and production for the 16-21 well will be further evaluated after drilling operations are concluded. Offset option lands will also be evaluated at that time for further drilling.

Additionally, the Company has run production tubing into its 3-17-41-11W5M well which was then flowed for a short time. Operations have commenced to tie in two existing gas wells; the 3-17 having flowed over 3 mmcfe/d (million cubic feet equivalent per day), and the 6-18 with anticipated rates in excess of 450 mcfe/d. Pipeline construction is anticipated to begin by month end with production start up for 3-17 by the end of October followed by pipelining and production start up for the 6-18 well prior to year end.

ON BEHALF OF THE BOARD

Richard Switzer, President

Forward-looking Statements

This press release contains certain forward-looking statements within the meaning of Canadian securities legislation, relating to matters such as the Company's drilling and other exploration and development plans. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words expects, plans, anticipates, believes, intends, estimates, projects, aims, potential, goal, objective, prospective, and similar expressions, or that events or conditions will, would, may, can, could or should occur. Forward-looking statements are based on the beliefs, estimates and opinions of Altima's management on the date the statements are made; including resource estimates, and they involve numerous risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Altima undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, but are not limited to receipt of necessary approval from regulatory bodies, the volatility of natural gas prices, the possibility that exploration efforts will not yield economically recoverable quantities of gas, accidents and other risks associated with gas exploration and development operations, the risk that the Company will encounter unanticipated geological factors, the Company's need for and ability to obtain additional financing, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration and development plans, and the other risk factors discussed in greater detail in the Company's various filings on SEDAR (www.sedar.com) with Canadian securities regulators.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this Press Release.

Contact Information

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