Altima Resources Ltd.
TSX VENTURE : ARH
PINKSHEETS : ARSLF
FRANKFURT : AKC

Altima Resources Ltd.

December 07, 2011 18:48 ET

Altima Provides Drilling Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2011) - Altima Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC) reports that the BLZ et al DD Rainbow 13-11-111-05W6M well was drilled to a total depth of 1,732 meters and abandoned. Testing indicated the hydrocarbons encountered were not commercial at the subject location. Altima (24.80625%) and its partners control oil and gas rights on 3,040 acres in the Rainbow B2B pool area. Further evaluation and a technical review of the area will be conducted to determine if additional offset drilling is warranted.

ON BEHALF OF THE BOARD

Richard Switzer, President and CEO

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian provincial securities legislation (together, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of, the completion of and the use of proceeds of the proposed transactions. 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; and 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

  • Altima Resources Ltd.
    Richard Switzer
    President and CEO
    (604) 718-2800 (ext 301)