Altima Resources Ltd.

Altima Resources Ltd.

February 28, 2012 14:54 ET

Altima Reports Completion of Vertical Pilot Hole at Chambers-Ferrier, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2012) - Altima Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC) announces that the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well (reference News Release February 1 & 13, 2012) has completed the drilling and evaluation of the vertical pilot hole to a depth of 3,147 meters into the Upper Mannville formation. Management is pleased with the preliminary results of the pilot hole, which the Operator successfully completed under budget and ahead of schedule. The well will now be plugged back for the drilling of the horizontal leg, which is anticipated to be approximately 1,260 meters in length.

The Company's mostly contiguous land base at Chambers-Ferrier totals twenty four (24) sections (15,360 gross acres) with an approximate average working interest of 82% in 17 of the 24 sections (100% in 11 sections) and varying interests in seven (7) wells.


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)
    (604) 718-2808 (FAX)