Altima Resources Ltd.
TSX VENTURE : ARH

Altima Resources Ltd.

March 08, 2007 09:30 ET

Altima Resources Ltd.: Update on Property Holdings in Chambers Area, Alberta

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 8, 2007) - Altima Resources Ltd. (TSX VENTURE:ARH) ("Altima" or the "Company") is pleased to provide the following update regarding its property holdings in the Chambers Area of west central Alberta.

Altima and its Joint Venture partners, Golden Eagle Energy Inc., operator, and Unbridled Energy Corp., have independently verified the GEEL ET AL CHAMB 3-17-41-11 W5M well (the 3-17 Well), in which the Company holds a 20% WI has been completed testing commercial rates of natural gas from two zones at 1,750 mscf/d and 235bbls/d of associated condensate. The Company and its partners have resolved outstanding issues related to bringing the 3-17 Well on to production, and now anticipate first production by May 1, 2007.

In addition, the Company and its partners plan to re-enter the existing 6-18-41-11 W5M Well, in which the Company has a 18.75% WI. Plans call for reconfiguring the production string to provide a higher flow rate from the liquids rich Elkton formation and the running of a flow line to the 3-17 Well. The 6-18 Elkton Well tested water free gas at 300 Mscf/d and 20 bbl/d condensate.

The Company's next drilling location at Chambers is the new pool wildcat well located at 16-21-41-11 W5M (the 16-21 Well). This location was high-graded with the use of 3D seismic in conjunction with the results of the 3-17 Well. The Company's participating interest in the 16-21 Well is 20%. The drilling of the 16-21 Well and the re-entry of the 6-18 Well will commence as soon as possible after spring break-up, probably in June. The Company estimates that between 8 and 10 additional well locations exist across the acreage using conventional spacing. Altima now holds an interest in 9,600 acres (15 sections) and an option on another 3,840 acres (6 sections) in the Chambers/Ferrier area. The Company's net working interest per section in the lands varies from 100% to 18.75% averaging 28.25% overall. Of note is the increased activity in the Chambers area with recent offsetting lands selling at the February 7, 2007 Alberta land sale for over $550,000 per section, and the licensing of 5 new wells.

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 not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

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