Altima Resources Ltd.
TSX VENTURE : ARH

Altima Resources Ltd.

September 05, 2007 11:17 ET

Altima Update of Acquisition, Chambers Area, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2007) - Altima Resources Ltd. (TSX VENTURE:ARH) (the "Company" or "Altima") announces that on August 31, 2007 it reached agreement to purchase 100% of the Golden Eagle Energy Inc. ("GEEI") assets including, but not limited to, all land and wells in Townships 41 and 42, Ranges 10, 11, and 12 W5M located in the Chambers area of west central Alberta. This agreement concludes negotiations of a Farmin and Option to Purchase Agreement with GEEI entered into on April 18, 2007 (see Altima News Releases dated April 20, 2007 and June 27, 2007). The purchase brings Altima's overall interest in the Chambers area to approximately 63%. Land holdings include interest in 17 sections (10,880 gross acres) of Crown Land, 6 sections (3,840 gross acres) of farmin and farmin option lands, interest in 5 wells, and surface rights on 3 well-sites and access roads and 3 pipeline right-of-ways. Closing is anticipated to take place on September 10, 2007.

Altima's partner has farmed in on the Chambers GEEI interest lands, and currently has the right to earn up to an approximate 10.75% net interest if its cumulative qualifying farmin expenditures total $3,000,000.00 by June 30, 2008.

Current operational activities at Chambers include the drilling of the 16-21-41-11 W5M well spud on August 26, 2007 and the completion and running of production tubing in the 3-17-41-11 W5M well. Based on the success of the 3-17 well, regional well control, and 3-D seismic coverage, management expects the 16-21 well to encounter numerous gas bearing targets.

Operations have also commenced to tie in two existing gas wells: (a) the 3-17 having tested over 3mmcfe/d (million cubic feet equivalent per day); and (b) the 7-18 with anticipated rates in excess of 450mcfe/d. Pipeline construction and production is scheduled to follow prior to month end, with gas sales from the 3-17 well to follow early in the fourth quarter 2007.

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)