Altima Updates Status of Horizontal Well at Chambers-Ferrier, Alberta
(reference News Release April 12, 2012)
VANCOUVER, BRITISH COLUMBIA, Aug 8, 2012 (Menafn - Marketwire via COMTEX) --Altima Resources Ltd. (pinksheets:ARSLF)(frankfurt:AKC) announces that the Operator has turned the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well over to the Operator's production department. A limited four day test was completed over the period May 23 through May 27, 2012 with the well flowing varying rates of natural gas, associated condensate and frac fluid. Downhole pressure recorders were run and the well shut-in. On June 21, 2012 the recorders were recovered.
Adverse seasonal conditions have prevented further operations at this time. It is anticipated that additional flow testing and pipeline construction will commence as conditions allow. To date approximately 50% of the injected fluid has been recovered.
The Company's mostly contiguous land base at Chambers-Ferrier totals twenty (20) sections (12,800 gross acres) with an approximate average working interest of 97.2% in 10 of the 20 sections and varying interests in eight (8) wells.
Richard Switzer, CEO, President and a Certified Professional Geologist, is the Qualified Person under NI 43-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD OF ALTIMA
Richard Switzer, 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.
SOURCE: Altima Resources Ltd.
Altima Resources Ltd.
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