Altima Updates Status of Horizontal Well at Chambers-Ferrier, Alberta
(reference News Release April 12, 2012)
VANCOUVER, BRITISH COLUMBIA, Aug 08, 2012 (Menafn - MARKETWIRE via COMTEX) --Altima Resources Ltd. (pinksheets:ARSLF)(frankfurt:AKC) announces that the Operator has turned theCOPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well over to the Operator'sproduction department. A limited four day test was completed over theperiod May 23 through May 27, 2012 with the well flowing varyingrates of natural gas, associated condensate and frac fluid. Downholepressure recorders were run and the well shut-in. On June 21, 2012the recorders were recovered.
Adverse seasonal conditions have prevented further operations at thistime. It is anticipated that additional flow testing and pipelineconstruction will commence as conditions allow. To date approximately50% of the injected fluid has been recovered.
The Company's mostly contiguous land base at Chambers-Ferrier totalstwenty (20) sections (12,800 gross acres) with an approximate averageworking interest of 97.2% in 10 of the 20 sections and varyinginterests in eight (8) wells.
Richard Switzer, CEO, President and a Certified ProfessionalGeologist, is the Qualified Person under NI 43-101 responsible forpreparing 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 newsrelease includes certain forward-looking statements orforward-looking information within the meaning of the U.S. PrivateSecurities Litigation Reform Act of 1995 and applicable Canadianprovincial securities legislation (together, "forward-lookingstatements"). Forward-looking statements include, but are not limitedto, statements with respect to the terms and conditions of, thecompletion of and the use of proceeds of the proposed transactions.Forward-looking statements are necessarily based upon a number ofestimates and assumptions that, while considered reasonable, aresubject to known and unknown risks, uncertainties, and other factorswhich may cause the actual results and future events to differmaterially from those expressed or implied by such forward-lookingstatements. Such factors include, but are not limited to: generalbusiness, economic, competitive, political and social uncertainties;and delay or failure to receive board, shareholder or regulatoryapprovals. There can be no assurance that such statements will proveto be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly,readers should not place undue reliance on forward-lookingstatements. Altima disclaims any intention or obligation to update orrevise any forward-looking statements, whether as a result of newinformation, 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.
Altima Resources Ltd.
(604) 718-2808 (FAX)
SOURCE: Altima Resources Ltd.
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