Altima Update Regarding Chambers Area Well and Pipeline Transfers
May 14, 2014 (Source: Marketwired) — Altima Resources Ltd. (TSX VENTURE:ARH)(FRANKFURT:AKC)(PINKSHEETS:ARSLF) announces that the Company has accepted the Transfer and Operatorship of three wells and two associated pipeline Licences from Unbridled Energy Corporation. The transfer is part of a process Altima has initiated to enable evaluating the on-stream potential of the subject wells. Altima holds an average Working Interest of 80.52% in the three wells being 90.34% in 3-17-41-11 W5M, 90.89% in 6-18-41-11 W5M, and 60.00% in 16-21-41-11 W5M.
A total of 1.93 kilometers of pipeline has been transferred and an additional 2.4 kilometers licensed for a future tie in of the 6-18 well to the 3-17 header. Altima has also undertaken an evaluation of constructing an estimated 3.37 kilometers of new pipeline from the 16-21 well to the header at 1-16-41-11 W5M which is part of the pipeline infrastructure Altima constructed in October 2013 in bringing the 14-15-41-11 W5M well on stream. The 16-21 well is completed and fracture stimulated in the Elkton formation.
The Company also plans to workover the 3-17 well and bring it back on-stream through its existing 1.9 km pipeline to the COPOL compressor at 9-4-41-11 which is connected to the Keyera Strachan sales point. An evaluation will be done on the 6-18 well to determine the feasibility of working over and tying in the Elkton zone and/or re-completing the well uphole.
The Company’s mostly contiguous land base at Chambers-Ferrier totals twenty seven (27) sections (17,280 gross acres) with an approximate average working interest of 86% in 16 of the 27 sections and varying interests in eleven (11) wells.
Richard Switzer, CEO, President and a Certified Professional Geologist, is the Qualified Person under National Instrument 51-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
SIGNED: “Richard Switzer”
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This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to: availability of capital and financing required to continue the Company’s exploration and development plans; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favorable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly 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 otherwise required by applicable securities legislation.
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