|By Marketwired .||
|May 9, 2014 08:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/09/14 -- Altima Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC) announces that the Altima Chambers 5-35-41-11 W5M well (5-35 well) will be completed and the pipeline connecting the well to Altima's production infrastructure will commence operations within the next two weeks.
The 5-35 well will be fracture stimulated over multiple prospective zones. The operation is anticipated to take approximately 24 days, and will be timed such that the well can be brought on stream in conjunction with the Keyera Strachan facility turnaround. Altima will immediately commence construction of a 1.37 Kilometer 4 inch natural gas pipeline and facilities from the 5-35 well to a riser at 9-35-41-11 W5M. The new line will tie into Altima's existing Chambers North production and gathering system.
As reported in the Company's March 3 and March 17, 2014 News Releases, the 5-35 well is the second well drilled under Altima's Participation Agreement with Whistler Oil and Gas Pty. Ltd., and was drilled to a Total Depth of 3,158 meters and Rig Released on March 16, 2014. The 5-35 well is located approximately 1.1 kilometers south of the 15-35-41-11 W5M well (which was drilled, completed, and placed on production in 2013), and 4 kilometers to the north of the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well (which was drilled and completed in 2012, and placed on production in 2013).
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
Richard Switzer, CEO and President
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.
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.
Altima Resources Ltd.
CEO and President
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