Vancouver, BC / ACCESSWIRE / August 6, 2014 / Altima Resources Ltd. (TSX-V: ARH / FSE: AKC / OTC Pink: ARSLF) announces that it has commenced workover operations on the UNE Chambers 3-17-41-11 W5M well (the "Well"), located in the Chambers-Ferrier area of the Western Sedimentary Basin, Alberta.
Altima has assumed Operatorship of the Well and will re-enter the well bore, remove existing packers and WR plugs, run tubing, and place the Well on production. The Well will produce through an existing flowline to the Conoco 9-4-41-11 W5M compressor station, which is tied into the Keyera Deep Cut Gas Processing Plant at Strachan.
The Well was originally drilled by Golden Eagle Exploration to a Total Depth of 3,349 meters and rig released in June 2006. In July-August 2006, the Well was perforated and fracture stimulated in the Rock Creek and tested at a rate of 300 MSCF/D. The Rock Creek was then suspended and the Well recompleted in the Ellerslie sands. In November 2007, the Well was placed on production, and produced through to March 2009. The Ellerslie sands were then suspended and the Second White Specks Formation perforated, after which the Well was left shut in. The current workover will commingle all intervals to enable placing the Well back on production.
The Well workover is being completed under Altima's Participation Agreement with Acumen Energy Partners Inc. (refer to news release dated January 30, 2014).
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"
Richard Switzer, CEO and President
Contact: (604) 336-8610
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.
SOURCE: Altima Resources Ltd.