Altima (TSX VENTURE:ARH) Update Regarding Chambers Area Well and Pipeline Transfers
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2014) - 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"
