Mr. Richard Switzer reports
ALTIMA INCREASES PRODUCTION AT CHAMBERS-FERRIER, ALBERTA
Altima Resources Ltd. has increased production at Chambers-Ferrier, Alberta. On July 31, 2015, the company commenced production of the UNE Chambers 3-17-41-11 W5M well (refer to Nov. 4, 2014, press release).
Altima, through its joint venture with Acumen Energy Partners Inc., completed workover and flow-testing operations of the 3-17 well in late fall 2014. Richard Switzer, president and chief executive officer of the company, reported: "Although the company anticipated an earlier start-up date, area plant capacity and significant long-term work on the major regional transportation systems delayed Altima's on-stream production. Industry has invested heavily to debottleneck regional capacity restrictions, and we are now seeing capacity and transportation restrictions being alleviated through these industry initiatives. Altima is poised to move forward, as the company has four Chambers-Ferrier wells licensed, along with three additional pipelines which will connect to the company's North Chambers gathering system. We have designed three of the new well surface locations as pads to provide for future horizontal drilling. Recent indications are that prices will move up, and we can once again get the bit back in the ground for our shareholders and industry partners."
The company's mostly contiguous land base at Chambers-Ferrier totals 29 sections (18,560 gross acres) with an average working interest of approximately 94 per cent in 10 sections and varying interests in 11 wells.
Mr. 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.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.