Mr. Richard Barnett reports

ALTIMA ANNOUNCES NEGOTIATION OF EQUITY FINANCING FOR $5,500,000

Altima Energy Inc. has negotiated a private placement for gross proceeds of up to $5.5-million, subject to acceptance by the TSX Venture Exchange.

The company is issuing up to 20 million units at a price of 27.5 cents per unit for gross proceeds of up to $5.5-million, each unit consisting of one common share and one share purchase warrant, each warrant entitling the holder thereof to purchase one additional common share, exercisable for a period of two years from the date of issuance at a price of 40 cents per share.

Proceeds of up to $5.5-million from the financing will be used for development of the company's oil and gas operations, future acquisitions, debt retirement, and general working capital.

As part of the use of proceeds, the company will complete field upgrades on its Red Earth and its Richdale properties to increase production. Field upgrades include the restart of field operations at the Red Earth of its seven wells and the repressurization of the Richdale property to increase production in its five wells.

There may be finders' fees in connection with the private placement in accordance with TSX Venture Exchange policies.