Mr. Richard Barnett reports

ALTIMA ENERGY INC. CLOSES NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $5,500,000

Altima Energy Inc. has received conditional approval from the TSX Venture Exchange and has closed its previously announced non-brokered private placement offering of $5.5-million.

The company has issued a total of 20 million units at 27.5 cents per unit for aggregate proceeds of $5.5-million. Each unit consists of one common share and one common share purchase warrant, each such warrant entitling the holder thereof to purchase one additional common share of the company, exercisable for a period of two years from the date of issuance at a price of 40 cents per share.

Closing of the financing remains subject to receipt of final acceptance from the exchange. Certain eligible finders were paid in connection with the financing in accordance with policies of the exchange to a total of $174,128 and a total of 633,194 finders' warrants. Each finder's warrant is exercisable to acquire one common share of the company at 40 cents per share for a period of two years.

No directors or officers have subscribed in the financing. All securities issued pursuant to the financing will be subject to statutory hold periods expiring no earlier than Dec. 7, 2025. Proceeds from the financing will be used for the development of the company's oil and gas operations, future acquisitions, debt retirement, and general working capital. A portion of the proceeds of the financing, estimated at $2.3-million will be used to repay a secured loan (as hereinafter defined).

The secured loan

On Aug. 15, 2024, the company entered into a loan agreement with an arm's-length lender. Pursuant to the terms of the loan agreement, the lender agreed to lend the company $2-million. In connection with the loan agreement, the company also entered into a general security agreement providing for security for the loan against all of the company's present and after-acquired assets.

The loan bears interest at a rate of 10 per cent per annum, payable monthly, and has a maturity date of Jan. 31, 2025. Pursuant to the terms of the loan agreement, the company will pay a one-time bonus payment of $200,000 to the lender, and a further 10-per-cent annual interest is payable for any unpaid portion of the loan after the date of maturity. Repayment of the loan remains subject to final acceptance of the exchange.

About Altima Energy Inc.

Altima Energy is a Vancouver-headquartered oil and gas exploration and production company with a strategic focus on unlocking the potential of hydrocarbon assets across North America. Committed to efficient resource development, Altima combines cutting-edge technology and industry expertise to drive operational excellence and deliver sustainable growth. With a focus on long-term value creation, Altima is dedicated to enhancing returns for its shareholders while maintaining a disciplined approach to asset management.

We seek Safe Harbor.