Mr. Joe DeVries of Altima reports

ALTIMA PROVIDES CORPORATE UPDATE

Altima Resources Ltd. has received an update from St-Georges Eco-Mining Corp., its technology partnership (H2SX), relating to its Korean partners and the ability to proceed with the finalization of the formal agreement. The independent preliminary engineering study which is to be completed through utilization of the pilot plant currently located in South Korea is in its final stages. This engineering study will allow Altima and H2SX to accelerate the build-out of upgrades to Altima's future operations. These upgraded units are being designed to compete directly with most steam methane reforming (SMR) hydrogen producers, and often at better costs. In this context, the complete absence of greenhouse gas emissions (carbon dioxide -- CO2) and the environmental benefit of the process becomes an added bonus that will positively impact its operating costs and largely improve its profit margin. Given the positive progress made on the technology the parties have agreed to an extension for the completion of the formal agreement to Sept. 30, 2023.

Acquisition of oil field in Roxana, Alberta

The company is also pleased to announce that it has closed on its acquisition of 25 barrels per day of light sweet crude oil in the Roxana jurisdiction of central Alberta subject to completion of all applicable regulatory approvals. The closing is anticipated to complete on or before the end of July, 2023. Altima believes there is the additional opportunity to increase the production from the field, which will include workovers on several of the existing wells in the Roxana field. With several years of production remaining from this year-round accessible property, Altima's internal economics place a 10-per-cent discounted value of over $1.0-million on the Roxana field assets

This acquisition represents the first of several potential acquisitions which the company has identified and is currently investigating their economics in preparation to negotiating acquisition agreements.

Joe DeVries, president and chief executive officer of the company, commented: "Altima is encouraged with the direction the company is heading in with this acquisition on what is anticipated to be the first of a series of acquisitions Altima is currently in negotiations with in order to fulfill the company's initial goal to be a 1,000 bbl/day producer."

Bernie Goruk, a professional engineer, is the qualified person responsible for preparing and reviewing the data contained in this press release.

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