Altima Provides Update on Red Earth Area Wells and Pipeline Transfer

Source: 1/17/2023, Location: North America

Altima Resources Ltd. has successfully closed on the acquisition and transfer of a key pipeline (the "Pipeline") in the Company's core oil producing area of Red Earth Alberta (the "North Panny Field"). The 9.2 kilometers Pipeline ties the Company's central battery at 3-8-96-5 W5M in the Blue Sky Resources processing facility at 3-11-96-6 W5M.

Altima holds an average Working Interest of 81% in seven (7) wells (the "Wells") in the North Panny Field, three (3) Wells are located in Twp. 95, Rge. 5 W5M, three (3) Wells in Twp.96, Rge. 4W5M and one (1) well is located in Twp. 96, Rge. 5 W5M. These Wells are long life assets with a combined production of approximately 115 bopd. The Company has initiated the process of sequentially placing these Wells back into production, which are connected to the Altima 8-3 central battery and flow through the Pipeline to the 3-11 Blue Sky processing facility and market hub. The new Pipeline will provide the Company sustainable, year-round production capability from the North Panny Field.

Mr. DeVries commented, "We are very encouraged in this first step towards creating multiple long-term, sustainable, economic production."

With the Company greatly reducing its operating costs through the acquisition of the Pipeline, Altima will complete an evaluation for on-stream potential with (5) five additional wells (the "Expansion Wells") also located in North Panny Field to determine the feasibility of working over, tying in and/or the re-completion of the Expansion Wells for additional production. The Expansion Wells are expected to have a combined initial production of approximately 40 bopd. One of the Expansion Wells is slotted as a potential water disposal well to further decrease operation costs.

Bernie Goruk, P.Eng is the Practising Professional Engineer responsible for reviewing and approving the data contained in this press release.

Gulf Oil and Gas
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