Altima Resources Ltd. (TSX VENTURE:ARH) announces that the Altima Chambers 14-35-41-11 W5M well was drilled to a total depth (TD) of 3,201 meters measured depth, casing set to TD, and Rig Released (RR) on February 28, 2013.
Rick Switzer, president and CEO reported: "Altima, in only 12 days, has drilled and cased a directional well faster than anyone else in the area. There are 93 wells drilled within a 10 kilometer radius of the 14-35 Chambers well, averaging depths around 3,100 meters and ranging from 24 to 66 days to drill - averaging around 43 days. Our engineers researched, planned, and implemented techniques and systems for directional drilling, mud systems and overall drilling techniques that may now be standard bearers for industry to follow. Everyone involved not only carried out their jobs at high and efficient levels, but also safely. Altima extends its thanks to all those individuals who made drilling this well so successful."
The 14-35 well is the first well drilled under Altima's participation agreement with Whistler Oil and Gas Pty. Ltd., and is located approximately 5 kilometers to the north of the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well that was drilled and completed in 2012.
The company's mostly contiguous land base at Chambers-Ferrier totals 20 sections (12,800 gross acres) with an approximate average working interest of 97.2% in 10 of the 20 sections and varying interests in nine wells.
Altima is headquartered in Vancouver, British Columbia.
The Vancouver, British Columbia-based company's mostly contiguous land base at Chambers-Ferrier now totals 25 sections (16,000 gross acres) with an approximate average working interest of 79.5% in 16 of the 25 sections and varying interests in nine (9) wells.
Darden will remain on the board as a director and chairman emeritus. He will continue as an employee of the company through the end of the year, focusing on strategic transactions including the pursuit of a joint venture in the Horn River Basin in British Columbia.