Vancouver, British Columbia--(Newsfile Corp. - July 25, 2023) - Altima Resources Ltd. (TSXV: ARH) (FSE: AKC) (OTC Pink: ARSLF) The Company has received an update from St-Georges Eco Mining (CSE: SX), 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 (the "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 September 30th 2023.
Acquisition of Oil Field in Roxana, Alberta
The Company is also pleased to announce that it has closed on its acquisition (the "Acquisition") of 25 bbls per day of light sweet crude oil in the Roxana jurisdiction of central Alberta (the "Roxana Field") 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% discounted value of over $1.0mm 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 CEO 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 1000bbl/day producer…. "
Bernie Goruk, a Professional Engineer, is the Qualified Person responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
Richard Barnett, CFO
Contact: (604) 336-8610
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to: availability of capital and financing required to continue the Company's exploration and development plans; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favorable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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