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Vancouver, British Columbia--(Newsfile Corp. - January 15, 2025) - Altima Energy Inc. (TSXV: ARH) (OTC Pink: ARSLF) (BE: AKC) (the "Company" or "Altima") announces the successful acquisition ("Acquisition") of Crown Petroleum and Natural Gas lease tracts totaling 1,408 hectares (3,479 acres) offsetting the Richdale operated field, located in Eastern Alberta. This acquisition enhances Altima's position within Alberta's conventional light oil fairways, building on the Company's goal to strengthen its operational capabilities and resource base.
The Richdale Acquisition
The Crown lease acquisition provides Altima with control over key petroleum and natural gas rights near its Richdale production area, complementing its existing operations. The Richdale Field includes producing wells and essential infrastructure that support efficient resource extraction and operational cost management.
Optimizing Richdale's Production Potential
Altima Energy has implemented a workover program in the Richdale Field to optimize production from its existing wells. Five wells have been successfully worked over and returned to production, with a sixth well being converted for water injection to enhance reservoir management. These workovers improve the field's long-term production potential.
Strategic Vision for Sustainable Growth
This Acquisition reinforces Altima's strategic focus on creating sustainable growth in North America's energy sector. With assets located at relatively shallow depths (approximately 1,200 meters) and producing light-medium oil (34°API), the Richdale field offers opportunities for streamlined development and lower operational costs compared to more complex projects.
Joe DeVries, interim CEO and President of Altima, commented, "The addition of these Crown lands surrounding Richdale aligns with our commitment to enhancing shareholder value through strategic resource development. We are encouraged by the results of our recent workover program and look forward to building on this momentum."
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.