Altima Enters Into Participation Agreement on Future Wells at Chambers-Ferrier, Alberta

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Altima Resources Ltd. (ARH.V) has entered into a Participation Agreement with Whistler Oil and Gas Pty. Ltd., pursuant to which Whistler has been granted the right to earn a 50% working interest in three conventional vertical wells to be drilled on the company's currently held oil and gas leases located in the Chambers-Ferrier area of the Western Canada Sedimentary Basin.

In consideration for a 50% interest in the project, Whistler has agreed to advance the company $4 million. The company has received $2.7 million to commence drilling the first well, and the balance of $1.3 million will be provided to the company on a "cash call" basis.

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This article appears in: Investing , Commodities


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