When Altima set out in March 2006
to acquire certain interests and participate in the drilling of a Mississippian Elkton test well located in the Chambers Area of the West-Central Alberta Deep Basin, the Board and Management set out to create a strong Junior exploration and production company with the goal of building significant shareholder value.
Altima is a junior energy company engaged in the exploration and development of petroleum and natural gas in Western Canada. The Company focuses on new long life petroleum and natural gas prospects in select core areas to grow its reserve base through drilling and strategic acquisitions.
A strong junior exploration and producing sector is extremely important to Canada's oil and gas industry. This sector has historically driven a great deal of growth. Junior exploration and production companies have found niche opportunities to establish and grow their companies.
Altima focuses its capital program on two major projects in Alberta, Canada, a high liquids-rich natural gas play in the Chambers-Ferrier area of west-central Alberta and a light gravity oil play in the Rainbow Lake area of northwestern Alberta. The Rainbow project remains confidential due to proprietary technical work and new high amplitude 3-D seismic. At Chambers-Ferrier, Altima has assembled a significant strategic land and well inventory property, surrounded by majors, in essentially a gas saturated high-liquids basin.
The Company's capital programs are directed to the drilling of new wells, increasing the land base through acquisition or land sales, constructing gathering lines and production facilities and constructing permanent all weather access roads. Since the drilling of the initial 3-17-41-11W5M earning well in 2006 the Company has:
- Expanded the core area with the purchase of Golden Eagle Energy Ltd. and Unbridled Energy Corp. assets in 2007 and 2010.
- Increased the land base to 20 sections (12,800 acres, 5,180 hectares).
- Hold a majority working interest averaging an approximately 93.8% in 11 of 20 sections and varying interests in eight wells.
- Drilled and completed an option well on Conoco Phillips lands located at 16-21-41-11 W5M. The 16-21 encountered numerous gas shows and formations to test. In fiscal 2008, the Company completed and tested the well at commercial rates.
- Constructed all weather access roads to the 3-17-41-11 W5M and 16-21-41-11 W5M wells, of which these access routes will serve future drilling locations and pipline right of ways for the Company.
- Completed pipelining from the 3-17 well into the Conoco gas gathering system at 5-8-41-11 W5M.
- In November 2007 Altima reached a milestone in its Chambers operations by initiating natural gas and gas condensate sales from the 3-17 well.
- On February 11, 2010, the Company acquired all of the common shares of Unbridled Energy Corp. (UNE) under a plan of arrangement pursuant to the Business Corporations Act (BC). The consolidation of Altima and Unbridled is in concert with the go forward natural gas opportunities in North America.
- On October 12, 2011 the Company commenced production of the Chambers 14-6-41-10W5M well through the regional Conoco gas gathering system.
- In February 2012, pooled 4 sections with ConocoPhillips and particpated in the drilling and completion of the COPOL ET AL H2 CHAMBERS 14-15-41-11 W5M well to 4280 meters MD.
- Overall the Chambers play continues to grow toward an opportunity to drill a significant number of wells over a large acreage position. The Chambers project contains significant potential to rapidly grow cash flow and reserves through both conventional and resourced based plays.