Altima Appoints New Director and Provides Corporate Update

Altima Energy Inc. (TSXV: ARH,OTC:ARSLF) (OTC Pink: ARSLF) (the "Company" or "Altima") the Company would like to announce the appointment of Mr. Michael Bouvier to the Board of Directors.

Mr. Bouvier has over 30 years of experience in the oil and gas sector and over the span of his career has negotiated over $1 Billion worth of transactions. Mike spent 18 years with Encana and its predecessor, Pan Canadian Petroleum in accounting and land, then evolved to a role as senior land negotiator, which was a role he also performed for Prairie Sky Royalty. Mike was also a founding member and Vice President of Forge Oil and Gas, which was founded in 2015 and was sold in 2021.

Altima Energy's CEO, Joe DeVries, comments: "We are pleased to announce Mr. Bouvier's appointment on the Board of Directors. Mr. Bouvier has a wealth of expertise that will greatly advance Altima's regional strategic initiatives in Alberta, and Altima warmly welcomes him."

For clarification, the Company's Officers and Directors are currently comprised of the following:

Joe DeVries, Interim President and Chief Executive Officer, and Director
Richard Barnett, Secretary, Chief Financial Officer and Director
Stephen Watts, Director
Ronald Hughes, Director; and
Michael Bouvier, Director

Audited Financial Status Update

The Company and its auditors continue to work on completing its audited annual financial statements, management's discussion and analysis, and its NI 51-101 disclosure for the year ended February 28, 2025, the first quarter ended May 31, 2025 and the second quarter ended August 31, 2025 (the "Financial Statements"). While there have been delays caused by technical issues from integration of an industry system software used for reporting production and financial information, the Company believes that the software issues have now been satisfactorily resolved. The auditors continue to work diligently, but with the holidays approaching, the Company anticipates filing the audited statements in January, with the quarterly statements being filed shortly thereafter.

However, as a result of these continued delays, the cease trade order (News Release, September 7, 2025) remains in effect and the Company's securities remain suspended by the TSX Venture Exchange until the Financial Statements have been filed.

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.

Forward Statements:

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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278807