Altima to Drill Oil Development Well in Northern Alberta
Investing News Network - August 23rd, 2011
Altima Resources Ltd. (CVE:ARH) enters into a Farm-in and Participation Agreement and agreed to participate in the drilling of a 1665 meter well on the operators’ lands in Northern Alberta.
Altima Resources Ltd. (TSXV:ARH) enters into a Farm-in and Participation Agreement and agreed to participate in the drilling of a 1665 meter well on the operators’ lands in Northern Alberta.
The press release is quoted as saying:
Altima will pay 33.75% of the costs of drilling through completion to earn a 24.80625% interest in the well and farm-in lands covering an area of 576 hectares, subject to its proportionate share of a 4.7% Gross Overriding Royalty.
