Altima Licenses New Well and Updates Status of Horizontal Well at Chambers-Ferrier, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 15, 2012) - Altima Resources Ltd. (TSX VENTURE:ARH)(ARSLF)(FRANKFURT:AKC) announces that it has licensed a New Pool Wildcat well at Chambers, Alberta. The well, Altima Chambers 14-35-41-11 W5M, is anticipated to be drilled to a depth of 3,065 meters into the Nordegg formation. Altima has a 100% Working Interest (WI) in the subject well and offsetting section. The 14-35 well is located approximately 5 kilometers to the north of the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well that completed drilling in March 2012. The 14-35-41-11 W5M well is scheduled to be drilled in the first quarter of 2013.

Altima also announces that the Operator of the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well has notified Altima of its intent to continue flow and build up testing operations, which are anticipated to commence within the next week, subject to weather conditions permitting access. Altima had previously reported a limited four day test completed over the period May 23 through May 27, 2012 (see News Release dated August 8, 2012, and for further reference, News Release April 12, 2012), with the well flowing varying rates of natural gas, associated condensate, and frac fluid. Downhole pressure recorders were run and the well shut-in. On June 21, 2012, the recorders were recovered. Altima holds a 30% WI in the subject well. Adverse seasonal conditions have prevented further operations to this time.

The Company''s mostly contiguous land base at Chambers-Ferrier totals twenty (20) sections (12,800 gross acres) with an approximate average working interest of 97.2% in 10 of the 20 sections and varying interests in eight (8) wells.

Richard Switzer, CEO, President and a Certified Professional Geologist, is the Qualified Person under NI 43-101 responsible for preparing and reviewing the data contained in this press release.

Source: http://yhoo.it/T3vxxN