Vancouver, British Columbia – February 21, 2024 – Altima Resources Ltd. (TSXV:ARH • OTC Pink: ARSLF • AKC1.BE) (the “Company” or “Altima”) announces that after a thorough review of non-producing wells in the Red Earth area, in Alberta, Altima has identified (3) three additional Keg River wells to bring on production.  Work on the 3 wells has begun and is expected to be completed in several days.  This will bring the producing total number of wells to (7) seven.

The Company will be sequentially placing these wells back into production, all of which are connected to the Altima Panny Pipeline, and flow through the Pipeline to the 3-11 Blue Sky processing facility.  The Panny Pipeline continues to provide the Company sustainable, year-round production capability from the Panny Field.

The Company is also adding equipment at the 3-11 Blue Sky processing facility to facilitate more accurate measurement of the production flowing through the Altima Panny Pipeline. This work is expected to be completed within two weeks.

The Company has completed a workover on the 11-22-31-24 W4M well in the Twining Field, as well as completing the acquisition of Primrose Drilling Ventures Ltd. and is in the process of reviewing potential additional production from the existing Primrose assets.

Mr. Devries commented “We are very encouraged in this next step towards creating multiple long-term, sustainable, economic production.”

Jamie Carlson, P.Eng is the Practicing Professional Engineer responsible for reviewing and approving the data contained in this press release.

About Altima Resources Ltd.

Altima Resources Ltd. is an oil and gas exploration and production company focused on the acquisition and development of hydrocarbon assets in North America. Headquartered in Vancouver, British Columbia, Altima is dedicated to utilizing innovative technology and industry best practices to maximize asset value and drive sustainable growth and drive value for its shareholders.

On behalf of the Board of Directors
Joe DeVries, interim CEO and President
Contact: +1-604-336-8610

Cautionary Note Regarding Forward Looking Information

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the closing of the Acquisition on the terms hereof or at all and the timing thereof; the expected benefits of the Acquisitions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s most recent management’s discussion and analysis under the heading “Risk and Uncertainties”, a copy of which is filed on SEDAR Plus, at www.SEDARplus.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

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