Altima Announces Completion of Acquisition of Crimson Oil and Gas Ltd., and Provides Project Update
April 2, 20204:48 PM Newsfile
Vancouver, British Columbia – Altima Resources Ltd. (TSXV: ARH) (the “Company” or “Altima”) announces it has completed the acquisition from Crimson Energy Ltd. (“Crimson”) of all of the issued and outstanding shares in the capital stock of Crimson Oil and Gas Ltd. (“COGL”), a private Alberta corporation wholly owned by Crimson (the “Acquisition”). Refer to News Releases dated September 18, 2018, February 13, 2019 and March 28, 2019. In consideration for the acquisition, the Company has agreed to pay Crimson the sum of $750,000 by way of a promissory note due on or before November 30, 2020. The Company previously advanced $140,000 to COGL to proceed with the winter work program on four of the COGL’s wells. These additional wells will be brought into production as soon as reasonably possible after the 2020 spring breakup. The Company expects these wells upon reaching full production rates to help lower operating costs in the field significantly.