Altima Resources Ltd. announces that it has entered into a Participation Agreement with Whistler Oil and Gas Pty. Ltd., pursuant to which Whistler has been granted the right to earn a 50% working interest in three (3) conventional vertical wells to be drilled on the Company's currently held oil and gas leases located in the Chambers-Ferrier area of the Western Canada Sedimentary Basin, Alberta. In consideration for a 50% Working Interest in the first of the Future Wells to be drilled on the Project, Whistler has agreed to advance the company $4,000,000.

The company has received $2,700,000 from the Initial Investment to commence drilling the First Well, and the balance of $1,300,000 will be provided to the Company on "cash call" basis. Whistler has the right (but not the obligation) to invest additional funds, currently estimated at $8,000,000 (the "Additional Investment"), for a 50% working interest in the remaining two (2) wells comprising the Future Wells. Whistler has agreed to pay 100% of the Drilling, Completion and Equipping costs of each Future Well drilled in order to earn its 50% Working Interest, provided that Whistler will receive 60% of the net revenue from the Future Wells until it has recovered 100% of its Initial and Additional Investments.