When Altima set out in March 2006 to acquire certain interests and participate in the drilling of a Mississippian Elkton test well located in the Chambers Area of the West-Central Alberta Deep Basin, the Board and Management set out to create a strong Junior exploration and production company with the goal of building significant shareholder value.

The Company's exploration program is focused on deeper multi-zone gas and gas-condensate targets. The Chambers Area lies immediately west of the multiple zone producing pools in the Ferrier Field which continues to see significant industry drilling activity. Within the last three years (2006-2008), there have been 33 wells drilled within a nine Township block surrounding and within Company lands. Of these 18 are flowing gas wells, ten wells are adjacent to or approximately within two miles of Company held lands, with only one well abandoned.

The Company's initial earning Well GEEL ET AL CHAMB 3-17-41-11 W5M was spud on March 14, 2006, and reached a depth of 3,349 meters and production casing was set. By the fiscal year end 2006, the Test Well was completed (multi-zone completion) testing commercial rates of natural gas from multiple zones.

The Company's activities are directed to building the Company's exploration program through acquisition of additional working interests, increasing the land base, constructing permanent access roads, constructing production pipelining, and the drilling of a new wells. Since the drilling of the initial earning 3-17 well the company has:

• Expanded the core area with the purchase of Golden Eagle Energy Ltd. and Unbridled Energy Corp. assets in 2007 and 2010,
• Increased the land base to 27 sections (17,280 acres, 6,993 hectares),
• Hold a majority working interest averaging over 93% in 21 of the 27 sections,
• Drilled and completed an option well on Conoco Phillips lands located at 16-21-41-11 W5M. The 16-21 encountered numerous gas shows and formations to test. In fiscal 2008, the Company completed and tested the well at commercial rates.
• Constructed all weather access roads to the 3-17-41-11 W5M and 16-21-41-11 W5M wells, of which these access routes will serve future drilling locations and pipline right of ways for the Company.
• Completed pipelining from the 3-17 well into the Conoco gas gathering system at 5-8-41-11 W5M,
• In November 2007 Altima reached a milestone in its Chambers operations by initiating natural gas and gas condensate sales from the 3-17 well,
• On February 11, 2010, the Company acquired all of the common shares of Unbridled Energy Corp. (UNE) under a plan of arrangement pursuant to the Business Corporations Act (BC). The consolidation of Altima and Unbridled is in concert with the go forward natural gas opportunities in North America.
• Overall the Chambers play continues to grow toward an opportunity to drill a significant number of wells over a large acreage position. The Chambers project contains significant potential to rapidly grow cash flow and reserves through both conventional and resourced based plays.