Altima Confirms Completion and Filing of Year End Audited Financial Statements and NI 51-101 Oil and Gas Forms

VANCOUVER, BC / ACCESSWIRE / March 30, 2015 / Altima Resources Ltd. (TSX-V: ARH / FSE: AKC / OTC Pink: ARSLF) announces that its audited financial statements and MD&A for its year ended November 30, 2014 were SEDAR filed today.

In February 2015, the Company changed its auditor (refer to Change of Auditor documents (“Reporting Package”) that were SEDAR filed on February 16, 2015). As stated in the Reporting Package, there were no reservations in the auditor’s reports in connection with the Company’s November 30, 2012 and 2013 audited financial statements, however, a potential reportable event as defined in National Instrument 51-102 arose subsequent to the completion of the audit of the Company’s November 30, 2013 consolidated financial statements.

The Company and its former auditors determined that the audited consolidated financial statements as at and for the year ended November 30, 2013 required a reclassification of $3,622,412 from long-term Exploration and evaluation assets to long-term Petroleum and natural gas properties due to the assessment of proved and probable oil and gas reserves in the prior years. The Company has incorporated this reclassification in the 2014 audited financial statements and comparative years. There was no effect to the Statements of Operations and Comprehensive Loss, Statements of Cash Flows, or Statements of Changes in Shareholders’ Equity due to this reclassification of long-term assets.

In addition, Altima’s NI51-101 Oil and Gas Forms for the year ended November 30, 2014 were subsequently SEDAR filed today, March 30, 2015.

The Reporting Package, audited financials, MD&A, and Oil and Gas Forms can be viewed at www.sedar.com under the Company’s Profile.

ON BEHALF OF THE BOARD

SIGNED: “Joe DeVries”

Joe DeVries, Director

Contact: (604) 336-8610

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Altima Resources Ltd.  

ReleaseID: 427357