02:10 PM EST, 01/15/2025 (MT Newswires) -- Altima Resources (ARH.V) shares Wednesday rose 3% after the company on Wednesday said it successfull acquired Crown Petroleum and Natural Gas lease tracts totaling 1,408 hectares offsetting the Richdale operated field in Eastern Alberta.

The company said the Crown lease acquisition provides Altima with control over key petroleum and natural gas rights near its Richdale production area. The Richdale Field includes producing wells and essential infrastructure that support efficient resource extraction and operational cost management.

Altima Energy ( ARSLF ) implemented a workover program in the Richdale Field, and five wells were successfully worked over and returned to production, with a sixth well being converted for water injection to enhance reservoir management. These workovers improve the field's long-term production potential, the company added.

"The addition of these Crown lands surrounding Richdale aligns with our commitment to enhancing shareholder value through strategic resource development. We are encouraged by the results of our recent workover program and look forward to building on this momentum," said Altima interim Chief Executive Joe DeVries.

Shares of the company were last seen up $0.010 at $0.290 on the TSX Venture Exchange.

Price: 0.29, Change: +0.01, Percent Change: +3.57