Altima Provides Company Update

Vancouver, British Columbia--(Newsfile Corp. - January 22, 2025) - Altima Energy Inc. (TSXV: ARH) (OTC Pink: ARSLF) (BE: AKC) (the "Company" or "Altima") the Company would like to announce the appointment of Mr. Ronald Hughes to the Board of Directors, taking the place of Jurgen Wolf, who has notified the Company of his desire to retire from active involvement. The Company wishes to graciously thank Mr. Wolf for his 19 years of service as director of the Company.

Mr. Hughes has more than 30 years of experience in business development and investment markets. In 1997, Mr. Hughes joined Global Securities as a Licensed Investment Advisor providing investment analysis, equity trading and capital structure strategy to corporate finance. In 2001, he began his executive roles, first as President of TransAmerican Energy Inc., and currently serves on the boards of publicly traded companies in the United States and Canada.

Altima welcomes Mr. Hughes on the Board of Directors. For clarification, the Company's Officers and Directors are currently comprised of the following:

Joe DeVries, Interim President and Chief Executive Officer, and Director
Richard Barnett, Secretary, Chief Financial Officer and Director
Stephen Watts, Director
Ronald Hughes, Director

Equity Compensation

The Company would also like to announce that the board of directors has awarded Restricted Share Units (the "RSUs") pursuant to its Omnibus Equity Compensation Plan that was ratified and approved by shareholders on August 26, 2024, of equity awards to certain eligible directors, officers and consultants for a total of 1,500,000 RSUs.

The effective grant date of the RSUs will be January 31, 2025. The RSUs shall become vested RSUs in approximately five equal quarterly installments beginning on April 30, 2025, in accordance with the following schedule:

• 10% at the end of the first quarter of the RSU Grant Date;
• 18% at the end of the second quarter of the RSU Grant Date;
• 18% at the end of the third quarter of the RSU Grant Date;
• 18% at the end of the fourth quarter of the RSU Grant Date; and
• 18% at the end of the fifth quarter of the RSU Grant Date.

About Altima Energy Inc.

Altima Energy is a Vancouver-headquartered oil and gas exploration and production company with a strategic focus on unlocking the potential of hydrocarbon assets across North America. Committed to efficient resource development, Altima combines cutting-edge technology and industry expertise to drive operational excellence and deliver sustainable growth. With a focus on long-term value creation, Altima is dedicated to enhancing returns for its shareholders while maintaining a disciplined approach to asset management.

Forward Statements:

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to: availability of capital and financing required to continue the Company's exploration and development plans; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favorable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238152