Altima Energy Inc. has provided an update on its production figures for October and the ongoing financial audit process. The company is working with auditors to finalize its annual financial statements and management discussions, in compliance with NI 51-101 disclosures. Despite delays from challenges in integrating a new software system for financial and production reporting, Altima has made significant progress. However, the company remains under a cease trade order as it seeks to file the required financial documents with the TSX Venture Exchange.
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October production overview
In October, Altima Energy reported a total production of 6,359.19 BOE, equivalent to 1,012.79 m³, with an impressive 82.9% derived from oil. This production came from the company’s operational assets located in Red Earth, Richdale, and Chambers Ferrier. Looking ahead, Altima plans a comprehensive winter workover program to increase production from both the Red Earth and Richdale sites.
Future production strategies
These upcoming workover projects are aimed at optimizing existing resources and enhancing overall output. Altima Energy is committed to leveraging advanced technology and industry expertise to maximize operational efficiency. The leadership team believes these initiatives will support short-term production goals and contribute to sustainable long-term growth.
Financial audit progress
As Altima continues its collaboration with auditors, the company is focused on completing the necessary financial disclosures for the fiscal year ending February 28, as well as for the first and second quarters. While integrating the new reporting system has presented challenges, Altima is confident in resolving these technical issues soon. The company is diligently working to ensure compliance with financial regulations and lift the current trading suspension.
Commitment to transparency
In light of these challenges, Altima Energy underscores its commitment to transparency and accountability. The management team acknowledges the importance of providing timely updates to shareholders and stakeholders. By adhering to high standards of governance and operational excellence, Altima aims to build trust and enhance shareholder value in the competitive oil and gas industry.
Altima Energy is navigating its current challenges while making significant strides in production and financial reporting. The company remains optimistic about its future and is dedicated to achieving its strategic objectives. Investors and interested parties are encouraged to stay informed as Altima advances its ambitious growth and efficiency plans.
