Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

January 22, 2008 14:29 ET

Antrim Announces Independent Confirmation of North Sea Estimates and Production Increases in Argentina

CALGARY, ALBERTA--(Marketwire - Jan. 22, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim, the Company"), an international oil and gas exploration and production company, today announced that an independent evaluation of oil resources at the Causeway property in the UK North Sea (Antrim 65.5%, operator) confirmed previous resource estimates. The Company also advised of increased output and the casing of production wells in Tierra del Fuego, Argentina.

UK North Sea

The evaluation by RPS Energy, a UK-based independent engineering company, using data obtained to the end of 2007, determined the Causeway structure holds a best estimate (P50) of total in-place resources of 83 million barrels and a high estimate (P10) of 184 million barrels. The recoverable resources best estimate (P50) is 24 million barrels and high estimate (P10) is 67 million barrels. RPS Energy was commissioned on behalf of the Causeway joint venture to examine and report on resources for use in field development planning for Causeway. The resource estimates shown in the report are presented in accordance with the resource definitions of the Society of Petroleum Engineers. The RPS report was prepared in advance of Antrim's National Instrument 51-101 compliant reserve report, which is to be completed by McDaniel & Associates Consultants Ltd. and filed before the end of March 2008.

"We are pleased to have an independent view of the resources in the Causeway area that substantiates Antrim's expectation, especially in regard to the upside potential of the area. The report allows us to continue with Causeway development and project financing plans," said Stephen Greer, President and CEO of Antrim. "The resource estimates, which are broadly in line with most analysts' expectations and our own forecasts, support Antrim's business strategy of quickly moving Causeway to production."

A Field Development Plan (FDP) for Causeway was initiated by Antrim with the announced appointment of Senergy Ltd. in December 2007. Antrim is currently in discussion with production facility owners and expects to have an agreed 'export' route and FDP for the production of oil from Causeway submitted during the first quarter of 2008. Additional appraisal drilling on the Causeway structure, scheduled to start in the summer of 2008, is designed to confirm the higher estimates of recoverable oil including that contained in the undrilled Etive Formation in the East Causeway area.

Meanwhile, in the central North Sea, Antrim's drilling plans on the Fyne Field in block 21/28a (Antrim WI 75%) are on schedule and Antrim expects to start drilling in late February. The first well will target the Eocene Tay sandstone reservoir at approximately 4,500 ft., close to the Fyne discovery well 21/28a-2 which tested at rates up to 3,600 bopd. This drilling follows Antrim's recently reported discovery at Kerloch (Antrim, 21%) which penetrated 116 ft of oil column in a single sandstone in the Ness Formation adjacent to the Company's Causeway property.

Argentina Production

Production from the Company's properties in Argentina has increased through drilling success to approximately 2,000 boepd from the last reported average production rate of 1,536 boepd (September 30th, 2007). With the completion of additional production facilities, production is expected to rise to 3,000 boepd by July 2008.

Antrim recently completed and cased the sixth well in the previously announced multi-well two year drilling contract in Tierra del Fuego. All of the wells drilled to-date under this contract have been cased for production. Three oil wells drilled in this program are already on production.

The exploration well drilling on the Capricorn licence (Antrim pre-farmout WI 50%, post farmout WI 37.5%) was recently cased in preparation for testing. Test results are expected within a month.

Antrim continues to maintain a strong balance sheet with working capital in excess of $85 million and no debt.

About Antrim:

Antrim Energy Inc. is an international oil and gas exploration and production company headquartered in Calgary, Alberta, Canada. Antrim's objective is to create significant wealth for its shareholders through the discovery, production and sale of oil and gas. Antrim's production and exploration operations are centered in Argentina and its high impact oil and gas exploration is focused in the United Kingdom. Antrim is listed on the Toronto Stock Exchange (AEN) and on the London Stock Exchange's Alternative Investment Market (AEY). Visit www.antrimenergy.com for more information.

Forward-Looking Statements

This news release contains certain forward-looking statements, which include assumptions with respect to future plans, results and capital expenditures. Cumulative volumes are not necessarily representative of future production volumes. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antrim's control. Please refer to Antrim's Annual Information Form for the year ended December 31, 2006 and dated March 30, 2007 and available for viewing at www.sedar.com, for a list of risk factors. Antrim's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Antrim will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Antrim or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release.

Qualified Person Review

In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Chief Operating Officer of Antrim, is the qualified person that has reviewed the technical information contained in this news release.

Contact Information

  • Antrim Energy Inc.
    Stephen Greer
    President & CEO
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: greer@antrimenergy.com
    or
    Antrim Energy Inc.
    Kerry Fulton
    Chief Operating Officer
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: fulton@antrimenergy.com
    Website: www.antrimenergy.com
    or
    Nabarro Wells & Co. Limited
    Marc Cramsie/Robert Lo
    Nominated Adviser on AIM
    +44 20 7710 7400