Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

November 21, 2008 12:32 ET

Antrim Energy Advances Drilling Program in Tierra del Fuego, Argentina

CALGARY, ALBERTA--(Marketwire - Nov. 21, 2008) -

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

Antrim Energy Inc. ("Antrim") (TSX:AEN) (AIM:AEY), today announced it has drilled another successful oil well in its drilling program in the Springhill reservoir in Tierra del Fuego, Argentina. Antrim's working interest in the Tierra del Fuego concession is 25.78%.

The new well, G-1001, encountered a water free gross interval of 10 metres in the Springhill reservoir and has been cased as a potential Springhill oil well. Net pay is estimated at 4.5 m with an average porosity of 18%. It is the 21st well drilled under the company's current multi-well drilling program that commenced in September, 2007, of which 20 have been cased for production.

G-1001 was drilled on the Gaviotas Structure in the Angostura concession following interpretation of the company's 3-D seismic program which covers parts of the Angostura and Las Violetas concessions. As previously announced, the Company recently completed the acquisition of more than 137 square kilometers of 3-D seismic which is in addition to the current 661 square km's of 3-D coverage on the Company's concessions in Tierra del Fuego.

The Company expects to initiate production tests on G-1001 in the coming weeks. The drilling rig will now be moved to drill a step out well on the Las Violetas oil pool located approximately 40 kilometres to the southeast of the Gaviotas Structure. One additional firm well, plus one contingent well are scheduled to be drilled before year-end at which time the rig will be released from contract. To-date, the Argentine drilling program has been successful in adding significant reserves and future production potential. However, current economic conditions have necessitated a shift in Antrim's focus away from drilling and reserves additions and towards increasing production.

About Antrim

Antrim Energy Inc. is a Calgary-based high-growth junior oil and gas exploration and production company with assets in the UK North Sea and Argentina. 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, 2007 and dated March 31, 2008 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 there from. 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.
    Brian Moss
    EVP, Latin America
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: moss@antrimenergy.com
    Website: www.antrimenergy.com
    or
    Royal Bank of Canada Europe Limited
    Sarah Wharry
    Nominated Adviser
    +44 20 7653 4667