Antrim Energy Inc.

Antrim Energy Inc.

June 06, 2008 11:11 ET

Antrim Advances Causeway Drilling Schedule

CALGARY, ALBERTA--(Marketwire - June 6, 2008) -


Antrim Energy Inc. ("the Company") (TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, today announced that its wholly owned subsidiary Antrim Resources (N.I.) Limited has secured the Transocean Prospect rig under contract earlier than planned and as a result, drilling operations are expected to start ahead of schedule on the Company's Causeway property (Antrim operated 65.5% WI) in the UK northern North Sea.

The new well is expected to start drilling in the next five days and will target the Brent Group of sandstones in the East Causeway fault compartment. The new well is also expected to evaluate the deeper Etive Formation which was not penetrated by the 23d-17z discovery well. The Etive Sandstone tested up to 2,000 bopd from Antrim's 211/22a-6 well drilled in 2007 in the Central Causeway area.

Antrim plans to use the well to provide pressure support for production from the Antrim discovery well 211/23d-17z which tested 14,500 bopd from the Brent Tarbert and Ness formations. Once on production, the 23d-17z well is also expected to produce oil from the adjacent fault compartment where the Ness Formation tested 8,100 bopd in the previously drilled 211/23b-11 well. This Ness interval was penetrated, but not tested, in the 23d-17z well.

The Causeway appraisal and development program is funded through to first production expected in late 2009 given Antrim's working capital of $70-million (at the end of the last quarter), agreed terms for a US$50-million pre-development working capital facility and proposed US$150-million bank debt facility upon approval of the Causeway field development plan.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

About Antrim

Antrim Energy Inc. is a Canadian; 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 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, 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)
    Antrim Energy Inc.
    Kerry Fulton
    Chief Operating Officer
    (403) 264-5111
    (403) 264-5113 (FAX)
    Royal Bank of Canada Europe Limited
    Sarah Wharry
    Nominated Adviser on AIM
    + 44 20 7653 4667