Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

August 09, 2011 15:21 ET

Antrim and Valiant Complete Causeway Sale

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Aug. 9, 2011) -

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

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim"), is pleased to announce that Antrim and Valiant Petroleum plc ("Valiant") have agreed to the early completion of the Sale and Purchase Agreement of Antrim Causeway (N.I.) Limited (as previously announced March 04, 2010), subject to the approval of the UK Department of Energy and Climate Change ("DECC"). Antrim Causeway (N.I.) Limited holds 30% interest in UK Northern North Sea Blocks 211/22a South East Area and 211/23d, which contain the Causeway Field.

With the sale of Antrim Causeway (N.I.) Limited, Antrim will receive US$21.75 million contributed to Antrim's development expenses towards its remaining 35.5% interest in the Causeway Field. This transaction was originally conditional on final approval of the Field Development Plan by DECC. Early completion of the sale, however, allows the Causeway joint venture to expedite field operations in preparation for an estimated production start up in the second half of 2012.

Stephen Greer, Antrim's CEO, commented: "The accelerated execution of the Sale and Purchase Agreement is a significant step towards Antrim's first North Sea oil production, anticipated in mid 2012."

About Antrim Energy Inc.

Antrim Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada.

Antrim's is pursuing a strategy of balancing longer term and capital-intensive investments in the UK North Sea with shorter investment cycle on-shore exploration and production opportunities in Argentina. Antrim also considers other global exploration opportunities as they arise.

Additional information concerning Antrim Energy Inc. is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or +1-403-264-5111.

Forward-Looking Statements

Some of the statements in this announcement may be forward-looking including statements regarding the timing of production start up of the Causeway Field. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipates", "expects", "estimates" and similar expressions, and the negatives thereof, whether used in connection with development plans or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. 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, 2010 and dated March 28, 2011 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.

In accordance with AIM guidelines, Mr. Terry Lederhouse, P. Eng and Vice President, Commercial of Antrim is the qualified person that has reviewed the technical information contained in this news release. Mr. Lederhouse has over 36 years operating experience in the upstream oil and gas industry.

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