Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

August 23, 2007 14:16 ET

Antrim Announces New Field Discovery on Medianera Licence, Argentina

CALGARY, ALBERTA AND LONDON, UNITED KINGDOM--(Marketwire - Aug. 23, 2007) -

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

Antrim Energy Inc. (TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, announced today that initial test results from its Medianera drilling program (Antrim 70%) in Argentina indicate a new field discovery. Of the two wells drilled, M3001 and M3002, each to a depth of approximately 1,400m, both intersected an oil column in the Cretaceous Quintuco Formation. The M3001 well was perforated in the upper Quintuco zone and swab tested 93 barrels of oil per day with 30 barrels of water per day from 12 metres of net pay. Seismic data from Antrim's recently completed 84 km2 3-D program also indicate the discovery has a significant lateral extent.

Additional completion work is planned at the M3001 well to isolate the water bearing zone. Gas was also tested from the lower Quintuco zone at rates up to approximately 3 mmcf/d. The upper Quintuco oil zone well has been placed on production and the oil is being trucked 5 km to an Antrim-owned battery and sales point.

The M3002 well is scheduled to be completed and tested in both the upper and lower Quintuco. Due to the high pressure gas encountered during the testing of the lower Quintuco in M3001, a more suitable service rig is being sourced for an extended test in M3002. The Quintuco Formation in M3002 is 20 metres structurally higher than in M3001.

Antrim plans additional drilling to delineate this discovery as soon as appropriate drilling equipment can be contracted.

Antrim, acquired its 70% controlling interest in the Medianera licence in 2006 to explore for Cretaceous and Jurassic oil targets. The drilling of the M3001 and M3002 wells, together with the preceding 3-D seismic program and Antrim's bid for the adjacent Tres Nidos Sur licence, represent the start of a dedicated exploration effort to evaluate and develop this area which is close to some of the larger fields in the Neuquen basin.

Antrim currently produces 1,600 net boepd from its properties in Argentina, primarily from licences in Tierra del Fuego (Antrim 26.78%) where work continues on building new production facilities. The new facilities, scheduled for completion in October, 2007 will enable Antrim and partners to market additional oil and gas from discoveries made during the successful 2006 drilling program. The 2007 drilling program in Tierra del Fuego is due to start in early September with the first well targeting the oil column in the Los Patos oil field. Antrim and partners have contracted a drilling rig for a two-year period exclusively for work on the Tierra del Fuego production licences.

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

Certain statements contained in this news release may be considered as "forward looking". Such "forward looking" statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this 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
    Nominated Adviser on AIM
    Nabarro Wells & Co. Limited
    John Wilkes/Robert Lo
    +44 20 7710 7400