Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

November 30, 2011 14:00 ET

Antrim Announces Oil Discovery at Erne, UK North Sea

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Nov. 30, 2011) -

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

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim" or the "Company"), Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced preliminary results of drilling operations on the Antrim-operated Erne exploration well 21/29d-11 in the UK Central North Sea (Antrim working interest 50%).

The Erne Well has been drilled to a total depth of 5,562 feet. Preliminary estimates indicate a thick gross hydrocarbon column in excess of 50 feet was encountered in the Eocene Upper Tay Sandstone, including 20 feet of net oil pay and a separate ten feet of net gas pay with average porosity exceeding 30 per cent and average hydrocarbon saturation of approximately 80 per cent.

As planned, no flow test will be performed on this well. However, Antrim and partner Premier Oil UK Limited ("Premier", working interest 50%) have agreed to drill a sidetrack well from the pilot hole to further delineate the reservoir. Once operations at Erne are completed, the WilPhoenix drilling rig will move to Block 21/28b and drill the nearby Carra Eocene Tay prospect (Antrim working interest 100%). Carra is expected to take approximately 23 days to drill.

Erne is situated between the Premier-operated Fyne Field (Antrim working interest 35.1%) and the West and Northwest Guillemot fields. Carra is immediately south of the Fyne Field and southwest of Erne. In addition to the Erne and Carra exploration wells, an appraisal well is scheduled to commence drilling in the eastern portion of the Fyne Field in Block 21/28a in December.

Additional information concerning Antrim Energy 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 relating to the expected length of drilling time. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "estimate", "expect", "approximately" and similar expressions, whether used in connection with drilling activity 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. Kerry Fulton, P. Eng and Vice President Operations of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.

Contact Information

  • Antrim Energy Inc.
    Stephen Greer
    President & CEO
    (403) 264-5111
    (403) 264-5113 (FAX)
    greer@antrimenergy.com

    Antrim Energy Inc.
    Scott Berry
    Manager, Investor Relations
    (403) 264-5111
    (403) 264-5113 (FAX)
    berry@antrimenergy.com

    Antrim Energy Inc.
    Kerry Fulton
    Vice President Operations
    (403) 264-5111
    (403) 264-5113 (FAX)
    Fulton@antrimenergy.com

    RBC Europe Limited
    Martin Eales
    +44 (0) 20 7029 7881