Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

November 14, 2011 02:00 ET

Antrim Commences Drilling on Erne Prospect, UK North Sea

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Nov. 14, 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 it has commenced drilling operations on the Antrim-operated Erne prospect in the UK Central North Sea block 21/29d (Antrim working interest 50%).

Erne is an Eocene Tay Formation oil prospect located between the Fyne (Antrim working interest 35.1%) and Northwest Guillemot fields at a drilling depth of approximately 6,000 feet. The Erne exploration well is located approximately six kilometers northeast of the 21/28a-10z well in the Fyne Field, which tested at flow rates up to 4,000 barrels of oil per day from the Tay Formation.

Premier Oil UK Limited acquired a 50% interest in the Erne licence by committing to contribute a promoted share of the drilling costs. Antrim has contracted project management and drilling services to AGR Well Management Limited using the WilPheonix semisubmersible drilling rig.

The Erne well, situated within six kilometers of other tested and producing Tay reservoirs will not be tested; however the partners may elect to drill a sidetrack following an evaluation of the initial drilling results. The well is estimated to take up to 23 days to drill.

Following completion of the drilling of the Erne well, the rig will move to the Carra exploration prospect (Antrim 100%) in block 21/28b, approximately four kilometers southeast of the Fyne Field.

In addition, Antrim and partners plan to drill an appraisal well on the Fyne Field before the end of the year.

Antrim 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. Antrim also considers other global exploration opportunities as they arise.

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 "plan" and "estimate" 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
    www.antrimenergy.com

    RBC Europe Limited Antrim Energy Inc.
    Martin Eales
    +44 (0) 20 7029 7881

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