Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

April 04, 2011 02:00 ET

Antrim Energy and Partners to Drill East Fyne Well, UK North Sea

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - April 4, 2011) -

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

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim"), an international oil and gas exploration and production company, is pleased to announce that Premier Oil UK Limited ("Premier") has provided notice that it has elected to drill the East Fyne well under the Joint Venture and Earn-In Agreement with Antrim (the "Agreement"), previously announced 6th October 2010.

The East Fyne well is an appraisal well designed to de-risk the eastern extent of the Fyne Field in Block 21/28a UK Central North Sea, and is expected to be drilled before the end of 2011. Under the conditions of the previously announced transaction, the well will be drilled at no cost to Antrim and the cost of drilling, completion and/or abandonment deducted from Premier's carried contribution of up to $50 million assigned to offset all or a portion of Antrim's development expenses to bring the Fyne Field to production.

This election by Premier results in the transfer of a 39.9% working interest and operatorship of the Fyne Block 21/28a from Antrim to Premier. Antrim retains a 35.1% working interest in the block, with First Oil Expro Limited holding the remaining 25% working interest. The licence assignment and transfer of operatorship under the Agreement is subject to partner approval and to the usual UK government approvals.

The Fyne Block 21/28a was assigned gross proved plus probable reserves of 23.3 million barrels of oil by independent engineering consultants McDaniel & Associates Consultants Ltd. as at Dec. 31, 2010. The Fyne Field is situated immediately west-southwest of the Guillemot group of oil fields, which have produced in excess of 70 million barrels of oil to date. Fyne is also located approximately 35 kilometres north of the recently announced Catcher and Burgman oil discoveries in Block 21/9, both of which have reservoirs of comparable age with those in the Fyne Field.

Drilling of the East Fyne well will be in addition to Antrim's recently announced drilling plans for two exploration wells in the Greater Fyne Area, the West Teal and Carra wells (Antrim 100%). Premier retains a right to participate up to 50% in the Greater Fyne Area exploration program, which is due to commence mid-year 2011.

About Antrim Energy Inc.

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

Antrim's strategy is to pursue 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 regarding the timing of Antrim's drilling program in the Greater Fyne Area. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipate", "expects", "estimates" and similar expressions, and the negatives thereof, whether used in connection with drilling activity, reserves of neighboring properties 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, 2009 and dated March 23, 2010 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 35 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
    or
    Antrim Energy Inc.
    Terry Lederhouse
    Vice President, Commercial
    (403) 264-5111
    (403) 264-5113 (FAX)
    lederhouse@antrimenergy.com
    or
    Antrim Energy Inc.
    Scott Berry
    Manager, Investor Relations
    (403) 264-5111
    (403) 264-5113 (FAX)
    or
    Nominated Adviser on AIM:
    Martin Eales
    RBC Capital Markets
    +44 (0) 20 7029 7881
    www.antrimenergy.com