Antrim Energy Inc.

Antrim Energy Inc.

May 12, 2008 09:30 ET

Antrim Energy Confirms Successful Drilling Operations on Fyne and Provides Reserves Data

CALGARY, ALBERTA--(Marketwire - May 12, 2008) -


Antrim Energy Inc. ("the Company") (TSX:AEN)(AIM:AEY), an international oil and gas exploration and production company, today confirms the successful completion of drilling and testing operations on the Fyne Field (Antrim WI 75%), in the UK central North Sea. The Transocean Prospect was released from contract on May 9th, 2008.

The Fyne appraisal well 21/28a-9 was, as planned, drilled with three legs, one pilot hole and two sidetracks into the Eocene Tay Formation. As originally designed, the final sidetrack 21/28a-9y was cased to be used as a future production well.

As previously reported, the logging and testing results indicate a wellbore measured net oil pay thickness of 120 ft and 47 ft of net gas pay in very porous and permeable sandstones. Test data indicates potential production rates of between 3,000 and 4,500 bopd, in line with the test results from the previously drilled Fyne well 21/28a-2.

At year end 2007, the Fyne and Dandy licence was determined by independent reserve evaluation engineers, McDaniel and Associates, to hold 131 million barrels oil in place or 21 million barrels of proved plus probable recoverable oil reserves (Antrim net 98 million barrels and 16 million barrels respectively), representing 42% of corporate recoverable proved plus probable reserves.

The oil and gas pay intervals in Fyne are separate with the gas pay confined to the Upper Tay Formation and the oil pay contained within several sandstones in the Middle and Lower Tay Formations. Internal estimates indicate that there is sufficient gas in the Upper Tay to provide artificial lift for oil production from the Middle and Lower Tay sandstones. Oil from the Fyne field, similar to adjacent fields, is likely to be produced through a Floating Production Storage and Offloading (FPSO) system and the company is actively searching for a suitable vessel.

As previously reported, Antrim expects to accelerate the Fyne appraisal and development using the contracted Transocean Prospect which is scheduled to begin a multi-well drilling program for Antrim in June this year. Two additional wells are planned on the Fyne field before first production anticipated in 2010.

About Antrim:

Antrim Energy Inc. is a Canadian, Calgary based high-growth junior oil and gas exploration and production company with assets in the UK North Sea and Argentina. Antrim is listed on the Toronto Stock Exchange (AEN) and on the London Stock Exchange's Alternative Investment Market (AEY). Visit for more information.

Forward-Looking Statements

This news release contains certain forward-looking statements, which include assumptions with respect to future plans, results and capital expenditures. Cumulative volumes are not necessarily representative of future production volumes. 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, 2007 and dated March 31, 2008 and available for viewing at, 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.

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)
    Antrim Energy Inc.
    Kerry Fulton
    Chief Operating Officer
    (403) 264-5111
    (403) 264-5113 (FAX)
    Nominated Adviser on AIM
    RBC Capital Markets
    Sarah Wharry
    + 44 20 7653 4667