Antrim Energy Inc.

Antrim Energy Inc.

July 09, 2008 11:15 ET

Antrim Energy Drills Two Additional Gas Wells in Argentina

CALGARY, ALBERTA--(Marketwire - July 9, 2008) -


Antrim Energy Inc. ("the Company") (TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, today announced it has drilled and cased two more Springhill gas wells in Tierra del Fuego, Argentina. These two wells are in addition to the eight successful Springhill wells already drilled and cased in Tierra del Fuego to date this year. Antrim's working interest in the Tierra del Fuego concession is 25.78%.

The two new wells targeted the Los Flamencos gas field's northwestern flank, where the LF-1005 appraisal well tested eight mmcuft/d from seven metres of Springhill reservoir in December 2006. The first well, LF-1011, was drilled 1150 metres to the East South East and 34 metres structurally higher to well LF-1005 and encountered 13 metres of gas pay. The second, LF-1010, was drilled 1320 metres due west of LF-1005 and found the Springhill reservoir 38 metres structurally lower, with 16 metres of net pay in good quality sandstone.

Reservoir quality in both wells is similar to that originally encountered in well LF-1005, but thicker pays could lead to higher test rates and, along with an uninterrupted gas column, substantially increase the reserve potential of the Los Flamencos structure. These two wells have proven to date an 88 metre gas column on this structure; no oil or water leg has yet been encountered. Both of these wells will be completed after the AS -1001 exploration well is tested, which is expected at a later date. The drilling rig is now being moved to drill two locations offsetting LV-110, the Springhill oil well drilled earlier this year.

Of the 137 square kilometres 3-D seismic program which commenced on June 9, 35 square kilometres has been acquired over the Gaviotas prospect in the Angostura concession and is now being processed. The remaining 102 square kilometres covering the Puesto Quince prospect in the Las Violetas concession is also progressing well, with acquisition expected to begin shortly.

First stage commissioning on the pipeline linking the Company's gas producing fields with the San Martin gas sales line across the Straits of Magellan is expected to be completed by the end of July. This will enable the Company to redirect and deliver gas to the continent where a higher price is available. Meanwhile, work continues on the main compression facilities as well as on the rest of the system, with full pipe capacity expected during the third quarter.

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.
    Brian Moss
    Director, Latin America
    (403) 264-5111
    (403) 264-5113 (FAX)
    Nominated Adviser
    Royal Bank of Canada Europe Limited
    Sarah Wharry
    +44 20 7653 4667