Antrim Energy Inc.
TSX VENTURE : AEN
AIM : AEY

Antrim Energy Inc.

November 03, 2014 02:00 ET

Antrim Energy Inc. Announces Changes to Board and Management

CALGARY, ALBERTA--(Marketwired - Nov. 3, 2014) -

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

Antrim Energy Inc. ("Antrim" or "the Company") (TSX VENTURE:AEN)(AIM:AEY), an international oil and gas exploration company announced today that it is making significant changes to the composition of its board and management as part of a strategy designed to protect its strong cash balance. President and Chief Executive Officer, Stephen Greer, has resigned his position as President and Chief Executive Officer effective immediately and will assume the role of Chairman of the Board of Directors of the Company effective immediately. Mr. Anthony J. Potter, Chief Financial Officer, will assume the role of President, Chief Executive Officer and Chief Financial Officer effective immediately.

The Company also announces that Mr. Jim Smith and Mr. Colin Maclean will be standing down from the board at the next AGM. The smaller board will be comprised of Mr. Stephen Greer (Chairman); Mr. Gerry Orbell; Mr. Erik Mielke; Mr. Jim Perry and Mr. Jay Zammit.

Stephen Greer commented, "I would like to express my sincere gratitude to the board for its leadership, dedication and contribution to the Company over a period of significant activity much of which was focused on the UK North Sea where, prior to selling the majority of its assets, frequent operational delays and rapidly escalating costs combined to make operational progress and value growth impossible. However, the Company successfully exited the region with a strong cash balance and no debt."

The Company is taking this opportunity to:

1) Build on its licence position offshore Ireland (the Skellig Licence, Antrim 25%) where the Company, along with its partner Kosmos Energy recently completed a 1,000 km2 3-D seismic program. The preliminary results of this program were incorporated in the McDaniel & Associates Consultants Ltd. independent resource assessment dated effective June 30, 2014.
Elsewhere the Atlantic margin Cretaceous fan play type, a major play type identified on Antrim's Skellig Licence, has seen additional exploration success with a recent oil discovery announced offshore Senegal. Antrim's long term strategy regarding the Skellig Licence is to farm-down from its present 25% interest to achieve a full carry on the costs of a future well. Antrim also plans to bid to acquire additional interests offshore Ireland through the 2015 Irish bid round.
2) Use its strong balance sheet and licence holding to acquire opportunities either asset specific or corporate where an acquisition or a corporate combination would enhance shareholder value.
The Company has evaluated a number of opportunities over the past three months and will continue to look for additional opportunities. The board of Antrim views the Company's strong financial position as a competitive advantage in the current volatile oil price environment.
3) Further cut the Company's G&A costs to protect the Company's strong balance sheet (Antrim reported a working capital position at June 30, 2014 of US$17.5 million).

About Antrim

Antrim Energy Inc. is a Canadian, Calgary based junior oil and gas exploration company with assets in Ireland and the UK North Sea. Antrim is listed on the TSX Venture Exchange (AEN) and on the London AIM market (AEY). Visit www.antrimenergy.com for more information.

Forward-Looking and Cautionary Statements

This press release contains certain forward-looking statements and forward-looking information which are based on Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information. Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. Antrim believes that the expectations reflected in those forward-looking statements and information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements and information included in this press release and any documents incorporated by reference herein should not be unduly relied upon. Such forward-looking statements and information speak only as of the date of this press release or the particular document incorporated by reference herein and Antrim does not undertake any obligation to publicly update or revise any forward-looking statements or information, except as required by applicable laws.

Contact Information

  • Anthony Potter
    Antrim Energy Inc.
    Telephone: + 1 403 264-5111
    E-mail: potter@antrimenergy.com

    RFC Ambrian Limited
    James Biddle
    Telephone: +44 (0) 20 3440 6800