Antrim Energy Inc.
TSX VENTURE : AEN
AIM : AEY

Antrim Energy Inc.

December 15, 2014 19:04 ET

Antrim Energy Inc. Announces Response to Intended Offer

CALGARY, ALBERTA--(Marketwired - Dec. 16, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE 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, announces that its Board of Directors has determined that the Intended Offer received from Sound Oil plc ("Sound Oil") to acquire the entire issued share capital of Antrim for shares of Sound Oil is not in the best interests of Antrim shareholders.

After careful consideration, including a report and recommendation of a Special Committee of Independent Directors and in consultation with its financial and legal advisors, the Board of Directors has concluded that the Intended Offer does not meet the criteria established by the Company as critical to significantly enhance shareholder value, nor does it recognize the value of Antrim's assets and prospects. "The Company has previously stated that it intends to use its strong balance sheet and licence holding to pursue opportunities either asset specific or corporate where a corporate combination or an acquisition would enhance shareholder value. At last week's annual general meeting, shareholders overwhelming demonstrated their support for continuing with this strategy," said Stephen Greer, Chairman of Antrim's Board of Directors.

Carlingford GFI Brokers Limited acted as financial advisors to the Special Committee in its review of the Sound Oil announcement and Intended Offer.

About Antrim

Antrim Energy Inc. is a Canadian, Calgary based junior oil and gas exploration company with assets in the UK North Sea and Ireland. 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
    President, Chief Executive Officer and
    Chief Financial Officer
    Antrim Energy Inc.
    Telephone: + 1 403 264-5111
    E-mail: potter@antrimenergy.com

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