Antrim Energy Inc.

Antrim Energy Inc.

May 06, 2011 08:52 ET

Antrim Energy Inc.: Rig Contracted to Drill East Fyne, UK North Sea

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - May 6, 2011) -


Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim"), an international oil and gas exploration and production company, is pleased to announce that the Fyne Field joint venture (Antrim 35.1%), is presently acquiring site survey data and has signed a rig contract to drill the East Fyne appraisal/development well in Block 21/28a, UK Central North Sea.

The contracted rig is the Sedco 704. Drilling is expected to commence in September 2011, with an estimated drilling operation duration of 28 days.

The well is designed to de-risk the eastern extent of the Fyne Field and may be retained for future production from the field. Under the conditions of the previously announced transaction (October 6th, 2010), the well will be drilled at no cost to Antrim. The cost of drilling, completion and/or abandonment will be deducted from Premier Oil UK's carried contribution of up to US$50 million, assigned to offset all or a significant portion of Antrim's development expenses to bring the Fyne Field to production.

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 Investor inquiries may be directed to 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 the drilling program in the 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 "may", "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, 2010 and dated March 28, 2011 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.

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.

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