Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

March 28, 2011 19:33 ET

Antrim Energy Signs Rig and Services Contract for North Sea Drilling Program

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - March 28, 2011) -

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

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim"), an international oil and gas exploration and production company, is pleased to announce it has signed a "Letter of Award" with AGR Peak Well Management Limited ("AGR") to provide well project management and drilling services, including the provision of the semi-submersible drilling rig, WilPhoenix, for the drilling of two wells within the Greater Fyne Area, in the UK Central North Sea. The estimated duration for the drilling of the two wells is 50 days, not including testing. A site survey of both locations will be initiated in the next three weeks. Both wells are scheduled to be drilled mid year 2011.

The first well will target the Jurassic Fulmar Formation at approximately 10,400 ft true vertical depth (TVD) on the West Teal Prospect, Block 21/24b (Antrim 100%). The West Teal Prospect has a light oil target (37 degrees API) delineated by 3-D seismic and a previous discovery well drilled in 1991. The original discovery well encountered a gross oil column up to 140 ft thick in the Fulmar Formation but was abandoned after mechanical problems while conducting a cased hole test. The West Teal Prospect is structurally up dip and approximately 4 km west of the Teal Field, which has produced approximately 55 million barrels of oil to date.

The second well is expected to target the Eocene Tay Formation at a depth of approximately 6,000 ft on the Carra Prospect, Block 21/28b (Antrim 100%). The Carra Prospect is a medium gravity target (25 degrees API) delineated by 3-D seismic, on trend and 4 km from the West Guillemot Field. If successful, a discovery on either of these prospects would add significant resources to the scheduled development of the Fyne Field, located 3 km to the northwest of Carra.

Antrim intends to use the proceeds from its recent equity issue to fund the drilling program but will also invite participation from industry partners.

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 www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com 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 Antrim's drilling program in the Greater Fyne Area. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the word "anticipate, 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, 2009 and dated March 23, 2010 and available for viewing at www.sedar.com, 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. Kerry Fulton, P. Eng and Vice President Operations of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.

Contact Information

  • Antrim Energy Inc.
    Stephen Greer
    President & CEO
    (403) 264-5111
    (403) 264-5113 (FAX)
    greer@antrimenergy.com
    or
    Antrim Energy Inc.
    Kerry Fulton
    Vice President, Operations
    (403) 264-5111
    (403) 264-5113 (FAX)
    fulton@antrimenergy.com
    or
    Antrim Energy Inc.
    Scott Berry
    Manager, Investor Relations
    (403) 264-5111
    (403) 264-5113 (FAX)
    berry@antrimenergy.com
    www.antrimenergy.com
    or
    RBC Capital Markets
    Martin Eales
    Nominated Adviser on AIM
    +44 (0) 20 7029 7881