Antrim Energy Inc.

Antrim Energy Inc.

September 09, 2008 08:33 ET

Antrim Energy Updates Reserve Estimates for the Causeway Property, UK North Sea

CALGARY, ALBERTA--(Marketwire - Sept. 9, 2008) -


Antrim Energy Inc. ("Antrim") (TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, today reported an updated reserve estimate report for its Causeway property in the UK North Sea (Antrim 65.5%) is in line and slightly higher than the previous estimate. The 31 August 2008 independent report by McDaniel & Associates Consultants Ltd. was prepared in accordance with standards set out in Canadian National Instrument NI 51-101 and the Canadian Oil and Gas Evaluation Handbook (COGEH) and incorporated drilling results from the latest Causeway development well 211/23d-18 which was completed in July, 2008.

The reserve report estimates Causeway gross 2P (proved plus probable) reserves of 21.6 million barrels recoverable (Antrim net 14.2 million barrels). This represents an increase of 1.1 (0.7 net) million barrels over the previous estimate (31 December 2007) of 20.5 million barrels.

McDaniel also provided gross 3P (proved plus probable plus possible) estimated reserves at Causeway of 56.3 million barrels recoverable (Antrim net 36.9 million barrels), a slight increase over the previous estimate of 55.6 million barrels recoverable.

"We are very pleased the independent reserve estimates at Causeway confirm earlier estimates," commented Stephen Greer, President and CEO. "Incorporating the new drilling results and updating the reserve estimates was considered vital to the construction of a prudent development program."

The submission of a Field Development Plan (FDP) for the Causeway property, which was postponed to accommodate the new drilling results and updated reserve report, is expected to be submitted in the fourth quarter 2008. Project approval is expected in mid-2009 and first oil from Phase 1 of the development (East Causeway) in the second quarter 2010.

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.
    Kerry Fulton
    Chief Operating Officer
    (403) 264-5111
    (403) 264-5113 (FAX)
    Royal Bank of Canada Europe Limited
    Sarah Wharry
    Nominated Adviser on AIM
    +44 20 7653 4667