Antrim Energy Inc.

Antrim Energy Inc.

June 11, 2008 02:00 ET

Antrim Updates Argentina Operations

CALGARY, ALBERTA--(Marketwire - June 11, 2008) -


Antrim Energy Inc. ("the Company") (TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, today updated its ongoing operations in Tierra del Fuego, Argentina. Antrim's working interest in the Tierra del Fuego concession is 25.78%.

During the first six months of the year, the Company drilled and cased eight Springhill wells in Tierra del Fuego resulting in two producing oil wells, three shut-in gas wells and three wells waiting on completion. The two completed oil wells are LP-1012 drilled on the Los Patos structure and flowing 165 bopd and LV-110, a 1.5 km extension to the Las Violetas oil pool, placed on production in early June at a flowing rate of 300 bopd. The three shut-in gas wells, located at San Luis, Los Flamencos and Los Patos tested, on average, un-stimulated flow rates of 2.3 mmcfd plus 25 bopd, and will be placed on production when the Company's pipeline and compressor facilities are commissioned in July. The Company is presently drilling a 1.3 km step out on the Los Flamencos producing trend.

The three wells waiting on completion comprise a potential Springhill gas producer located on the Los Flamencos structure, a second potential oil well in the Las Violetas field and an exploration well, AS-1001, drilled on the Angostura Sur anomaly located to the north and west of Las Violetas. AS-1001 encountered significant oil shows and drilling breaks in both the Springhill and underlying Tobifera horizons. Log analysis, sample descriptions and gas detector readings indicate that the Springhill and Tobifera have potential hydrocarbon columns of 35m and 30m respectively. A total interval of
12 m in the Springhill and 7.5 m in the Tobifera has been selected for perforation and testing. The completion and evaluation of both horizons will commence in July.

Seismic operations on Tierra del Fuego commenced on June 9th and will continue into July. A total of 137 square km's of 3-D seismic will be acquired. The new seismic program complements the current 661 square km's of 3-D coverage on the Company's concessions and will allow Antrim to identify additional development and exploration locations for the previously announced two year drilling campaign that began in the second quarter of 2007.

Construction of the pipeline linking the Company's gas producing fields with the San Martin gas sales line across the Straits of Magellan has finished and efforts are focused on compressor installation, Dew Point plant expansion, field testing and well hook up. Field work will be completed in the third quarter by which time deliverability capacity from the Company's concessions will increase to 40 mmcfgd.
Mr. Stephen Greer, President and CEO stated, "The ongoing success of our drilling operations in Tierra del Fuego is indicative of the untapped potential on our concessions. The Company has an extensive drilling inventory identified on its 3-D seismic and the new seismic surveys now being acquired will add to this inventory. With the pending completion of the gas processing and pipeline system our capacity to deliver gas to the continent will more than double by year end. This improved access is very timely as we believe that gas prices on the Argentine mainland will rise as domestic supply struggles to meet demand."

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 Advisor on AIM
    +44 20 7653 4667