Antrim Energy Inc.

Antrim Energy Inc.

March 07, 2005 12:14 ET

Antrim Updates UK Exploration Activities


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ANTRIM ENERGY INC.

TSX SYMBOL: AEN
AIM SYMBOL: AEY

MARCH 7, 2005 - 12:14 ET

Antrim Updates UK Exploration Activities

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(CCNMatthews - March 7,
2005) - Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim") is pleased to
announce that it has entered into a Heads of Agreement with Dana
Petroleum Plc ("Dana") whereby Dana will earn a 54.79% working interest
in the north and western areas of UK North Sea Block 211/22a in exchange
for funding 100% of the cost of an exploration well on the block up to a
gross cost of Pounds Sterling 5,750,000. Antrim will retain a 21%
working interest in the prospect (Dana 79%).

Block 211/22a is situated between the producing Cormorant and Dunlin
oilfields. Dana intends to drill the 'Clachnaben' prospect in the
northwest portion of the block as part of its 2005 North Sea drilling
program. It is anticipated that drilling of this prospect could commence
as early as mid 2005. Under the Heads of Agreement, Dana will be
appointed Operator of this portion of the block. Antrim is expected to
be appointed as Operator of the southeast portion of the block upon
completion of the transaction. Antrim will hold a 79% working interest
in this portion of the block (Dana 21%) which includes the prospective
Osprey Ridge area. Final completion of the transaction, which is subject
to normal regulatory and partner approval, is expected to be completed
by March 15, 2005.

Gerry Orbell, Chairman, said "We are very pleased to be able to enter
into this transaction with Dana. This transaction exposes the
shareholders to a near term drilling opportunity in the UK at no further
cost to Antrim and at the same time boosting our equity on the
prospective Osprey Ridge area."

Certain statements contained in this press release may be considered as
"forward looking". Such "forward looking" statements are subject to
risks and uncertainties that could cause actual results to differ
materially from estimated or implied results.

Updated information about Antrim can be accessed on its website:
www.antrimenergy.com

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Antrim Energy Inc.
    Stephen Greer
    CEO
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: greer@antrimenergy.com
    or
    Antrim Energy Inc.
    Anthony J. Potter
    Chief Financial Officer
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: potter@antrimenergy.com
    Website: www.antrimenergy.com
    The TSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.