Athlone Energy Ltd.
TSX VENTURE : ATH

Athlone Energy Ltd.

June 11, 2007 13:23 ET

Athlone Energy Ltd. Reports Strong Growth

January 31, 2007 Year End Results

CALGARY, ALBERTA--(Marketwire - June 11, 2007) - Athlone Energy Ltd. ("Athlone" or the "Company") (TSX VENTURE:ATH) is pleased to report its financial and operating results for the three month period and twelve month periods ending January 31, 2007. Complete financials are available on www.sedar.com or the Company's website www.athlone.com. A summary of the Company's accomplishments for the year ending January 31, 2007 and some comparisons to the previous year are:

- Revenue of $3,794,583 compared to $1,231,672 an increase of 208%;

- Operating cash flow of $1,501,757 compared to $57,259 an increase of 2,523%;

- Proved and probable reserves of 898.8 MBoe compared to 434.3 MBoe an increase of 107%;

- Value of before tax proved and probable reserves (NPV 5%) of $16,942,000 compared to $7,823,000 an increase of 117%;

- Exit production of 400 boepd compared to 200 boepd an increase of 100%;

- A total of eight new 100% working interest wells drilled and producing for a 100% success rate;

- Added 489,000 boe of proved plus probable reserves with a finding and development cost of $11.55/bbl and generated a re-cycle ratio of 1.83 (The recycle ratio is determined by dividing the netback per boe by the finding and development cost per boe and is a measure of how effectively a company is investing its cash);

- A proven reserves to production replacement ratio of 3.59 and proven plus probable reserves replacement ratio of 5.29.

The success of the past year has set a strong platform for future growth. The Company concentrated on exploiting its heavy oil land position in 2006 and will continue in 2007. Heavy oil pricing remains strong and is forecast to continue. The drilling success in the Lloydminster area has resulted in a drilling inventory of 26 low risk development step-out locations. Two wells were drilled and cased prior to breakup and two additional wells were drilled and cased in the last week of May 2007. These four wells will be completed and placed on production this month.

In addition to the heavy oil core area Athlone has been working on developing two other core areas targeting light and medium oil and natural gas. Athlone will commence operations on a re-entry in Central Alberta in June 2007. In West Central Alberta, Athlone has acquired a total of five sections of land (100% working interest), purchased and interpreted 10 square kilometers of 3D seismic and 23.7 kilometers of 2D seismic. This has resulted in an inventory of four drilling locations in addition to the re-entry.

In the Grand Forks area of Southern Alberta Athlone has negotiated a seismic option agreement with an intermediate sized Royalty Trust covering seven sections of land. The Company has purchased and interpreted 22.9 square kilometers of 3D seismic and will be electing to drill a well prior to July 31, 2007.

The coming year will be an exciting one for Athlone. We will continue to exploit our favorable land position and are well positioned to take advantage of increased opportunities for mergers and acquisitions.

About Athlone Energy Ltd.

Athlone Energy Ltd. is an active junior oil and gas exploration company with core assets in Alberta and Saskatchewan. For further information, please refer to the Company's website: www.athlone.com or alternatively on www.sedar.com.

The term barrels of oil equivalent "boe" may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (6 mcf) to one barrel (1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This information contains forward-looking statements (forecasts) under applicable securities laws. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, and the regulatory and legal environment. Many of these factors can be difficult to predict. As a result, the forward-looking statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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