News

Apr 18, 2000 - 00:00 ET Antrim Energy Inc. Announces Improved Results & Significant New Zealand Discovery For 1999

CALGARY, ALBERTA--Antrim Energy Inc. (CDNX "AEN") announces a revenue increase of 350% to $1,763,214 for 1999 ($502,828 in 1998). Production volumes for 1999 were up 260% to 62,257 Boe (171 Boe/d) compared to 23,671 Boe (65 Boe/d) in 1998. These results were achieved without recourse to equity market funding and Antrim continues to be debt free, with working capital of $2.9 million at the end of 1999.

Operating cash flow, before changes in working capital during 1999, improved by 33% to negative $415,405 ($0.04 per common share) compared to negative $631,330 ($0.07 per common share) in 1998. Loss for the year amounted to $1,198,592 ($0.10 per common share, fully diluted), compared to $1,139,633 ($0.13 per common share, fully diluted) in 1998.

Fourth quarter results reflect substantial improvement in production and netbacks. For the fourth quarter of 1999, production amounted to 40,382 Boe (439 Boe/d) compared to 8,004 Boe (87 Boe/d) in the fourth quarter of 1998. Netback from oil and gas production operations (before general administrative expenses and depletion depreciation and amortization expenses) amounted to $617,495 compared to $348,041 for the first nine months of the year. The increases in production and netbacks in the fourth quarter of 1999 are attributable to higher oil production in Argentina, new gas coming on stream in the Czech Republic and to improved world oil prices during the quarter.

Antrim is pleased to announce that further drilling will take place on the Company's recent oil discovery in New Zealand. Commencing in July of this year Antrim will participate in the drilling of two appraisal wells offsetting the Rimu 1A discovery. This discovery tested 1525 Bopd of 44 degree API oil and 4.8 Mmcf/d from a 132-foot pay interval in the Tertiary Tariki sandstone. Antrim has a 5% working interest in this world class discovery. Production is anticipated to commence in December 2000.

Antrim continues to develop its production and exploration activities in Europe, North Africa, and Latin America.

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

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


FOR FURTHER INFORMATION PLEASE CONTACT:

Antrim Energy Inc.
Stephen Greer
(403) 264-5111
(403) 264-5113 (FAX)
E-mail: greers@antrimenergy.com
Website: www.antrimenergy.com

or

Antrim Energy Inc.
Keith Scrimger
(403) 264-5111
(403) 264-5113 (FAX)
E-mail: scrimger@antrimenergy.com