News

Aug 29, 2000 - 13:00 ET Antrim Energy Inc. Reports Continued Growth for First Half of 2000

CALGARY, ALBERTA--(CDNX: "AEN") Mr. Stephen Greer, Chairman and CEO of Antrim Energy Inc. announces for the six months ended June 30, 2000 gross oil and gas revenue totalled $2,593,580 an increase of 611% compared to the $364,755 for the first half of 1999. Net income for the first six months of 2000 was $210,615 or $0.02/share, an improvement of 310% over the net loss of $530,851 or $0.05/share recorded for the same period of 1999. Cash flow for the first six months of 2000 was $683,027, an improvement of 289% recorded for the same period of 1999.

Average field selling price for the first six months of 2000 was $37.80/boe compared with $19.97/boe for the equivalent period of 1999.

OPERATIONS

Antrim's average oil and gas sales for the first six months, mostly oil from Argentina, amounted to 376 boep/d, a 276% increase over the equivalent period last year. Modifications to surface facilities and downhole work in Argentina continued to enhance oil production at very low cost. A more extensive workover program is planned to commence in the third quarter 2000.

In New Zealand a rig has been contracted to drill up to three wells on PEP 38719 (Antrim 5% W.I.), the site of the 1999 Rimu oil discovery, which tested 1600 barrels of oil and 5 million cubic feet of gas a day. Drilling operations on the first well (Rimu B-1), an appraisal to the discovery well, commenced July 18th.

Onshore and offshore seismic operations comprising 114 km of 2D data were successfully completed on the Kauri prospect adjacent to the New Zealand Rimu oil discovery. A 3D survey was completed on PEDL 023, East Midlands, onshore UK, offsetting the Kelham Hills oil pool.

Antrim will participate (30% W.I.) in the deepening to 4500m of the Chott Fejaj #3 well in Tunisia, North Africa, planned for the 2000 fourth quarter. The Chott Fejaj structure has the potential to contain world class resources of wet gas in Late Triassic (TAGI) and Permian reservoirs at depths of 3750 to 4500m. These reservoirs host giant accumulations of oil and gas in southern Tunisia, Algeria and Libya.

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

Updated information about Antrim can be accessed on its 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

or

Antrim Energy Inc.
Keith Scrimger
(403) 264-5111
E-mail: scrimger@antrimenergy.com
Website: www.antrimenergy.com
The Canadian Venture Exchange has neither approved nor disapproved
of the information contained herein.