News

May 31, 2000 - 00:00 ET Antrim Energy Inc. Reports Positive Results for the First Quarter of 2000

CALGARY, ALBERTA--Antrim Energy Inc. (CDNX: "AEN") announces revenues of $1,346,599 for the quarter ended March 31, 2000 ($166,635 for the corresponding quarter of 1999). Production volumes for the quarter amounted to 35,393 boe (390 boe/d) compared to 9,208 boe (102 boe/d in 1999). These results were achieved without recourse to equity market funding and Antrim continues to be debt free.

Operating cash flow for the first quarter amounted to $428,305 ($0.03 per common share) compared to negative $44,824 ($0.00 per common share) in 1999. Income for the period amounted to $170,064 ($0.01 per common share, fully diluted), compared to a loss of $139,601 ($0.01 per common share fully diluted) experienced in the corresponding quarter of 1999.

The increases in production and cash flow during the first quarter of 2000 can be primarily attributed to net production of 307 boe/d from the Company's interest in the Puesto Guardian field in Argentina. Antrim acquired the property in September 1999 and significantly increased production rates through the reporting period. Antrim has also benefited from the higher world oil prices experienced during the first quarter.

OPERATIONS

In January, Antrim drilled and abandoned the slim-hole Cairncastle #2 well in Northern Ireland.

Seismic operations were conducted in the UK and in New Zealand.

Antrim increased its working interest in the Chott Fejaj Permit, Tunisia, from 20% to 30%. Antrim plans to deepen the Chott Fejaj #3 well to 4,250 metres in the 2000 fourth quarter.

In the Czech Republic the planning process to tie in two additional gas wells is continuing. In New Zealand plans are to commence drilling the first appraisal well on the Rimu oil discovery in July. Rimu #1A (Antrim 5% W.I.) tested at rates up to 1525 bbls of crude oil and 4.8 MMcf of natural gas per day in December 1999. In Argentina, modifications to surface facilities and minor downhole work were conducted in preparation for a more extensive workover program.

FINANCIAL

Antrim sold substantially all of its remaining Canadian producing interests, representing 51 boe/d, effective March 1, 2000 for proceeds of $965,000.

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
Website: www.antrimenergy.com

or

Antrim Energy Inc.
Keith Scrimger
(403) 264-5111
(403) 264-5113
E-mail: scrimger@antrimenergy.com
The Canadian Venture Exchange has neither approved or disapproved
of the information contained herein.