News

Mar 2, 2000 - 00:00 ET Antrim Energy Inc. Reports on Recent Successes in New Zealand, Argentina and Other Activities to March 1, 2000

CALGARY, ALBERTA--Antrim Energy Inc. (CDNX:AEN) reports that following the oil discovery in New Zealand at Rimu 1A in late 1999, on PEP 38719 (Antrim 5% working interest), seismic acquisition operations continue, both onshore and offshore. The results of the seismic will be incorporated in plans for further appraisal and development drilling later in 2000, designed to accelerate early commercial production from the field.

Antrim, as Operator, reports the abandonment of the slim-hole Cairncastle 2 stratigraphic test on the onshore Larne licence, Northern Ireland. The slim-hole was drilled to a depth of 670.5m into the Triassic Sherwood sandstone. Antrim was fully carried through the costs associated with drilling this well. Antrim retains a 50% working interest in the well and licence after third party farmin obligations have been met. The Triassic Sherwood is a major regional play and is well known as the prolific gas and oil reservoir in the East Irish Sea Basin, approximately 100 km to the southeast of the Larne licence and the recent discovery of the 1 Tcf Corrib discovery off the west coast of Ireland

Antrim is also a participant (10% carried working interest) in a recent successful re-entry and oil discovery in the previously abandoned New Plymouth 4 well situated in PEP 38464, onshore Taranaki Basin, New Zealand. The Operator, Geosphere Exploration Limited, reports initial operations have resulted in the swabbing of 30 barrels of oil over a three hour test period. The New Plymouth 4 well was drilled in 1976 to appraise the shallow reservoirs in the Motoroa oilfield, which have never been evaluated using modern drilling and completion techniques.

Antrim has increased its working interest from 20% to 30% in the Fejaj Permit onshore Tunisia where the joint venture plans to deepen the previously suspended Chott Fejaj #3 from a cased hole depth of 3,532m to 4,500m during the fourth quarter of 2000. The well is positioned to penetrate a large seismically defined structure containing lower Mesozoic and Paleozoic (Triassic and older) proven oil and gas reservoirs in the area. The gas reserve potential of the Chott Fejaj structure exceeds 1 Trillion cubic feet.

In Argentina, Antrim has increased the oil production rate from the Puesto Guardian property (Antrim 40% working interest) by 23% to a net 315 bopd. A two-month workover program to further enhance production is planned to begin in April this year.

Effective March 1, 2000, Antrim has sold its remaining interests in producing properties at Swan Hills and Peco, Alberta, representing approximately 50 boepd. The proceeds of the sale will be applied to the cost of the extensive workover program planned in Argentina.

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.

Antrim Energy Inc. is a Calgary based exploration and production company with oil and gas interests in Canada, New Zealand, Europe, North Africa and Latin America.


FOR FURTHER INFORMATION PLEASE CONTACT:

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

or

Antrim Energy Inc.
Keith Scrimger
(403) 264-5111
scrimger@antrimenergy.com
or

Antrim Energy Inc.
Keith Scrimger
(403) 264-5111
scrimger@antrimenergy.com