News

Oct 12, 2000 - 08:29 ET Antrim Shareholders Rights Offering

CALGARY, ALBERTA--ANTRIM ENERGY INC. (CDNX.AEN) is pleased to announce today that, subject to final regulatory approval, it is proceeding with a Rights Offering whereby it will issue to the holders of its outstanding Common Shares of record at the close of business on October 27, 2000, rights (Rights) to subscribe for Units of the Company, each Unit consisting of one (1) Common Share and one-half of one (1/2) Common Share purchase warrant. One Right will be issued for every Common Share held as of October 27, 2000. Six (6) Rights will entitle the holder to subscribe for one (1) Unit at a price of $1.00 per Unit on or before 4:00 p.m. (Toronto time) on November 30, 2000. Each whole Common Share purchase warrant entitles the holder thereof to purchase one (1) Common Share at a price of $1.50 on or before November 30, 2001. Holders who exercise their Rights in full will be entitled to subscribe for additional Units, if any remain available, on a pro rata basis. Under the Rights Offering, Rights will only be delivered to, and subscriptions for Units will on be accepted from, resident of the Provinces of Alberta, British Columbia, Saskatchewan, Manitoba and Ontario.

If fully subscribed, the Rights Offering will raise approximately $2,000,000 which will be used to partially fund Antrim's planned development of its Puesto Guardian Field in Argentina in which Antrim has a 40% working interest.

CIBC Mellon Trust Company has been appointed the subscription agent for the Rights Offering.

Jennings Capital Inc. has agreed to manage the solicitation of the exercise of Rights.

An Offering Circular, in respect of the Rights Offering, will be mailed to shareholders of record on October 27, 2000 as soon as practicable after that date.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.


FOR FURTHER INFORMATION PLEASE CONTACT:

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

or

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