News

Nov 20, 2000 - 08:45 ET Third Quarter Results for Antrim Energy Inc.

CALGARY, ALBERTA--(CDNX: "AEN") Mr. Stephen Greer, Chairman and CEO of Antrim Energy Inc. announces the financial and operating results for the nine months ending September 30, 2000.

Highlights:

* Gross revenue of $3,952,243, a 543% increase over the same period in 1999.

* Net income of $289,344, a 322% increase over the same period in 1999.

* Net cash flow of $1,085,294, a 546% improvement over the same period in 1999.

* Successful appraisal well drilled in New Zealand.

* Working capital of $3,000,000.

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Year       Income (loss)       Income   Cash Flow      C.F.    Revenue
                         (loss)/Share               /Share

Third Quarter

2000          $  78,729          -       $402,267   $ 0.03  $1,358,663 
1999          $  68,359          -       $118,248   $ 0.01  $  250,124

Fiscal Y.T.D.

2000          $ 289,344        $ 0.02  $1,085,294   $ 0.08  $3,952,243
1999          $(462,492)       $(0.05) $ (243,395)  $(0.02) $  614,879
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Over the period, gross oil and gas revenue totaled $3,952,243, an increase of 543% compared to the $614,879 for the same period in 1999. Net income was $289,344 or $0.02 per share, an improvement of 322% over the net loss of $462,492 or $0.05 per share recorded for the same period in 1999. Cash flow for the first nine months of 2000 was $1,085,294 ($0.08 per common share undiluted), an improvement of 546% recorded for the same period of 1999.

The average selling price for the first nine months of 2000 was $40.50 per barrel of oil equivalent (boe) compared with $22.46/boe for the equivalent period in 1999.

Antrim's average oil and gas sales for the period, mostly oil from Argentina, amounted to 357 boepd, a 292% increase over the equivalent period last year. Average production from Argentina was down from the previous quarter by approximately 43 bopd due to remedial work on one well. This remedial work was successful and the well is now back on production.

Activities during the third quarter included the drilling of a successful appraisal well, Rimu B-1, onshore the Taranaki basin in New Zealand on Permit 38719 (Antrim 5% working interest). On initial tests the well flowed oil, gas and water to surface at unstable rates of up to 1,086 barrels per day, 1.4 million cubic feet per day and 576 barrels per day respectively. The second appraisal well, Rimu B-2, is currently drilling ahead at 3,060m at a location between Rimu B-1 and the discovery well Rimu A-1. Rimu A-1 tested at rates up to 1,525 barrels of oil per day and 4.8 million cubic feet per day in late 1999. A fourth well (Kauri) is scheduled to start drilling the southeastern extension of the Rimu structure early in the first quarter 2001. First production from the Rimu Field is expected in the second quarter 2001.

Commenting on these results, Stephen Greer said "Antrim remains on track with its financial and operating performances to date and is well positioned for substantial growth in the months ahead. We are excited by our initial successful operations in Argentina and encouraged by the recent drilling results in New Zealand."

Subsequent to the end of the third quarter, in Argentina Antrim conducted a successful recompletion operation on the first well in a multi-well workover program in the Puesto Guardian Field (Antrim 40% working interest). The recompleted well, which had been shut-in since 1985, flowed oil to surface from two intervals at a combined rate of 800 barrels of oil per day and 800 barrels water per day. The well has maintained its original reservoir pressure and is currently producing at a restricted rate of 150 bopd pending the delivery of high volume pumping equipment. Antrim has identified an additional thirty wells on this property which are suitable for similar workover operations.

Drilling operations in Tunisia on the Chott Fejaj #3 well, originally expected to commence during the fourth quarter, have been deferred to the second quarter 2001 due to rig availability.

The company remains debt-free.

Antrim is committed to a strategy of growth through high impact global exploration supported by cash flow from our expanding production base.

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
E-mail: greers@antrimenergy.com

or

Antrim Energy Inc.
Keith Scrimger
(403) 264-5111
(403) 264-5113 (FAX)
E-mail: scrimger@antrimenergy.com
Website: www.antrimenergy.com
The Canadian Venture Exchange has neither approved nor disapproved
of the information contained herein.