News

Oct 15, 2001 - 08:30 ET Antrim Announces Successful Bid In Argentina

CALGARY, ALBERTA--ANTRIM ENERGY INC. (TSE: "AEN" "Antrim") is pleased to report the Secretary of Energy and Mining has resolved to grant Antrim an Exploration Permit, Yacimiento Norte 1/B Block (the 'Capricorn Permit') in Argentina, immediately adjacent to Antrim's producing oil field at Puesto Guardian.

The Capricorn Permit (2.02 million acres, Antrim 100% working interest) is strategically located in Argentina's North West Basin, an area that currently produces more than 20,000 bbls oil and 800 million cubic feet of gas per day. Initial reserves in this basin exceeded 350 million barrels of oil and 7.5 Tcf natural gas. The basin contains 3 fields each with recoverable reserves of over 1 Tcf and 50 MMbbls. The Capricorn Permit completely encloses Antrim's producing oilfield (Puesto Guardian, Antrim 40% working interest) and is offset by larger producing fields in the northeast such as Ramos which contained initial reserves of 3.1 Tcf and 62 MMbbls and to the southwest by the basin's largest oilfield Caimancito, which has produced over 90 MMbbls oil and 100 Bcf and at its peak produced more than 30,000 bbls of oil and 40 million cubic feet of gas oil per day.

The North West Basin is well served by oilfield services and contains an extensive network of gathering and transmission pipelines, storage and transport facilities, processing plants and a significantly under utilized refinery with capacity of 33,000 bbls oilper day.

In addition to acquiring the Permit, Antrim has also acquired the rights to approximately 17,000 km of seismic data, which the Company has already used to identify several large undrilled subsurface features. Some of these features are extensions of existing structural trends and others are potential new field discoveries. As part of Antrim's work commitment the Company will reprocess some of the existing data and shoot an additional 200 km of seismic data to define targets for a 2002 drilling program.

Stephen Greer (Chairman & CEO): "The acquisition of the Capricorn Permit represents an important element in Antrim's strategy in Argentina which is to pursue a program of balanced acquisition, exploitation and exploration with the objective of becoming the dominant player in this area. The initial 100% working interest will ensure that Antrim maintains control of operations in an area where the Company already has extensive knowledge and experience of operations and production, and where there exists ready markets with established transport and refining infrastructure. The acquisition of the Permit also gives the Company access to some very attractive drilling targets in an area where the Company now controls an acreage position, including the producing Puesto Guardian oilfields, which is equivalent in size to over 100 Canadian Townships. In essence, Antrim will seek to duplicate its drilling success recently achieved in New Zealand at a much higher interest level in Argentina".

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

Certain statements contained in this press release may be considered as "forward looking". Such "forward looking" statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.

Updated information about Antrim can be accessed on its website: www.antrimenergy.com


FOR FURTHER INFORMATION PLEASE CONTACT:

Antrim Energy Inc.
Stephen Greer
Chairman & CEO
(403) 264-5111
(403) 264-5113 (FAX)
E-mail: greer@antrimenergy.com
Website: www.antrimenergy.com

or

Antrim Energy Inc.
Keith Skipper
Executive Vice President
(403) 264-5111
(403) 264-5113 (FAX)
E-mail: skipper@antrimenergy.com
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this Release.