News

May 2, 2001 - 16:24 ET Antrim Commences Drilling Kauri Wildcat, New Zealand Antrim Commences Drilling Kauri Wildcat, New Zealand

CALGARY, ALBERTA--ANTRIM ENERGY INC. (TSE:AEN) ("Antrim") reports that drilling operations have started on the New Zealand Kauri exploration well, Rimu Permit 38719 (Antrim 5% working interest). The Kauri exploration well is a major (7 kilometre) step-out from the Rimu A-1 discovery well, which tested 1525 barrels of oil per day and 4.8 million cubic feet of gas per day from the Tariki Sandstone. The Kauri well will take an estimated 60 days to drill and evaluate.

Five wells have now been completed in the Rimu drilling program. Three wells have been successfully tested and the remaining two wells, both of which have encountered the same reservoir section as the tested wells, are scheduled to be tested in the coming weeks. Limited production testing is currently underway at the Rimu 'B' pad and extended production testing is expected to commence shortly from the discovery well, Rimu A-1.

Construction of the Rimu oil production and gas processing facilities has begun. These facilities are initially designed to handle 3,500 barrels of oil per day and 10 million cubic feet of natural gas per day and are expected to be completed and operational before year-end. The operator (Swift Energy) has also announced an agreement to sell 38 billion cubic feet of natural gas over a 10-year period to a New Zealand electricity generator, Genesis Power Limited.

The significance of the Rimu discovery is being confirmed with each new successful well. The Kauri exploration well, if also successful, should expand the prospective trend to several times the size of the Rimu development.

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