News

Aug 31, 2001 - 12:59 ET Antrim Energy Inc. Reports Financial Results And Updates Operations

CALGARY, ALBERTA--ANTRIM ENERGY INC. (TSE: "AEN" & "AEN.WT", 
"Antrim") produced 350 boepd for the six month period ended June 
30, 2001 and received an average field selling price of $38.33 per
boe resulting in revenue of $2.4 million, cash flow from 
operations of $223,352 and a net loss of $262,537.  Test 
production at rates up to 60 bopd net to the Company from the New 
Zealand Rimu discovery have not been included in these reported 
production and revenue amounts.  Production from New Zealand will 
be reported by Antrim as production and revenue once the Rimu 
Production Facilities, presently under construction, are 
commissioned, which is anticipated to occur by year-end 2001. 

As at June 30, 2001 the Company had working capital of 
approximately $2.0 million as compared to $4.0 million at fiscal 
2000 year-end.  In the first six months of fiscal 2001 Antrim 
expended $2.3 million primarily towards ongoing drilling and 
completion operations in New Zealand.  As announced previously, on
August 16, 2001 Antrim closed a private placement financing 
whereby 4,715,000 Special Warrants were issued at a price of $1.25
per Special Warrant for gross proceeds of $5.9 million.  Current 
working capital after taking into consideration the net proceeds 
of this financing is expected to be approximately $7.3 million and
will be sufficient to fund the Company's expenditure requirements 
for the remainder of fiscal 2001. 

Operations 

In Argentina (Antrim 40% working interest), workovers and other 
activities planned for the second quarter were delayed.  
Operations commenced on August 21, 2001 for a development well, 
Puesto Guardian #1001, which is presently drilling ahead at a 
depth of 858 metres.  The well is expected to reach a total depth 
of 3,500 metres in late September.  Additional workover operations
on existing shut-in oil wells are planned before year-end 2001. 

In New Zealand (PEP 38719 - Antrim 5% working interest), the Rimu 
B-3 well was spudded on August 20, 2001 and is currently drilling 
ahead at a depth of 1,762 metres.  The well is being drilled as a 
directional well to an expected depth of 3,900 metres to intersect
oil reserves in the Tariki Sandstone north-northwest of the Rimu 
"B" pad. 

Preparations are also underway for the drilling of the Kauri A-2 
well.  This well will be drilled to a depth of 1,300 metres to 
evaluate the most shallow oil zone intersected by the Kauri A-1 
well.  Following completion of drilling operations on the Kauri 
A-2 well, a multi-zone testing program will commence on both Kauri
A-1 and A-2.  Production testing operations continue on previously
drilled wells from the Rimu "A" and "B" pads.  

In Tunisia, plans to deepen the Chott Fejaj #3 well (Antrim 
34.286% working interest)from the currently suspended depth of 
3,532 metres to 4,500 metres before year-end 2001 remain delayed 
pending the receipt of a drilling rig.  The deepening operations 
are planned to intersect the Late Triassic and older reservoirs 
between the depth interval of 3,750 metres to 4,500 metres.  These
reservoirs host giant accumulations of oil and gas in southern 
Tunisia, Algeria and Libya. 

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.
Keith Skipper
Executive Vice President
(403) 264-5111
(403) 264-5113 (FAX)
E-mail: skipper@antrimenergy.com
Website: www.antrimenergy.com

or

Antrim Energy Inc.
Randal J. Matkaluk
Chief Financial Officer
(403) 264-5111
(403) 264-5113 (FAX)
E-mail: rjm@antrimenergy.com
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.