News

Nov 19, 2001 - 09:01 ET Antrim Energy Inc. Reports Financial Results and Updates Operations

CALGARY, ALBERTA--ANTRIM ENERGY INC. (TSE: "AEN" & "AEN.WT", 
"Antrim") produced 340 boepd for the nine month period ended 
September 30, 2001 and received an average field selling price of 
$38.02 per boe resulting in revenue of $3.5 million and cash flow 
from operations of $256,091.  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. 

In the first nine months of fiscal 2001 Antrim expended $4.4 
million primarily towards drilling and completion operations in 
New Zealand and Argentina, as well as continued seismic work on 
the evolving offshore Western Australian Permits.  In the third 
quarter, as announced previously, Antrim closed a private 
placement financing on August 16, 2001 whereby 4,715,000 Special 
Warrants were issued at a price of $1.25 per Special Warrant for 
gross proceeds of $5.9 million.  As at September 30, 2001 the 
Company had working capital of $5.1 million as compared to $4.0 
million at fiscal 2000 year-end. 

In late 2000 Antrim purchased a Put Option contract which provides
a floor price of US$21.00 per barrel on a volume of 300 bopd.  
This contract expires on December 31, 2001 and will limit Antrim's
downside price risk until year-end. 

Operations 

In Argentina (Antrim 40% working interest) the drilling of the 
Puesto Guardian #1001 development well was completed and placed on
initial production in early November 2001 at an average rate of 
370 bopd (148 bopd net to Antrim). 

In New Zealand, (PEP 38719 - Antrim 5% working interest), the 
Kauri A-2 well was completed and on initial testing produced at 
rates up to 133 boepd of 16-degree API gravity oil.  Additional 
testing commenced November 11, 2001.  Operations on the Kauri A-1 
well have been suspended following initial testing of the Upper 
Tariki sand and two zones in the Kauri sands.  The Upper Tariki 
flowed at rates up to 109 barrels of 34-degree API gravity oil per
day and 223 Mcfpd of gas with minimal amounts of water.  Tests of 
the lowermost two zones in the Kauri sands yielded water with 
minor amounts of oil. 

The Rimu B-3A well is presently drilling ahead at 3,211 metres.  
The initial wellbore failed to intersect the Upper Tariki and 
Upper Rimu reservoir objectives and was plugged back to 1,508 
metres.  The well trajectory is now directed at evaluating the 
Lower Tariki and Lower Rimu southwest of the Rimu "B" pad. 

Production from New Zealand will be reported by Antrim once the 
Rimu Production Facilities, presently under construction, are 
commissioned, which is anticipated to occur in early 2002. 

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 remain delayed pending receipt of a 
drilling rig. 

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)
Email: greer@antrimenergy.com
Website: www.antrimenergy.com

or

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