News

May 29, 2001 - 16:51 ET Antrim Energy Inc. Reports Results for First Quarter of 2001

CALGARY, ALBERTA--Antrim Energy Inc. (TSE: "AEN") "Antrim" 
announces that oil production in Argentina for the first quarter 
of 2001 amounted to 30,390 barrels (338 bopd) compared to 27,900 
barrels (307 bopd) in the corresponding quarter of 2000, 
contributing to gross revenues of $1,296,519 compared to 
$1,346,599 in 2000. The remainder of the company's revenue was 
derived from gas production in the Czech Republic and amounted to 
$86,490 in the first quarter compared to $146,959 in 2000.  The 
decline in revenue from the Czech Republic resulted from 
mechanical well problems, which have now been solved.  The 
decrease in total revenue was primarily caused by a sale of 
Canadian production, which occurred close to the end of the first 
quarter of 2000. 

Operating cash flow for the quarter amounted to $296,660 ($0.02 
per share), compared to $428,305 ($0.03 per share) in the first 
quarter of 2000.  Net income for the quarter ended March 31, 2001 
amounted to $24,158 ($0.00 per common share) compared to $170,064 
($0.01 per common share) in the first quarter of 2000. 

At the end of the quarter Antrim had working capital of 
$2,909,377, compared to $3,994,963 at the end of 2000.  Capital 
expenditures were made on production facilities, drilling and 
testing in New Zealand. 

In New Zealand, drilling and testing operations on the Rimu oil 
trend (PEP 38719 - Antrim 5% working interest) continued to be 
successful.  Two appraisal wells were drilled.  The first 
appraisal well on the 'A' pad (Rimu A-2) was cased for later 
testing of the Upper Tariki Sandstone and Rimu Limestone 
intervals.  The second appraisal well from the 'A' pad (Rimu A-3) 
commenced drilling during the quarter.  A-3 has since been cased 
to a depth of 3,675 metres in preparation for production testing. 
Wireline logs indicate a section at least 20 metres thick of 
potential oil-bearing pay in the Upper Tariki Sandstone.  On the 
'B' pad, additional testing of the Rimu B-1 well resulted in a 
stabilized rate of 505 barrels of 46-degree API gravity crude oil 
and 2.8 MMcf of gas per day from the Rimu Limestone. 

Subsequent to quarter end, the company's high impact exploration 
program continued with the spudding of the Kauri well, a 
7-kilometre stepout from the initial Rimu A-1 discovery well which
tested 1,525 bopd and 4.5 MMcf of natural gas per day.  Kauri is 
expected to intersect the oil bearing Rimu reservoirs at 
structurally higher elevations than the previous wells.  This well
is currently drilling ahead at 2,180 metres.  Design and 
construction of the Rimu oil production and gas-processing 
facilities has begun.  These facilities are initially designed to 
handle 3,500 bopd and 10 MMcf of natural gas per day and are 
expected to be completed and operational before year-end.  The 
modular design of these facilities will allow the operator to 
increase the operating capacity at a later date to 7,500 bopd and 
18 MMcf of gas per day.  The operator (Swift Energy) has also 
announced an agreement to sell 38 Bcf of natural gas over a 
10-year period to a New Zealand electricity generator, Genesis 
Power Limited. 

Finding costs in New Zealand amount to C$2.27/boe based on an 
independent engineering report (January 1, 2001) on a proven plus 
risked (50%) probable reserve of 1.3 million boe net to Antrim's 
interest. 

In Argentina, oil production rates from the Puesto Guardian field 
(Antrim 40% working interest) increased to 338 bopd for the first 
quarter 2001 from 307 bopd during the first quarter of 2000.  
However, significant new field operations were delayed due to 
seasonal rains.  An independent engineering report indicates 
remaining recoverable reserves at January 1, 2001 were 1.6 million
barrels (proven plus risked (50%) probable) net to Antrim's 
interest. 

The deepening of the Chott Fejaj #3 well in Tunisia, has been 
delayed until later in 2001 due to the high demand for drilling 
rigs in the region.  The Chott Fejaj #3 was previously cased and 
suspended at a depth of 3,532 metres (700 metres above the primary
reservoir target).  The deepening operation will penetrate the 
sealing salt section present at current depth and drill a large 
structural closure expected to contain Triassic and Paleozoic 
reservoirs.  These objectives are prolific gas and oil producers 
in Algeria, Tunisia and Libya.  Antrim has increased its working 
interest to 34.286% in this prospect.  

In Australia, seismic reprocessing on WA-306-P has confirmed the 
Causeway prospect. Causeway is a 4,000-acre structural closure at 
the primary reservoir level (Jurassic sandstone).  The structure 
is defined by a grid of closely spaced seismic data. Satellite 
imaginary has also identified natural oil slicks over the area of 
Antrim's permits (WA-306-P and WA-307-P: Antrim 37.5% working 
interest and Operator). 

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

or

Antrim Energy Inc.
Keith Scrimger
Chief Financial Officer
(403) 264-5111
(403) 264-5113 (FAX)
Email: scrimger@antrimenergy.com
Website: www.antrimenergy.com