News

Jul 23, 2001 - 12:21 ET Antrim Energy Inc. Reports Significant Oil Shows from Four Zones in the New Zealand Kauri A-1 Well

CALGARY, ALBERTA--ANTRIM ENERGY INC. (TSE: "AEN" & "AEN.WT", 
"Antrim") reported today that the Kauri A-1 well in New Zealand 
(PEP 38719, Antrim 5% working interest) has reached its planned 
total depth of 4,500 metres. Several significant 
hydrocarbon-bearing intervals have been encountered in this well 
at various depths. The well will be logged and additional 
production casing set to a depth of 3,500 metres. This will be 
followed by extensive testing and evaluation of selected 
intervals. 

The initial hydrocarbon-bearing interval was encountered in the 
Manutahi Sandstone (1,142m to 1,232m) with an oil column extending
over a 17 metre interval with porosities ranging up to 27% and 
permeability up to 800 millidarcies. A second hydrocarbon-bearing 
interval was encountered in the Kauri Sandstone (2,888m to 3,154m)
with oil shows extending over a gross interval of approximately 
266 metres. The third and fourth hydrocarbon-bearing intervals 
were encountered in the Tariki Sandstone (3,397m to 3,406m) and 
the Rimu Limestone (3,441m to 3,451m). The well did not penetrate 
the sedimentary section below a second thrust fault present in the
Rimu area. 

The Operator currently plans to contract a second drilling rig to 
evaluate the shallow Manutahi Sandstone and move the larger Kauri 
drilling rig back to the Rimu B pad to continue the delineation of
the Rimu area and prepare for the commencement of production 
operations by the end of the year. The next exploratory well to 
test the deeper targets at Kauri will be planned following a 
complete evaluation of the prospective intervals in Kauri A-1. 

Stephen Greer, Chairman and CEO of Antrim Energy, said that, "The 
Kauri A-1 well has re-confirmed our view that the Rimu - Kauri 
structure is a 'world class discovery' with multiple oil and gas 
bearing intervals occurring over an extensive area. The discovery 
of two additional relatively thick and shallow oil and gas bearing
intervals, the Manutahi Sandstone and the Kauri Sandstone, will 
add significantly to the value of what is essentially now a 
development project. 

Antrim holds a 5% working interest in PEP 38719 and the Kauri 
well. The other permit holders are Swift Energy New Zealand Ltd. 
(Operator, 90%) and Bligh Oil and Minerals Ltd. (5%).  

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