News

May 2, 2002 - 18:24 ET Antrim Energy Inc. Reports 2001 Financial Results

CALGARY, ALBERTA--ANTRIM ENERGY INC. (TSE:AEN) ("Antrim") exited 
fiscal 2001 in a strong financial position with December 31, 2001 
working capital of $4.2 million, which included cash of $4.9 
million, and no debt. Subsequent to year-end management closed a 
transaction by which the Company disposed of the entire interest 
in its New Zealand assets to Swift Energy Company ("Swift"), a 
public company listed on the N.Y.S.E., for total consideration of 
approximately $7.5 million comprised of 220,000 common shares of 
Swift and a cash component of approximately $840,000. 

The strategic disposition of the New Zealand assets has increased 
the Company's current working capital to approximately $10.0 
million with no debt. The considerably strengthened financial 
position of Antrim, in conjunction with the positive cash flow 
generated from its current production of approximately 500 barrels
of oil per day, provides the Company with increased financial 
flexibility to pursue its existing inventory of high impact 
international exploration prospects in Tunisia, Tanzania and 
Australia, and the ongoing sucessful exploitation of the Puesto 
Guardian oil field in Argentina. The profitable exit from New 
Zealand is a demonstration of management's expertise in 
effectively providing shareholders an exposure to international 
prospects with material tangible results. In the next twelve 
months, Antrim will continue to expose shareholders to various 
exciting opportunities from its current properties and will 
endeavour to capitalize on potential corporate and asset 
opportunities which are likely to arise with the Company's 
enviable, and improving, financial position. 


/T/

Financial Results ($000's except per share amounts)     2001       2000
---------------------------------------------------
Revenue                                                4,502      5,341
Cash flow from operations                                831        953
     Per share                                          0.05       0.07
Earnings (loss) prior to non-recurring items             873        (82)
     Per share                                          0.05      (0.01)
Net earnings (loss)                                   (3,239)       (82)
     Per share                                         (0.19)     (0.01)

Capital expenditures                                   5,873      2,825
Debt                                                     nil        nil

Common shares outstanding (000's)
---------------------------------
Basic                                                 19,965     14,973
Diluted                                               24,311     17,127
Weighted average                                      16,960     13,003

Operating
---------
Production (boepd)                                       358        393
Price ($/boe)                                          34.43      37.25

/T/

Management believed it was prudent to institute a non-cash 
impairment charge on the Company's assets in Argentina, which was 
based on the realized year-end crude oil price of $25.03 
(US$15.77) per barrel. This adjustment is a non-recurring item and
will enhance future earnings as a result of material decreases to 
future depletion provisions.  

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 Matkaluk
CFO
(403) 264 5111
(403) 264 5113 (FAX)
Email: rjm@antrimenergy.com