News

May 24, 2002 - 13:31 ET Antrim Energy Inc. Reports Financial Results and Updates Operations

CALGARY, ALBERTA-Antrim Energy Inc. (TSE: "AEN") ("Antrim") 
produced 471 boepd for the three month period ended March 31, 2002
and received an average field selling price of $25.03 per boe 
resulting in revenue of $1.1 million and cash flow from operations
of $177,542. Net income for the first quarter of 2002 was 
$2,621,712, which included a gain on disposition of petroleum and 
natural gas properties in the amount of $2,769,484.  

As at March 31, 2002 the Company had working capital of 
approximately $11.2 million as compared to $4.2 million at fiscal 
2001 year-end. This $7.0 million increase in working capital is 
primarily attributable to the March 2002 disposition of Antrim's 
New Zealand assets. The profitable exit from New Zealand has 
strengthened the financial position of the Company and provides 
increased financial flexibility to fund Antrim's existing 
expenditure requirements for the remainder of fiscal 2002.  


/T/

                                                  Three Months Ended
                                                        March 31
                                                  -------------------
Financial Results ($000's except per share amounts)  2001       2000
---------------------------------------------------------------------
Revenue                                             1,061      1,297
Cash flow from operations                             178        282
 Per share                                           0.01       0.02
Income (loss) prior to non-recurring items           (148)        24
 Per share                                          (0.01)      0.00
Net income (loss)                                   2,622         24
 Per share                                           0.13       0.00
Capital expenditures                                  633      1,367
Debt                                                  nil        nil
                                                                    
Common shares outstanding (000's)                                   
---------------------------------------------------------------------
Basic                                              19,991     14,973
Diluted                                            24,337     17,167
Weighted average                                   19,978     14,973
                                                                    
Operating                                                           
---------------------------------------------------------------------
Production (boepd)                                    471        368
Price ($/boe)                                       25.03      39.13
Netback ($/boe)                                     17.12      22.06

/T/

Operations 

In Argentina, oil production from the Puesto Guardian field 
(Antrim 40% working interest) continued to increase from 338 bopd 
during the first quarter 2001 to 455 bopd net to Antrim during the
first quarter 2002.  Following completion of one development well 
in November 2001, production rates have been sustained at a gross 
level of 1,100 - 1,200 bopd; a rate not seen on this property 
since 1989.  An independent engineering report indicates remaining
recoverable reserves at January 1, 2002 were 1.6 million barrels 
(proven plus 50% risked probable) net to Antrim.  In early January
2002, the Argentine government mandated that all existing U.S. 
dollar denominated domestic sales agreements be settled in 
Argentine pesos.  As part of this mandate, affected parties are 
negotiating an equitable sharing of the impact of devaluation.  
For Antrim, many of these negotiations are completed and others 
are nearing completion, taking current conditions into account.  
The impact of this mandate on Antrim is reduced due to the 
majority of our operating costs being valued in pesos while our 
oil sales were U.S. dollar denominated.  For the drilling of the 
PG #1001 well in 2001, Antrim and partners had agreed with the 
vendors in October 2001 to pay for the majority of well costs from
excess production revenue.  At the end of April 2002, a 
substantial portion of these costs was settled and we expect 
excess cash flow from our Argentina operations.  This excess cash 
flow cannot be repatriated at the present time.  A portion of the 
projected and presently "captive" cash flow is planned for 
reinvestment within the Puesto Guardian field.  Antrim is 
cooperating with government and industry stakeholders to provide 
for repatriation in the future.  Antrim's Argentine subsidiary, 
Netherfield Corporation, has no outstanding indebtedness to Antrim
Energy Inc. 

In Tunisia, a rig is being contracted to deepen the Chott Fejaj #3
well (Antrim 34.2864% working interest).  Antrim, through the 
operator of the Fejaj Joint Venture (Bligh Tunisia, Inc.) has 
joined a consortium of companies that will import a rig into 
Tunisia.  The rig is expected in Tunisia during June to commence 
operations on the first well in the drilling group's schedule.  
Antrim now expects the deepening operations on the Chott Fejaj #3 
well to commence in the second half 2002.  The Chott Fejaj #3 well
was initially cased and suspended at a depth of 3,532m in December
1998 after encountering the sealing salt section above the primary
Triassic and older Paleozoic sandstone objectives.  The well will 
be deepened initially to 4,250m to test a large structural 
prospect in the Melrhir basin, the Tunisian portion of the 
prolific Triassic "Ghadames" petroleum province of Algeria, 
Tunisia and Libya. 

In Australia, seismic reprocessing and mapping has confirmed the 
presence of a number of prospects and leads along an 80 kilometre 
trend over the area of Antrim's permits (WA-306-P and WA-307-P: 
Antrim 37.5% working interest and Operator).  The Galapagos 
(formerly Causeway) prospect on WA-306-P remains a viable drilling
candidate defined by a grid of closely spaced seismic data.  
Galapagos is a 4,000-acre structural closure at the primary 
reservoir level (Jurassic sandstone).  Additional prospects with 
similar reservoir objectives have also been defined at Galapagos 
South and Shark (WA-307-P).  Antrim plans to acquire additional 
seismic data over this large trend later in 2002. 

In Tanzania, Antrim reached an agreement with the Tanzanian 
Petroleum Development Corporation ("TPDC") to lift "force majeure"
on the Pemba-Zanzibar Production Sharing Contract ("PSA") 
effective April 19, 2002.  Antrim holds 100% working interest in 
the concession  (consisting of 3,500,000 net acres) and is the 
Operator.  The PSA was initially granted for a term of four years 
in 1997 but a mutually agreed "force majeure" was declared in 1998
when Antrim was denied access to the islands of Zanzibar and 
Pemba.  The original PSA was awarded to Antrim on the basis that 
it would acquire seismic and drill a well during a four-year 
exploration period at a committed cost of US$7.5 million.  Antrim 
has now commenced exploration activities. 

Antrim is committed to a strategy of growth through high impact 
global exploration. 

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

or

Antrim Energy Inc.
Randal Matkaluk
Chief Financial Officer
(403) 264 5111
(403) 264 5113 (FAX)
Email: rjm@antrimenergy.com