News

Jan 15, 2002 - 08:32 ET Antrim Energy Inc. Reports Sale of New Zealand Assets

CALGARY, ALBERTA--ANTRIM ENERGY INC. (TSE: "AEN", "Antrim") is 
pleased to announce that it has entered into an agreement with 
Swift Energy Company ("Swift"), whereby Antrim Oil and Gas 
Limited, a wholly-owned subsidiary of Antrim, will sell the entire
interest in its New Zealand assets comprising a 5.0% interest in 
Rimu-Kauri permit PEP 38719 and a 7.5% interest in Huinga permit 
PEP 38716 to Swift Energy New Zealand Limited, a wholly-owned 
subsidiary of Swift. The purchase price of this disposition 
includes 220,000 common shares of Swift, a cash component 
estimated between $880,000 to $960,000 to be finalized at closing 
and equal to permit expenditures incurred and unpaid since October
2001, and the surrender of participation rights in the Rimu 
Production Facilities. Utilizing the January 14, 2002 closing 
price of Swift common shares plus the cash component and an 
ascribed value of the surrendered rights in the Rimu Production 
Facilities results in Antrim receiving a value of approximately 
$10 million. The transaction is expected to close during the first
quarter of 2002 and has an effective date of November 01, 2001. 

Swift is a United States based oil and gas exploration and 
development company with a focus on the development of natural gas
reserves in the US market and continued exploration in New 
Zealand. The common shares of Swift trade on the facilities of the
New York Stock Exchange under the symbol "SFY" (NYSE:SFY). 

Antrim further reports that following the successful drilling and 
completion of its latest well (PG#1001) in Argentina in November 
2001, Antrim's production from the Puesto Guardian Field has 
increased to a current net 500 bopd (an increase of 56% over the 
third quarter 2001 average production rate). 

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.