News

Aug 28, 2002 - 15:05 ET Antrim Energy Inc Reports Financial Results and Updates Operations

CALGARY, ALBERTA--Antrim Energy Inc (TSX: "AEN", Antrim) is 
pleased to report strong operational and financial results for the
six-month period ended June 30, 2002. 

As at June 30, 2002 the Company had working capital of 
approximately $10.2 million as compared to $4.2 million at fiscal 
2001 year-end. This $6.0 million increase 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 commitments. 

Antrim produced 458 boepd for the six month period ended June 30, 
2002 and received an average field selling price of $31.39 per boe
resulting in revenue of $1.5 million and a cash flow from 
operations deficiency of $43,026. Cash flow was negatively 
impacted by foreign exchange losses which resulted mainly from 
currency devaluation issues in Argentina combined with a weaker 
U.S. dollar relative to the Canadian dollar. Net income for the 
first half of 2002 was $1,557,485, which included a gain on 
disposition of petroleum and natural gas properties in the amount 
of $2,769,484. 


/T/

                                    Three Months Ended  Six Month Ended
                                         June 30            June 30    
                                    ------------------  ---------------
Financial Results                                                      
($000's except per share amounts)      2002     2001      2002    2001 
--------------------------------      -----    -----      ----    ---- 
Revenue                               1,540    1,132     2,601   2,428 
Cash flow (deficiency) from                                            
 operations                            (221)     (58)      (43)    223 
  Per share                           (0.01)   (0.01)    (0.01)   0.02 
Income (loss) prior to non-recurring                                   
 items                                 (525)    (287)     (673)   (263)
  Per share                           (0.03)   (0.02)    (0.03)  (0.02)
Net income (loss)                    (1,064)    (287)    1,557    (263)
  Per share                           (0.05)   (0.02)     0.08   (0.02)
Working capital                      10,155    1,964    10,155   1,964 
Capital expenditures                    283      939       915   2,306 
Debt                                    nil      nil       nil     nil 
                                                                       
Common shares outstanding (000's)                                      
--------------------------------                                       
Basic                                20,013   15,202    20,013  15,202 
                                                                       
Operating                                                              
---------                                                              
Production (boepd)                      445      333      458      350 
Product prices ($/boe)                38.06    37.36    31.39    38.28 
Royalties ($/boe)                      4.98     4.27     3.77     4.86 
Operating expenses ($/boe)             8.13    10.52     6.68    11.11 
Operating netback ($/boe)             24.95    22.57    20.94    22.31 

/T/

First half 2002 production averaged 458 boepd, an increase of 31% 
over the equivalent period in 2001. Current production is 
approximately 500 boepd. 

In Argentina, oil production from the Puesto Guardian field 
(Antrim 40% working interest) in the first half of 2002 was 438 
bopd, an increase of 30% over the comparable period in 2001. 
Subsequent to the completion of the Puesto Guardian #1001 well in 
November 2001, the well has produced a cumulative 100,000 barrels 
of oil (to end July 2002) and is currently producing over 450 bopd
(180 bopd net). 

In Tunisia, a drilling rig has been contracted to deepen the Chott
Fejaj #3 well (Antrim 34.286% working interest) and the rig is 
expected to commence drilling operations during the fourth quarter
2002. Site preparation will commence in September 2002. The 
Company is a member of a drilling consortium which imported the 
rig into Tunisia. Mobilization costs have been paid and the rig is
presently drilling for one of the consortium members. 

The Chott Fejaj #3 well was previously drilled, cased and 
suspended in December 1998 at a depth of 3,532 meters, which is 
700 meters above the primary Paleozoic reservoir objectives. The 
well deepening will test a very large prospect located in the 
Melrhir basin of central Tunisia. The Paleozoic reservoirs 
targeted by Chott Fejaj #3 are among the most prolific 
hydrocarbon-bearing reservoirs in North Africa. 

The Company has negotiated an option with a third party to farm 
out a portion of Antrim's interest in this prospect and, in this 
regard, has received a $150,000 non-refundable deposit. 

Antrim is committed to enhancing shareholder value 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.

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
The TSX has neither approved nor disapproved the information
contained herein.