News

Nov 22, 2002 - 14:06 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 nine-month period ended September 30, 2002. 

As at September 30, 2002 the Company had working capital of 
approximately $10.6 million as compared to $4.2 million at fiscal 
2001 year-end. This $6.4 million increase is primarily 
attributable to the March 2002 profitable disposition of Antrim's 
New Zealand assets. The considerably strengthened financial 
position of Antrim, in conjunction with positive cash flow 
generated from its current production of approximately 500 
barrels of oil equivalent per day, provides the Company with the 
financial flexibility to pursue its strategy of drilling high 
impact international exploration prospects in Tunisia, Tanzania, 
Australia, and Argentina. 

Antrim produced 466 boepd for the nine-month period ended 
September 30, 2002 and received an average field selling price of 
$35.79 per boe resulting in revenue of $4.6 million and positive 
cash flow from operations in the amount of $728,272. Net income 
for the first nine months of 2002 was $1,953,627, which included 
a gain on disposition of petroleum and natural gas properties in 
the amount of $2,769,484.  

Antrim's production in the nine-month period ended September 30, 
2002 of 466 boepd was an increase of 37% over the 340 boepd 
produced in the comparable period in 2001. Antrim's third quarter 
2002 production averaged 484 boepd, which was a 52% increase over 
the 319 boepd produced in the equivalent period in 2001. 


/T/

                               Three Months Ended     Nine Months Ended
                                     September 30          September 30
Financial Results              ------------------     ------------------
 ($000's except per share amounts)  2002     2001         2002     2001
---------------------------------  -----    -----        -----     -----
Revenue                            1,957    1,101        4,558    3,529
Cash flow from operations            771       33          728      256
  Per share                         0.04     0.01         0.04     0.02
Income (loss) prior to
 non-recurring items                 396     (188)        (277)    (450)
  Per share                         0.02    (0.01)       (0.01)   (0.03)
Net income (loss)                    396     (188)       1,954     (450)
  Per share                         0.02    (0.01)        0.10    (0.03)
Working capital                   10,600    5,138       10,600    5,138
Capital expenditures                 340    2,136        1,255    4,443
Debt                                 nil      nil          nil      nil

Common shares outstanding (000's)
---------------------------------
Basic                             20,032   19,917       20,032   19,917

Operating
---------
Production (boepd)                   484      319          466      340
Product prices ($/boe)             43.98    37.45        35.79    38.02
Royalties ($/boe)                   8.22     4.77         5.33     4.84
Operating expenses ($/boe)          6.47     9.67         6.60    10.65
Operating netback ($/boe)          29.29    23.01        23.86    22.53

/T/

In Tunisia, a drilling rig is anticipated to commence operations 
to deepen the Chott Fejaj #3 well (Antrim 34.286%) during 
December 2002. The Chott Fejaj #3 well was previously drilled, 
cased and suspended in December 1998 at a depth of 3,532 metres. 
The well will be deepened to approximately 4,250 metres to 
evaluate the Triassic and older reservoirs. The well deepening 
will test a very large structure located in the Melrhir Basin, 
part of the same geological province which contains giant oil and 
gas accumulations in southern Tunisia, Algeria and Libya. 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 $175,000 non-refundable deposit to date, 
which is not included in working capital. 

In Argentina, oil production from the Puesto Guardian field 
(Antrim 40% working interest) in the first nine months of 2002 
was 445 bopd, an increase of 35% over the comparable period in 
2001. During the third quarter production averaged 458 bopd, a 
44% increase over the comparable period in 2001. 

In Australia, a 1,000 kilometre seismic program is planned to be 
acquired in early 2003 to detail additional leads within an 80 
kilometre prospective trend in Antrim's permits (WA-306 P and 
WA-307 P; Antrim 37.5% working interest and operator) and to 
provide a drilling location on the already seismically defined 
Galapagos prospect. 

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. 

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
CFO
(403) 264 5111
(403) 264 5113 (FAX)
Email: rjm@antrimenergy.com
Website: www.antrimenergy.com
The TSX has neither approved nor disapproved the information
contained herein.