News

Aug 29, 2003 - 12:53 ET Antrim Energy Inc. Announces 2003 First Half Financial and Operational Results

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(TSX: AEN)(AIM: AEY) 
Antrim Energy Inc. ("Antrim") is pleased to report its financial 
and operational results for the six month period ended June 30, 
2003. 

Highlights for the first six months include: 

- Acquisition of new seismic data offshore Australia 

- Completion of farmout and acquisition of 3D seismic on 
Argentina Capricorn permit 

- Successful listing on Alternative Investment Market of London 
Stock Exchange 

- Award of two licences in U.K. North Sea 

- Working capital at period end of $7.9 million 

Antrim's primary focus in the period continued to be the 
enhancement of  shareholder value through high impact global 
exploration.  Significant new seismic data was acquired on 
Antrim's permits offshore Australia and on the Argentina 
Capricorn permit.    Antrim also successfully participated in the 
U.K. North Sea 21st Offshore Licensing Round, which resulted in 
the Company gaining two blocks in the Southern North Sea natural 
gas basin.  While exploration activity builds, Antrim continues 
to maintain a strong working capital position ending the period 
with working capital of $7.9 million and no debt. 

On July 30, 2003 Antrim commenced trading on the Alternative 
Investment Market (AIM) of the London Stock Exchange.  Antrim was 
the first Canadian company and second international company to 
utilize the new fast-track admission process recently implemented 
by AIM. 

Antrim's net income (loss) for the six month period ended June 
30, 2003 was a loss of $1.8 million ($0.09 per share) compared to 
net income of $1.6 million ($0.08 per share) for the comparative 
period in 2002. Net income decreased primarily due to a 
write-down in the first quarter of 2003 of Antrim's Tunisian 
assets following the deepening and subsequent abandonment of the 
Chott Fejaj #3 well in February 2003.  Antrim also recorded in 
2002 a gain on disposition of petroleum and natural gas assets of 
$2.2 million related to the sale of Antrim's New Zealand 
properties. Cash flow from operations decreased slightly to a net 
cash outflow of $0.1 million ($0.01 per share) in 2003 compared 
to net cash outflow of $0.05 million ($0.00 per share) in 2002. 

Oil and gas revenues in the first half of 2003 were $2.5 million 
compared to $2.6 million in the previous year.  Higher commodity 
prices in the period were offset by short-lived lower production 
volumes and higher operating costs related to workover expenses 
and the initiation of a pressure maintenance scheme in the second 
quarter of 2003.  Antrim's share of oil production in the first 
half of 2003 from the Puesto Guardian Field in Argentina averaged 
354 barrels of oil per day compared to 438 barrels of oil per day 
in 2002.   Workover operations in the second quarter of 2003 were 
successfully concluded and have since increased production to 
approximately 415 barrels of oil per day in July 2003.  A second 
workover program designed to further increase production from the 
field will be conducted over the next few months.  Additional 
operating cost reductions are also expected from the change in 
operatorship of the  Puesto Guardian Field announced earlier this 
week. 


/T/

                             Three Months Ended      Six Months Ended
                                       June 30,              June 30,
Financial Results
 ($000's except per
  share amounts)               2003        2002       2003       2002
---------------------------------------------------------------------
Revenue                       1,010       1,540      2,488      2,601
Cash flow from operations      (468)       (221)      (121)       (43)
Cash flow from operations
 per share                    (0.02)      (0.01)     (0.01)      0.00
Net earnings (loss)            (654)     (1,064)    (1,759)     1,557
Per share                     (0.03)      (0.05)     (0.09)      0.08
Working capital               7,886      10,155      7,886     10,155
Capital expenditures            942         283      2,996        915
Debt                            nil         nil        nil        nil

Common shares outstanding
(000's)
--------------------------
End of period                20,084      20,013     20,084     20,013
Weighted average
 - basic                     20,062      20,049     20,056     19,966
Weighted average
 - fully diluted             20,527      21,642     20,521     19,992

Operating
---------
Oil and natural gas production
(boepd)                         344         445        378        458
Wellhead price ($/boe)        32.22       38.06      36.41      31.41
Royalties ($/boe)             (5.27)      (4.98)     (4.86)     (3.78)
Operating expenses ($/boe)   (14.14)      (8.13)     (9.25)     (6.68)
---------------------------------------------------------------------
Netback ($/boe)               12.81       24.95      22.30      20.95
---------------------------------------------------------------------
---------------------------------------------------------------------

/T/

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 


/T/

Antrim Energy Inc.
Consolidated Balance Sheets
As at June 30, 2003 and December 31, 2002 (Unaudited)
-----------------------------------------------------------------------
                                               June 30,     December 31,
                                                  2003             2002
                                                     $                $

Assets

Current assets
Cash and cash equivalents                    7,205,356       10,787,809
Accounts receivable                          1,136,185          716,211
Inventory and other                            446,564        1,249,691
                                            ---------------------------
                                             8,788,105       12,753,711

Petroleum and natural gas properties
 (note 2)                                    8,207,152        7,662,418
Office equipment - net of accumulated
 amortization of $291,939 (2002 - $266,939)    266,554           96,575
                                            ---------------------------

Total Assets                                17,261,811       20,512,704
                                            ---------------------------
                                            ---------------------------

Liabilities

Current Liabilities
Accounts payable and
 accrued liabilities                           802,739        1,222,793
Income taxes payable                            99,126          556,667
                                            ---------------------------
                                               901,865        1,779,460

Future income taxes                            106,043          776,958

Site restoration provision                     223,608          196,608
                                            ---------------------------
                                             1,231,516        2,753,026

Shareholders' Equity

Capital stock (note3)                       25,576,932       25,547,532
Deficit                                     (9,546,637)      (7,787,854)
                                            ---------------------------
                                            16,030,295       17,759,678
                                            ---------------------------

Total Liablilties and
 Shareholders' Equity                       17,261,811       20,512,704
                                            ---------------------------
                                            ---------------------------



Antrim Energy Inc.
Consolidated Statement of Income (Loss) and Deficit
For the Periods Ended June 30, 2003 and 2002 (Unaudited)
----------------------------------------------------------------------
                                  Three Months             Six Months
                                Ended June 30,         Ended June 30,
                              2003        2002        2003       2002
                                 $           $           $          $

Revenue
Oil and gas sales       1,009,655   1,540,215   2,487,893   2,601,123
Royalties                (165,060)   (201,671)   (332,315)   (312,829)
                       ----------------------------------------------
                          844,595   1,338,544   2,155,578   2,288,294
                       ----------------------------------------------
Interest and
 other income              10,839      30,789      85,650      57,261
                       ----------------------------------------------
                          855,434   1,369,333   2,241,228   2,345,555
                       ----------------------------------------------

Operating                 443,222     328,899     632,366     553,167
General and
 administrative           465,802     401,247     758,990     740,478
Depletion and
 depreciation             190,000     304,430     418,000     629,744
Foreign exchange
 losses (gains)           324,674     418,642     333,163     594,323
Write off of
 impaired assets                -           -   1,890,242           -
                        ---------------------------------------------
                        1,423,699   1,453,218   4,032,761   2,517,712
                        ---------------------------------------------
Income (loss) before
 below noted dispositions
 and income taxes        (568,265)    (83,885) (1,791,533)   (172,157)
Gain on disposition of
 petroleum and natural
 gas properties                 -    (539,229)          -   2,230,255
                        ---------------------------------------------
Income (loss) for the year
 before income taxes     (568,265)   (623,114) (1,791,533)  2,058,098

Income taxes (recovery)
Current                    89,500     441,113     638,165     500,613
Future                     (4,200)          -    (670,915)          -
                        ---------------------------------------------

                           85,300     441,113     (32,750)    500,613
                        ---------------------------------------------
Net Income
 (Loss) for the Period   (653,565) (1,064,227) (1,758,783)  1,557,485
Deficit
 - Beginning of Period (7,787,854) (6,233,128) (7,787,854) (8,854,840)
                        ---------------------------------------------
Deficit
 - End of Period       (8,441,419) (7,297,355) (9,546,637) (7,297,355)
                        ---------------------------------------------
                        ---------------------------------------------
Net Income
 Per Common Share
 - Basic                    (0.03)      (0.05)      (0.09)       0.08
Net Income
 Per Common Share
 - Diluted                  (0.03)      (0.05)      (0.09)       0.08
 

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.
Anthony J. Potter
Chief Financial Officer
(403) 264-5111
(403) 264 5113 (FAX)
Email: potter@antrimenergy.com
Website: www.antrimenergy.com