News

May 28, 2003 - 18:15 ET Antrim Energy Inc. Announces 2003 First Quarter Financial Results

CALGARY, ALBERTA--Antrim Energy Inc. (TSX: "AEN") is pleased to 
report its financial and operational results for the three months 
ended March 31, 2003. 

Highlights for the Quarter 

- 39% increase in oil and gas revenue 

- 95% increase in cash flow from operations 

- Working capital at quarter end of $9.3 million 

- Seismic operations planned in Australia and Argentina 

The Company reports that for the first quarter 2003 revenue from 
oil and gas sales increased 39% to $1,478,238 compared to 
$1,060,908 reported for the comparable period in 2002. Higher 
commodity prices and lower operating costs combined to increase 
2003 first quarter cash flow 95% to $346,310 ($0.02 per share) 
from $177,542 ($0.01 per share) for the same period in 2002. 
Netbacks per barrel over the first quarter increased 77% to 
$30.32 when compared to $17.13 recorded over the same period in 
2002. Despite participating in the deepening of a significant 
exploration well in Tunisia, Antrim maintained its strong working 
capital position, exiting the quarter with working capital of 
$9.3 million 

Antrim's share of oil production in the first quarter of 2003 
averaged 382 barrels of oil per day compared to 455 barrels of 
oil per day in 2002. Changes in production were the result of an 
increase in gas (CO2) production and related mechanical 
difficulties. Workover operations designed to re-establish and 
further increase oil production commenced subsequent to the end 
of the quarter in April 2003. Antrim's gas production from the 
Company's property in the Czech Republic averaged 175 mcf/d over 
the first quarter 2003 compared to an average of 93 mcf/d over 
the same period in 2002. Despite higher oil and gas revenues, net 
income decreased primarily due to the write-down in the first 
quarter of 2003 of Antrim's Tunisian assets following the 
deepening and subsequent abandonment of the Chott Fejaj #3A well 
in February 2003. Antrim also recorded in 2002 a gain on 
disposition of petroleum and natural gas assets of $2.8 million 
related to the sale of Antrim's New Zealand properties. 

Subsequent to the end of the quarter, Antrim has announced the 
acquisition of a 1,040 km marine seismic program on the North 
West Shelf of Australia and an increase in the Company's equity 
interest in this property to 50% from a previous holding of 
37.5%. Antrim remains the operator of the property. Antrim also 
announced an agreement with an industry partner to fund a 40 km2 
3-D seismic program on the 100% owned Capricorn Permit in 
Argentina in exchange for a 50% equity interest in the Permit. 

Stephen Greer (Chairman & CEO) said "Our first quarter results 
demonstrate that Antrim has positioned itself with a secure 
revenue stream and substantial ownership in several sizeable and 
exciting undeveloped oil and gas properties. Our strong balance 
sheet with $9.3 million in working capital, no debt and our 
growing list of strategic industry partnerships allows the 
Company to participate in some of the most exciting exploration 
ventures around the world." 


/T/

                                              Three Months Ended 
Financial Results ($000's except per                March 31,
 share amounts)                                2003         2002
------------------------------------        -------      -------
                           
Revenue                                       1,478        1,061
Cash flow from operations                       346          178
 Per share                                     0.02         0.01
Net earnings (loss)                         (1,105)        2,622
 Per share                                   (0.06)         0.13
                                                                
Capital expenditures                          2,054          633
Debt                                            nil          Nil
                                                                
Common shares outstanding (000's)                               
--------------------------------
Basic                                        20,062       19,991
Fully diluted                                21,642       24,337
Weighted average                             20,049       19,978
                                                                
Operating                                                       
---------
Oil and natural gas production (boepd)          411          471
Wellhead Price ($/boe)                        39.95        25.05

/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 March 31, 2003 and December 31, 2002 (Unaudited) 
----------------------------------------------------------------
                                           March 31, December 31, 
                                               2003         2002
                                                  $            $
Assets                                                          
                                                                
Current assets                                                  
Cash and cash equivalents                 9,241,731   10,787,809
Accounts receivable                       1,152,917      716,211
Inventory and other                       1,696,612    1,249,691
                                        -----------  -----------
                                         12,091,260   12,753,711
                                                                
Petroleum and natural gas
 properties (note 2)                      7,589,464    7,662,418
Office equipment - net of
 accumulated amortization of
 $276,939 (2002 - $266,939)                 120,649       96,575
                                        -----------  -----------
                                                                
                                         19,801,373   20,512,704
                                        -----------  -----------
                                        -----------  -----------
                                                                
Liabilities                                                     
                                                                
Current liabilities                                             
Accounts payable and accrued
 liabilities                              1,611,344    1,222,793
Income taxes payable                      1,201,667      556,667
                                        -----------  -----------
                                          2,813,011    1,779,460
                                                                
Future income taxes                         110,243      776,958
                                                                
Site restoration provision                  211,608      196,608
                                        -----------  -----------
                                          3,134,862    2,753,026
                                                                
Shareholders' Equity                                            
                                                                
Capital stock (note 3)                   25,559,582   25,547,532
Deficit                                  (8,893,071)  (7,787,854)
                                        -----------  -----------
                                         16,666,511   17,759,678
                                        -----------  -----------
                                                                
Total Liabilities and Stockholders'
 Equity                                  19,801,373   20,512,704
                                        -----------  -----------


Antrim Energy Inc.                                              
Consolidated Statement of Income (Loss) 
For the Three Months Ended March 31, 2003 and 2002 (Unaudited) 
                                               2003         2002
                                                  $            $
Revenue                                                         
 Oil and gas sales                        1,478,238    1,060,908
 Royalties                                 (167,255)    (111,158)
                                        -----------  -----------
                                                                
                                          1,310,983      949,750
                                        -----------  -----------
                                                                
Interest and other income                    74,811       26,472
                                        -----------  -----------
                                                                
                                          1,385,794      976,222
                                        -----------  -----------
                                                                
Expenses                                                        
Operating                                   189,143      224,268
General and administrative                  293,188      339,231
Depletion and depreciation                  228,000      325,314
Foreign exchange losses (gains)               8,489      175,681
Write off of impaired assets              1,890,242            -
                                        -----------  -----------
                                                                
                                          2,609,062    1,064,494
                                        -----------  -----------
                                                                
Income (loss) before below noted
 dispositions and income taxes           (1,223,268)     (88,272)
Gain on disposition of petroleum and
 natural gas properties                           -    2,769,484
                                        -----------  -----------
                                                                
Income (loss) for the year before
 income taxes                            (1,223,268)   2,681,212
                                                                
Income taxes (recovery)                                         
Current                                     548,664       59,500
Future                                     (666,715)           -
                                        -----------  -----------
                                                                
                                           (118,051)      59,500
                                        -----------  -----------
                                                                
Net Income (Loss) for the Period         (1,105,217)   2,621,712
Deficit - Beginning of Period            (7,787,854)  (8,854,840)
                                        -----------  -----------
Deficit - End of Period                  (8,893,071)  (6,233,128)
                                        -----------  -----------
                                        -----------  -----------
                                                                
Net Income (Loss) Per Common Share -
 Basic                                        (0.06)        0.13
Net Income (Loss) Per Common Share -
 Diluted                                      (0.06)        0.13


Antrim Energy Inc.                                              
Consolidated Statements of Cash Flows                           
For the Three Months Ended March 31, 2003 and 2002 (Unaudited) 
                                                                
                                               2003         2002
                                                  $            $
                                                                
Operating activities                                            
Net income for the period                (1,105,217)   2,621,712
Items not involving cash                                        
 Depletion and depreciation                 228,000      325,314
 Write off of impaired assets             1,890,242            -
 Gain on disposition of petroleum and
  natural gas properties                          -   (2,769,484)
 Future income taxes                       (666,715)           -
                                        -----------  -----------
                                                                
                                            346,310      177,542
Change in non-cash working capital
 items                                      189,893   (1,172,122)
                                        -----------  -----------
                                                                
                                            536,203     (994,580)
                                        -----------  -----------
                                                                
Financing Activities                                            
Issue of common shares                        6,026        9,350
                                                                
Investing activities                                            
Office equipment                            (34,074)      (2,157)
Petroleum and natural gas properties     (2,020,288)    (630,455)
Proceeds from the sale of petroleum
 and natural gas properties                       -      822,844
Change in non-cash working capital
 items                                      (33,945)           -
                                        -----------  -----------
                                                                
                                         (2,088,307)     190,232
                                        -----------  -----------
                                                                
Net increase (decrease) in cash and
 cash equivalents                        (1,546,078)    (794,998)
                                                                
Cash and cash equivalents, beginning
 of period                               10,787,809    4,876,086
                                        -----------  -----------
                                                                
Cash and cash equivalents, end of
 period                                   9,241,731    4,081,088
                                        -----------  -----------

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