News

Nov 28, 2003 - 16:51 ET Antrim Energy Inc. Announces 2003 Third Quarter Financial and Operational Results

CALGARY, ALBERTA--(TSX: AEN) and LONDON, UK (AIM: AEY) 

Antrim Energy Inc. ("Antrim") is pleased to report its financial 
and operational results for the nine month period ended September 
30, 2003. 

Highlights for the first nine months include: 

- Confirmation of Australian drilling location by new offshore 
seismic 

- Award of two new blocks in U.K. North Sea, Southern Gas Basin 

- Farmout and acquisition of 3D seismic on Argentina Capricorn 
permit 

- Acquisition of operatorship of the Puesto Guardian Oil Field 
and commencement of workover program in Argentina 

- Successful listing on the London Stock Exchange, Alternative 
Investment Market 

The Company has successfully upgraded its exploration properties 
in Australia, Tanzania and Argentina to the drilling stage. These 
prospects, supplemented by the successful award in August 2003 of 
two new blocks in the U.K. North Sea, provide the Company with a 
series of imminent high impact drilling operations. 

The ability of the Company to firmly control drilling of these 
properties is also being put into place with the announcement 
earlier this week of a proposed $12 million private placement. 
The offering is subject to certain conditions including the 
receipt of all necessary regulatory approvals. Should the 
Offering be completed, Antrim will pay a commission of 6% of the 
aggregate gross proceeds on closing of the Offer which is 
anticipated to be December 18, 2003. 

In Australia, the marine seismic survey on Permits WA-306-P and 
WA-307-P (Antrim 50% working interest) has been completed. 
Results from the seismic survey have confirmed and upgraded 
several drilling prospects along the 80 km Galapagos-Shark trend. 
Further announcements with respect to the Galapagos-Shark trend 
will be made as soon as contractual and other arrangements are 
finalized. 

In Tanzania, Antrim concluded regional mapping and reprocessing 
of key seismic lines around its North Pemba drilling prospect 
(Antrim 100% working interest). The oil and gas industry is 
increasing its interest in this portion of the East African 
margin with major multinational players such as Shell and 
Woodside securing positions adjacent to the Antrim concession. 

In the United Kingdom, the Company successfully participated in 
the UK North Sea 21st Offshore Licensing Round gaining two blocks 
in the North Sea Southern Gas Basin. Blocks 42/21 and 42/22 were 
offered as "promote" licences to Antrim and its UK partner. Under 
the terms of the awards, Antrim has two years in which to commit 
to the drilling of one well or drop the blocks. Antrim has a 20% 
initial interest in the blocks with an option, under agreement 
with its UK partner, to increase its equity up to 60% within one 
year of the date of the official licence award. The two blocks 
are situated 35 km to the west-northwest of the prolific 
Ravenspurn North, Ravenspurn South and Cleeton Gas Fields in 
blocks 43/26a and 42/30 with combined initial recoverable 
reserves of over 2.0 Tcf. The Company intends to announce its 
drilling plans for the blocks early in 2004. 

These 'drill ready' prospects are underpinned by the Company's 
continued successful development of the Puesto Guardian Oil Field 
in Argentina. Antrim assumed operatorship of Puesto Guardian in 
September 2003 and immediately initiated an accelerated workover 
program on previously suspended wells. To-date operations on two 
wells have been successfully completed and both wells are being 
production tested. 

Net income (loss) in the first nine months of 2003 was a loss of 
$1.9 million ($0.10 per share) compared to net income of $2.0 
million ($0.08 per share) in 2002. Net income declined primarily 
due to a write-down in the first quarter of 2003 of Antrim's 
Tunisian assets following the deepening and subsequent 
abandonment of 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. Antrim had a net cash outflow from operations 
in the nine month period ended September 30, 2003 of $0.1 million 
($0.01 per share) compared to a net cash flow of $0.7 million 
($0.04 per share) in the comparable period in 2002. 

Oil and gas revenue was $3.8 million in the nine months ended 
September 30, 2003 compared to $4.6 million for the nine months 
ended September 30, 2002. Oil and gas revenues decreased due to a 
short term decrease in average oil production during the period 
to 366 barrels of oil per day compared to 445 barrels for the 
comparable period in 2002. Pressure maintenance operations at the 
Puesto Guardian Field designed to increase production commenced 
in May 2003. These operations were successful increasing 
production to approximately 400 bopd in the third quarter of 
2003. An additional series of workover operations on several 
wells commenced in October and is expected to continue for 
several months. 


/T/

                             Three Months Ended      Nine Months Ended
                                   September 30,          September 30,
                             -----------------------------------------
Financial Results 
($000's except per 
 share amounts)                2003        2002        2003       2002
                             -----------------------------------------

Revenue                       1,290       1,957       3,778      4,558
Cash flow from
 operations                      (6)        771        (127)       728
Cash flow from
 operations per share         (0.00)      (0.04)      (0.01)      0.04
Net earnings (loss)            (171)        396      (1,930)     1,954
Net earnings (loss)
 per share                    (0.01)       0.02       (0.10)      0.08
Working capital               6,845      10,600       6,845     10,600
Capital expenditures          1,048         340       3,849      1,248
Debt                            nil         nil         nil        nil

Common shares
 outstanding (000's)
--------------------                                                  
End of period                20,103      20,032      20,103     20,032
Weighted average -
 basic                       20,084      20,013      20,066     19,988
Weighted average -
 fully diluted               21,110      20,809      21,091     20,553

Operating
----------                                                            
Oil and natural gas
 production (boepd)             419         484         378        458
Wellhead price ($/boe)        33.43       43.99       35.62      35.80
Royalties ($/boe)             (5.00)      (8.22)      (4.95)     (5.33)
Operating expenses
 ($/boe)                     (10.30)      (6.47)      (9.71)     (6.61)
                             -----------------------------------------
Netback ($/boe)               18.13       29.30       20.96      23.86
                             -----------------------------------------

/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. 

This news release does not constitute an offer to sell or a 
solicitation of an offer to buy any of the securities in the 
United States. The securities have not been and will not be 
registered under the United States Securities Act of 1933, as 
amended (the "U.S. Securities Act") or any state securities laws 
and may not be offered or sold within the United States or to 
U.S. Persons unless registered under the U.S. Securities Act and 
applicable state securities laws or an exemption from such 
registration is available. 

Updated information about Antrim can be accessed on its website: 
www.antrimenergy.com 


/T/

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

Current assets
Cash and cash equivalents                5,842,123         10,787,809
Cash held in trust                         330,278                  -
Accounts receivable                        863,688            716,211
Inventory and other                        180,458          1,249,691
                                     --------------------------------
                                         7,216,547         12,753,711

Petroleum and natural gas
 properties (note 2)                     9,123,448          7,662,418
Office equipment - net of
 accumulated amortization of
 $311,939
(2002 - $266,939)                          251,712             96,575
                                     --------------------------------

Total Assets                            16,591,707         20,512,704
                                     --------------------------------
                                     --------------------------------

Liabilities

Current liabilities
Accounts payable and accrued
 liabilities                               371,875          1,222,793
Income taxes payable                             -            556,667
                                     --------------------------------
                                           371,875          1,779,460

Future income taxes                        106,043            776,958

Site restoration provision                 237,608            196,608
                                     --------------------------------
                                           715,526          2,753,026

Shareholders' Equity

Capital stock (note 3)                  25,594,031         25,547,532
Deficit                                 (9,717,850)        (7,787,854)
                                     --------------------------------
                                        15,876,181         17,759,678
                                     --------------------------------

Total Liabilities and
 Shareholders' Equity                   16,591,707         20,512,704
                                     --------------------------------
                                     --------------------------------



Antrim Energy Inc.
Consolidated Statement of Income (Loss) and Deficit
For the Periods Ended September 30, 2003 and 2002 (Unaudited)
-----------------------------------------------------------------------
                                  Three Months              Nine Months
                            Ended September 30,      Ended September 30,
                             2003         2002         2003        2002
                                $            $            $           $
Revenue
Oil and gas sales       1,290,308    1,956,632    3,778,201   4,557,755
Royalties                (193,158)    (365,565)    (525,473)   (678,394)

                       ------------------------------------------------
                        1,097,150    1,591,067    3,252,728   3,879,361
                       ------------------------------------------------

Interest and other
 income                    48,622       69,879      134,272     127,140
                       ------------------------------------------------

                        1,145,772    1,660,946    3,387,000   4,006,501
                       ------------------------------------------------



Operating                 397,571      287,837    1,029,937     841,004
General and
 administrative           538,682      360,389    1,297,672   1,100,867
Depletion and
 depreciation             229,000      375,156      647,000   1,004,900
Foreign exchange
 losses (gains)            50,759       26,348      383,922     620,671
Write off of
 impaired assets                -            -    1,890,242           -
                       ------------------------------------------------

                        1,216,012    1,049,730    5,248,773   3,567,442
                       ------------------------------------------------

Income (loss) before
 below noted
 dispositions and
 income taxes             (70,240)     611,216   (1,861,773)    439,059

Gain on disposition
 of petroleum and
 natural gas
 properties                63,614            -       63,614   2,230,255
                       ------------------------------------------------

Income (loss) for
 the year before
 income taxes              (6,626)     611,216   (1,798,159)  2,669,314

Income taxes (recovery)
Current                   164,587      215,074      802,752     715,687
Future                          -            -     (670,915)          -
                       ------------------------------------------------

                          164,587      215,074      131,837     715,687
                       ------------------------------------------------

Net Income (Loss)
 for the Period          (171,213)     396,142   (1,929,996)  1,953,627
Deficit - Beginning
 of Period             (9,546,637)  (7,297,355)  (7,787,854) (8,854,840)
                       ------------------------------------------------
Deficit - End of
 Period                (9,717,850)  (6,901,213)  (9,717,850) (6,901,213)
-----------------------------------------------------------------------
-----------------------------------------------------------------------

Net Income (Loss)
 Per Common Share
  - Basic                   (0.01)        0.02        (0.10)       0.08
Net Income (Loss)
 Per Common Share
  - Diluted                 (0.01)        0.02        (0.10)       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