News

Apr 24, 2003 - 08:30 ET Antrim Energy Inc. Reports 2002 Financial Results

CALGARY, ALBERTA--ANTRIM ENERGY INC (TSX:"AEN") Antrim is pleased 
to report its financial results for the year ended December 31, 
2002. Antrim's net income for the year ended December 31, 2002 
was $1.1 million ($0.05 per share), up significantly from a net 
loss of $3.2 million ($0.19 per share) for 2001.  

Oil and gas revenues increased 33% in 2002 to $6.0 million from 
$4.5 million in the previous year. Higher oil and gas revenues 
are primarily attributable to higher oil production from the 
Puesto Guardian field in Argentina. Antrim's share of oil 
production averaged 443 barrels of oil per day compared to 351 
barrels of oil per day in 2001. Cash flow from operations 
increased to $1.5 million ($0.07 per share) in 2002 compared to 
$0.8 million ($0.05) in 2001. Antrim also recorded a gain on sale 
of petroleum and natural gas properties in 2002 of $1.9 million 
related to the Company's sale early in the year of its entire 
interest in its New Zealand assets.  

Higher oil and gas revenue, cash flow from operations and the 
sale of assets improved Antrim's already strong working capital 
position. Working capital increased in 2002 to $11.0 million at 
December 31, 2002 from $4.2 million at the close of the prior 
year. Combined with no debt, Antrim has significant flexibility 
in the pace of development of its high-impact exploration 
targets.  


/T/

Financial Results
($000's except per share amounts)             2002             2001
-------------------------------------------------------------------
                                  
Revenue                                      5,997            4,502
Cash flow from operations                    1,451              831
 Per share                                    0.07             0.05
Net earnings (loss)                          1,067           (3,239)
 Per share                                    0.05            (0.19)
                                                                   
Capital expenditures                         1,474            5,873
Debt                                           nil              nil
                                                                   
Common shares outstanding (000's)                                  
-------------------------------------------------------------------
Basic                                       20,049           19,965
Fully diluted                               21,809           24,311
Weighted average                            20,001           16,960
                                                                   
Operating                                                          
-------------------------------------------------------------------
Oil and natural gas production (boepd)         466              358
Price ($/boe)                                35.26            34.43

/T/

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 ext. 201
(403) 264-5113 (FAX)
Email: greer@antrimenergy.com

or

Antrim Energy Inc.
Anthony Potter
CFO
(403) 264-5111 ext. 202
(403) 264-5113 (FAX)
Email: potter@antrimenergy.com
Website: www.antrimenergy.com