News

May 5, 2003 - 09:01 ET Antrim Increases Equity in Australian Venture

CALGARY, ALBERTA--ANTRIM ENERGY INC (TSX:"AEN", Antrim) reports 
it has increased its equity from 37.5% to 50% in its operated 
venture on the Australian NorthWest Shelf in permits WA-306-P and 
WA-307-P.  The additional 12.5% interest is half of the 25% 
interest previously held by Rawson Resources Ltd who have now 
assigned their entire interest to Antrim and Magellan Petroleum 
(WA) Pty Ltd.  Magellan has similarly increased its interest to 
50%. 

A 1044 km 2D marine seismic survey commenced on the permits April 
24, 2003.  The survey is designed to highgrade the additional 
leads and prospects on the 80 km Galapagos-Shark trend.   When 
the survey is completed and the results integrated with previous 
seismic surveys the joint venture will seek additional industry 
partners to fund the drilling of the earlier defined Galapagos 
prospect. 


/T/

Participants in WA-306-P and WA-307-P are:

Antrim Energy Australia Pty Limited                    50% (Operator)
(A wholly owned subsidiary of Antrim Energy Inc.)

Magellan Petroleum (WA) Pty Limited                    50%

/T/

Antrim is committed to a strategy of growth 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. 

Additional information can be obtained on the updated Antrim 
Energy website www.antrimenergy.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Antrim Energy Inc.
Stephen Greer
(403) 264 5111
(403) 264 5113 (FAX)
Email: greer@antrimenergy.com

or

Antrim Energy Inc.
Keith Skipper
(403) 264 5111
(403) 264 5113 (FAX)
Email: skipper@antrimenergy.com
Website: www.antrimenergy.com