News

Oct 26, 2004 - 19:37 ET Antrim Announces Drilling Results in Australia

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(CCNMatthews - Oct. 26, 2004) - (TSX: AEN)(AIM: AEY) -

Antrim Energy Inc. ("Antrim") announces that drilling operations on the South Galapagos #1 well on the NorthWest Shelf of Australia have been terminated. The exploration well will be plugged and abandoned following the collection of core samples and well bore seismic data.

Drilling operations were completed on schedule and on budget. Under the terms of a farm-out agreement announced in August 2004 with ONGC Videsh Limited ("OVL"), OVL funded 80% of the South Galapagos #1 drilling costs to earn a 55% working interest in permit WA-306-P.

The primary target comprising approximately 200 metres of porous sandstone in the Jurassic section was encountered by the well but subsequent geophysical log interpretation indicates that this section does not contain oil or gas. Results from the South Galapagos drilling program will be evaluated by the joint venture participants to identify further opportunity on the permit and surrounding area. Under the farm-out agreement with OVL, Antrim remains Operator of the joint venture and retains a 32.5% interest in Permit WA-306-P. The remaining 12.5% working interest is held by Magellan Petroleum (W.A.) Pty Ltd.

Antrim and Magellan each continue to hold a 50% working interest in the adjacent permit, WA-307-P.

Stephen Greer, Chairman and CEO of Antrim said "We are obviously disappointed with the drilling results from the South Galapagos #1 well. However, the thick porous Jurassic sandstone section encountered in the well provides the Company with sufficient encouragement to continue exploration on the Australian permits which cover over 2.0 million acres."

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. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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

or

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