News

May 14, 2004 - 18:20 ET Antrim Energy Inc. Announces 2004 First Quarter Financial and Operational Results

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(CCNMatthews - May 
14, 2004) - Antrim Energy Inc. (TSX: AEN)(AIM: AEY) ("Antrim") is 
pleased to report its financial and operational results for the 
three month period ended March 31, 2004. 

Highlights for the quarter include: 

- Secured semi-submersible drilling rig and drill date for 
Antrim's first well offshore Australia 

- 16% increase in oil production 

- 27% increase in cash flow from operations 

- Maintenance of strong working capital position 

In the first quarter of 2004 Antrim made substantial progress 
towards drilling its first offshore well in Australia. This well 
is the most challenging project in the Company's history and 
underscores its commitment to seek to reward shareholders with 
high impact discoveries. 

In January 2004 the Company awarded the drilling management 
contract for the South Galapagos #1 well in Australia to the PEAK 
Group ("Peak"), a major Australian and UK based worldwide 
supplier of offshore drilling and engineering services. In April 
2004, Antrim entered into a drilling contract with Sedco Forex 
International Inc. ("Transocean") to use Transocean's 
semi-submersible drilling unit, SEDCO 703. This drilling rig, 
currently operating on the NorthWest Shelf is expected to be 
available to Antrim as early as September 2004. 

In addition to the drilling operation in Australia, Antrim 
continues to develop its properties in the United Kingdom, 
Tanzania and Argentina. The development of these drilling 
prospects is underpinned by Antrim's strong working capital 
position and ongoing successful development of the Puesto 
Guardian Oil Field in Argentina. 

Oil production from the Puesto Guardian Field in the first 
quarter of 2004 was 444 barrels of oil per day compared to 429 
barrels of oil per day in the fourth quarter of 2003 and an 
average of 382 barrels of oil per day in 2003. As weather 
conditions in Argentina improve, a 6-well workover program on 
previously shut-in wells will commence and is expected to 
continue for several months. An additional oil battery is also 
being constructed in order to handle the expected increase in 
production from the workover program. 

Antrim generated cash flow from operations in the three month 
period ended March 31, 2004 of $439,074 ($0.01 per share) 
compared to $346,310 ($0.02 per share) in the comparable period 
in 2003. Net income (loss) in the first three months of 2004 was 
income of $12,254 ($0.00 per share) compared to a net loss of 
$1,126,759 ($0.06 per share) in 2003. Net income increased 
primarily due to a write-down in the first quarter of 2003 of 
Antrim's Tunisian assets following the deepening and subsequent 
abandonment of the Chott Fejaj #3 well in February 2003. 


/T/

                                                   Three Months Ended
Financial Results                                        March 31,
 ($000's except per share amounts)                 2004           2003
-----------------------------------------------------------------------
Revenue                                           1,599          1,478
Cash flow from operations                           439            346
 Per share                                         0.01           0.02
Net earnings (loss)                                  12         (1,127)
 Per share                                         0.00          (0.06)

Capital expenditures                                459          2,054
Debt                                                Nil            Nil

Common shares outstanding (000's)
Basic                                            31,387         20,062
Diluted                                          32,691         21,642
Weighted average                                 31,351         20,049

Operating ($/BOE)
Wellhead price                                    37.61          39.95
Royalties                                         (4.65)         (4.52)
Operating expenses                                (5.69)         (5.11)
                                            ---------------------------
Netback                                           27.27          30.32
                                            ---------------------------
Production (BOE/day)                                467            411

/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, 2004 and December 31, 2003 (unaudited)
-----------------------------------------------------------------------
                                                   2004           2003
                                                      $              $
                                            ---------------------------
Assets
Current assets
Cash and cash equivalents                    15,047,425     15,136,075
Accounts receivable                             887,439      1,038,046
Inventory and other                             558,229        618,793
                                            ---------------------------
                                             16,493,093     16,792,914
Petroleum and natural gas
 properties (notes 2 and 3)                   9,130,805      9,003,637
Office equipment - net of 
 accumulated amortization of
 $410,620 (2003 - $380,620)                     176,081        191,466
                                            ---------------------------
Total Assets                                 25,799,979     25,988,017
                                            ---------------------------
                                            ---------------------------

Liabilities
Current liabilities
Accounts payable and accrued liabilities        866,930      1,447,908
Income taxes payable                            223,724          1,245
                                            ---------------------------
                                              1,090,654      1,449,153

Future income taxes                              66,443         66,443

Site restoration provision (note 3)             346,169        337,669
                                            ---------------------------
                                              1,503,266      1,853,265
Shareholders' Equity

Share capital (note 4)                       34,850,941     34,772,554
Contributed surplus (note 4)                    192,430        121,110
Deficit                                     (10,746,658)   (10,758,912)
                                            ---------------------------
                                             24,296,713     24,134,752
                                            ---------------------------
Total Liabilities and
 Shareholders' Equity                        25,799,979     25,988,017
                                            ---------------------------
                                            ---------------------------



Antrim Energy Inc.
Consolidated Statements of Income (Loss) and Deficit
For the Three Months Ended March 31, 2004 and 2003 (unaudited)
-----------------------------------------------------------------------
                                                   2004           2003
                                                      $              $
                                            ---------------------------
Revenue
Oil and gas sales                             1,598,665      1,478,238
Royalties                                      (197,652)      (167,255)
                                            ---------------------------
                                              1,401,013      1,310,983
Interest and other income                        68,727         74,811
                                            ---------------------------
                                              1,469,740      1,385,794
                                            ---------------------------
Expenses
Operating                                       241,716        189,143
General and administrative                      635,448        318,053
Depletion and depreciation                      347,000        217,260
Accretion of asset retirement obligations         8,500          7,417
Foreign exchange loss (gain)                    (44,465)         8,489
Write off of impaired assets                          -      1,890,242
                                            ---------------------------
                                              1,188,199      2,630,604
                                            ---------------------------
Income (loss) for the year
 before income taxes                            281,541     (1,244,810)

Income taxes (recovery)
Current                                         269,287        548,664
Future                                                -       (666,715)
                                            ---------------------------
                                                269,287       (118,051)
                                            ---------------------------
Net Income (Loss) for the Period                 12,254     (1,126,759)
Deficit - Beginning of Period as
 Previously Reported                        (10,656,042)    (7,787,854)
Retroactive Adjustment for Change
 in Accounting Policy                          (102,870)        15,590
                                            ---------------------------
Deficit - End of Period                     (10,746,658)    (8,899,023)
                                            ---------------------------
Net Income (Loss) Per Common
 Share - Basic                                     0.00          (0.06)
Net Income (Loss) Per Common
 Share - Diluted                                   0.00          (0.06)
 

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