News

Aug 13, 2004 - 17:44 ET Antrim Energy Inc. Announces 2004 Second Quarter Financial and Operational Results

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(CCNMatthews - Aug. 
13, 2004) -  

Antrim Energy Inc. ("Antrim")(TSX: AEN)(AIM: AEY) is pleased to 
report its financial and operational results for the six month 
period ended June 30, 2004. 

Highlights for the first six months include: 

- Majority of contracts awarded for Antrim's first well offshore 
Australia 

- Acquired interest in UK licence and discoveries 

- 25% increase in oil production 

- Increased cash flow from operations 

- Strong working capital position 

Antrim's activities in the first half of 2004 have closely 
followed the theme of this year's annual report, Risk, Leadership 
and Discovery. Antrim remains on track to drill its South 
Galapagos #1 exploration well on the NorthWest Shelf of Australia 
in September 2004. The drilling rig, Transocean's 
semi-submersible drilling platform SEDCO 703, is currently 
operating on the NorthWest Shelf and could be available to Antrim 
as early as the first half of September 2004. 

In June 2004, Antrim announced that it had entered into an 
agreement to purchase an 18.4% working interest in UK North Sea 
Licence P.201 (Block 211/22a, "Osprey Ridge"). Two discovery 
wells have been drilled on the licence. This block is situated 
between the producing Cormorant and Dunlin oilfields, which to 
date have produced over 400 and 380 million barrels of oil 
respectively. 

Antrim has continued to increase production levels from the 
Puesto Guardian Field, Argentina. Oil production in the first 
half of 2004 was 442 barrels of oil per day compared to 429 
barrels of oil per day in the fourth quarter of 2003 and an 
average of 354 barrels of oil per day in the first half of 2003. 
An additional 6-well workover program on previously shut-in 
wells, initially expected to commence in May 2004, was delayed 
due to rig availability and is now expected to commence in August 
2004. 

Antrim generated cash flow from operations in the six month 
period ended June 30, 2004 of $653,924 ($0.02 per share) compared 
to a net cash outflow of $121,456 ($0.01 per share) in the 
comparable period in 2003. Net income (loss) in the first six 
months of 2004 was a loss of $228,637 ($0.01 per share) compared 
to a net loss of $1,827,429 ($0.09 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 Chott Fejaj #3 well in February 2003. 


/T/

Financial and Operating Results

                          -------------------------------------------
Financial Results          Three Months Ended        Six Months Ended
($000's except per                    June 30,                June 30,
 share amounts)              2004        2003        2004        2003
-----------------------   -------  ----------  ----------  ----------

Revenue                     1,677       1,010       3,275       2,488
Cash flow from
 operations                   215        (468)        654        (121)
Cash flow from
 operations per share        0.01       (0.02)       0.02       (0.01)
Net earnings (loss)          (241)       (681)       (229)     (1,808)
Net earnings (loss)
 per share                  (0.01)      (0.03)      (0.01)      (0.09)
Working capital            14,921       7,886      14,921       7,886
Capital expenditures         (718)       (942)     (1,177)     (2,996)
Debt                          Nil         Nil         Nil         Nil

Common shares
 outstanding (000's)
End of period              31,403      20,084      31,403      20,084
Weighted average
 - basic                   31,387      20,062      31,369      20,056
Weighted average
 - fully diluted           38,406      20,527      38,389      20,521

Operating Results
Wellhead price ($/BOE)      39.69       33.14       38.65       36.88
Royalties ($/BOE)           (6.31)      (5.42)      (5.48)      (4.93)
Operating expenses
 ($/BOE)                    (6.87)     (14.55)      (8.30)      (9.37)
                          -------------------------------------------
Netback ($/BOE)             26.51       13.18       24.87       22.58
                          -------------------------------------------
Oil and natural gas
 production (BOE)          42,244      30,463      84,746      67,463
                          -------------------------------------------
Oil and natural gas
 production (BOE
 per day)                     464         335         466         373
                          -------------------------------------------

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



Antrim Energy Inc.
Consolidated Balance Sheets
As at June 30, 2004 and December 31, 2003 (Unaudited)

----------------------------------------------------------------------

                                                   2004           2003
                                                      $              $
                                         --------------  -------------
                                                           (restated -
                                                                note 3)
Assets
Current assets
Cash and cash equivalents                    10,271,982     15,136,075
Funds held in escrow                          4,318,523              -
Accounts receivable                           1,009,077      1,038,046
Inventory and other                             558,988        618,793
                                         --------------  -------------
                                             16,158,570     16,792,914

Petroleum and natural gas properties
 (notes 2 and 3)                              9,515,298      9,003,637
Office equipment - net of accumulated
 amortization of $440,620
 (2003 - $380,620)                              151,581        191,466
                                         --------------  -------------

Total Assets                                 25,825,449     25,988,017
                                         --------------  -------------
                                         --------------  -------------

Liabilities
Current liabilities
Accounts payable and accrued liabilities        775,557      1,447,908
Income taxes payable                            461,559          1,245
                                         --------------  -------------
                                              1,237,116      1,449,153

Future income taxes                              66,443         66,443

Site restoration provision (note 3)             354,469        337,669
                                         --------------  -------------
                                              1,658,028      1,853,265

Shareholders' Equity

Share capital (note 4)                       34,872,942     34,772,554
Contributed surplus (note 4)                    282,028        121,110
Deficit                                     (10,987,549)   (10,758,912)
                                         --------------  -------------
                                             24,167,421     24,134,752
                                         --------------  -------------
Total Liabilities and
 Shareholders' Equity                        25,825,449     25,988,017
                                         --------------  -------------
                                         --------------  -------------


Antrim Energy Inc.
Consolidated Statements of Income (Loss) and Deficit
For the Periods Ended June 30, 2004 and 2003 (Unaudited)

----------------------------------------------------------------------
                                Three Months                Six Months
                               Ended June 30,            Ended June 30,
                            2004        2003         2004         2003
                               $           $            $            $
                    ------------- ----------- ------------ -----------
                                   (restated                 (restated
                                    - note 3)                 - note 3)
Revenue
Oil and gas sales      1,676,537   1,009,655    3,275,202    2,487,893
Royalties               (266,656)   (165,060)    (464,308)    (332,315)
                    ------------- ----------- ------------ -----------
                       1,409,881     844,595    2,810,894    2,155,578

Interest and other
 income                   51,273      10,839      120,000       85,650
                    ------------- ----------- ------------ -----------
                       1,461,154     855,434    2,930,894    2,241,228
                    ------------- ----------- ------------ -----------

Expenses
Operating                290,076     443,222      703,376      632,366
General and
 administrative          668,970     494,749    1,132,834      812,802
Depletion and
 depreciation            357,843     181,501      704,843      398,761
Accretion of asset
 retirement
 obligations               8,300       7,417       16,800       14,834
Foreign exchange
 loss (gain)              29,176     324,675      (15,289)     333,163
Write off of
 impaired assets               -           -            -    1,890,242
                    ------------- ----------- ------------ -----------
                       1,354,365   1,451,564    2,542,564    4,082,168
                    ------------- ----------- ------------ -----------

Income (loss) for
 the year before
 income taxes            106,789    (596,130)     388,330   (1,840,940)

Income taxes
 (recovery)
  Current                347,680      89,500      616,967      638,165
  Future                       -      (4,200)           -     (670,915)
                    ------------- ----------- ------------ -----------
                         347,680      85,300      616,967      (32,750)
                    ------------- ----------- ------------ -----------

Net Income (Loss)
 for the Period         (240,891)   (681,430)    (228,637)  (1,808,190)
Deficit - Beginning
 of Period as
 Previously
 Reported            (10,746,658) (7,787,854) (10,656,042)  (7,787,854)
Retroactive
 Adjustment
 for Change in
 Accounting
 Policy                        -      15,590     (102,870)      15,590
                    ------------- ----------- ------------ -----------
Deficit - End
 of Period           (10,987,549) (8,453,694) (10,987,549)  (9,580,454)
                    ------------- ----------- ------------ -----------
                    ------------- ----------- ------------ -----------

Net Income (Loss)
 Per Common Share
  - Basic                  (0.01)      (0.03)       (0.01)       (0.09)
Net Income (Loss)
 Per Common Share
  - Diluted                (0.01)      (0.03)       (0.01)       (0.09)
 

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