News

Aug 3, 2004 - 11:52 ET Antrim Energy Inc. Announces Proposed Private Placement

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(CCNMatthews - Aug. 
3, 2004) -  

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION 
IN THE U.S. 

Antrim Energy Inc. ("Antrim") (TSX: AEN) (AIM: AEY) is pleased to 
announce that it has entered into an agreement with Octagon 
Capital Corporation ("Octagon"), Canaccord Capital (Europe) 
Limited ("Canaccord") and Regent Mercantile Bancorp (collectively 
the "Underwriters") whereby Octagon and Canaccord will co-lead to 
purchase on a bought deal basis an aggregate of 4,687,500 Units 
at a price of $1.60 per Unit for gross proceeds of $7,500,000. 
The Underwriters will also act on a "best efforts" basis in 
respect of a private placement to European and Canadian investors 
of up to 4,687,500 Units for additional gross proceeds of 
$7,500,000. Each Unit consists of one Common Share and one-half 
of one Warrant. Each whole Warrant shall be exercisable for a 
period of 12 months following the closing of the Offer and shall 
entitle the holder thereof to acquire one additional Common Share 
of Antrim at a price of $2.10 per share. Common Shares issued 
pursuant to the arrangements set out above are expected to be 
admitted to listing and trading on the Toronto Stock Exchange in 
Canada and AIM in the United Kingdom. 

Antrim plans to use the net proceeds of this offering for funding 
further North Sea acquisitions and development and for corporate 
working capital. It is contemplated that the offering will close 
on August 18, 2004 and is subject to certain conditions 
including, but not limited to, the receipt of all necessary 
regulatory approvals. 

Antrim is a global oil and gas exploration and production company 
with properties and current exploration activities in Argentina, 
Australia, Tanzania and the United Kingdom. 

This press release is not for distribution to United States 
newswire services or for dissemination in the United States. This 
news release does not constitute an offer to sell or a 
solicitation of an offer to buy any of the securities in the 
United States. The securities have not been and will not be 
registered under the United States Securities Act of 1933, as 
amended (the "U.S. Securities Act") or any state securities laws 
and may not be offered or sold within the United States or to 
U.S. Persons unless registered under the U.S. Securities Act and 
applicable state securities laws or an exemption from such 
registration is available. 

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.
Anthony J. Potter
Chief Financial Officer
(403) 264 5111
(403) 264 5113 (FAX)
Email: potter@antrimenergy.com
Website: www.antrimenergy.com