Jan 16, 2004 - 11:25 ET Antrim Energy Inc. Awards Contract for Drilling Management Offshore Australia

CALGARY, ALBERTA--Antrim Energy Inc. announced today that it has 
entered into a Drilling Management Contract with the Peak Group 
("Peak") for Antrim's first offshore exploration well on the 
North West Shelf of Australia.  

Antrim and Peak will immediately begin to finalize the well 
planning and rig contracting for the drilling planned for later 
in 2004. The well will be located on Permit WA-306-P in the 
Barcoo Sub basin, North West Shelf, Australia. The North West 
Shelf is Australia's most prolific oil producing region. Permit 
WA-306-P contains a cluster of drilling prospects including 
"Galapagos" and "South Galapagos". The first well, South 
Galapagos #1, will be drilled in 345 metres of water to a 
projected depth of 3775 metres in the Jurassic section. Antrim is 
Operator of the project and recently increased its interest in 
the permit through an agreement with its 50% partner Magellan. 
Antrim will fund Magellan's share of the well cost to earn an 
additional 37.5% interest, bringing Antrim's total interest to 
87.5% in the WA-306-P permit.  

Antrim awarded the management contract to Peak in recognition of 
Peak's leading edge advantage in offshore drilling operations 

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. 


Antrim Energy Inc.
Stephen Greer
Chairman & CEO
(403) 264 5111
(403) 264 5113 (FAX)


Antrim Energy Inc.
Keith Skipper
Executive Vice-President
(403) 264 5111
(403) 264 5113 (FAX)
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the adequacy or accuracy of this release.