News

Apr 20, 2004 - 07:00 ET Antrim Energy Inc. Reports 2003 Financial and Operational Results

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(CCNMatthews - Apr 
20, 2004) - (TSX: AEN) (AIM: AEY)-Antrim Energy Inc. ("Antrim") 
is pleased to report its financial and operational results for 
the year ended December 31, 2003. 

Antrim exits 2003 with its strongest balance sheet and a more 
robust portfolio of properties than at any point in its history. 
Despite a disappointing drilling result in Tunisia early in 2003 
and a temporary production decline in Argentina earlier in the 
year, Antrim was able to identify and quickly reverse the 
production decline, absorb a significant exploration "dry hole", 
access new European equity markets and secure additional funding 
for 2004 drilling activity. 


/T/

Financial Results
($000's except per share amounts)               2003            2002
--------------------------------------------------------------------

Revenue                                      $ 5,142         $ 5,997
Cash flow from operations                       (211)          1,451
 Per share                                     (0.01)           0.07
Net earnings (loss)                           (2,868)          1,067
 Per share                                     (0.14)           0.05

Capital expenditures                           4,436           1,474
Working capital                               15,344          10,974
Debt                                         $   Nil         $   Nil

Common shares outstanding (000's)
--------------------------------------------------------------------
Basic                                         31,302          20,049
Diluted                                       32,895          21,809
Diluted weighted average                      21,521          20,711

Operating
--------------------------------------------------------------------
Oil and natural gas production (BOE per day)     405             466
Well head price ($/BOE)                        34.82           35.26

/T/

Oil and Gas Revenue 

Antrim's share of oil production from the Puesto Guardian field 
in Argentina averaged 382 bopd in 2003 compared to 443 bopd in 
the prior year. Oil production declined in 2003 due to an 
increase early in the year in gas (CO2) production and related 
mechanical difficulties. Remedial workover operations commenced 
in April 2003 which steadily increased production throughout the 
remainder of the year. Average oil production in the fourth 
quarter of 2003 was 429 bopd with a December exit rate of 464 
bopd. Wellhead prices remained relatively stable averaging $34.82 
per BOE compared to $35.26 per BOE in the prior year. Gas 
production and revenue from the Czech Republic was also 
consistent with the prior year. 


/T/

Oil and gas revenues before royalties were as follows:

                                  2003                   2002
--------------------------------------------------------------------
Country                 Revenue $        BOE    Revenue $        BOE
--------------------------------------------------------------------
Argentina               4,852,696    139,459    5,712,974    161,601
Czech Republic            288,900      8,221      283,985      8,471
--------------------------------------------------------------------
Total                   5,141,596    147,680    5,996,959    170,072
--------------------------------------------------------------------
--------------------------------------------------------------------

Netbacks

Higher per unit operating costs in 2003 resulted in Antrim realizing
a per unit netback of $19.52/BOE (2002 - $24.85/BOE). The table
below provides a comparative analysis of field netbacks for 2003
compared to 2002.


                                                 $/BOE
--------------------------------------------------------------------
                                        2003                    2002
--------------------------------------------------------------------

Wellhead price                       $ 34.82                 $ 35.26
Royalties                              (4.64)                  (4.85)
Operating expenses                    (10.66)                  (5.56)
--------------------------------------------------------------------

Netback                              $ 19.52                 $ 24.85
--------------------------------------------------------------------
--------------------------------------------------------------------

Annual production (BOE)              147,680                 170,072
--------------------------------------------------------------------
--------------------------------------------------------------------

/T/

Royalties 

Royalty expense decreased in the year to $685,127 compared to 
$824,610 in 2002 due to lower oil and gas production and prices 
received in the year. Royalties in Argentina consist primarily of 
provincial royalties calculated after transportation costs and 
turnover and other royalties calculated with respect to gross 
revenues. 

Operating Expenses 

Operating expenses increased significantly in the year to 
$1,574,885 from $945,633 in the prior year. The increase was 
primarily due to remedial one-time workover operations in the 
year, implementation of a pressure maintenance scheme and the 
need to make various infrastructure repairs after a change in 
operator of the Puesto Guardian field in the fall of 2003. 
Operating expenses per BOE are expected to decline in 2004 as 
workovers are completed and new production is brought on stream. 

Cash Flow and Net Income 

Antrim generated a net cash outflow from operations of $210,890 
($0.01 per share) in 2003 compared to cash inflow of $1,450,993 
($0.07 per share) in 2002. Cash flow from operations decreased 
due to lower oil and gas revenues, increased operating costs in 
Argentina and costs associated with Antrim listing on AIM in 
2003. Cash flow from operations and cash flow from operations per 
share does not have a standard meaning under generally accepted 
accounting principles ("GAAP") and may not be comparable to other 
companies. Management believes that cash flow is a useful 
supplementary measure that may assist investors. 

The Company recorded a net loss of $2,868,188 ($0.14 per share) 
in 2003 compared to net income of $1,066,986 ($0.05 per share) 
the previous year. Net income decreased in 2003 primarily as a 
result of impairment charges with respect to the Company's 
Tunisian assets, AIM listing costs and the timely sale in 2002 of 
the Company's New Zealand assets. 

Capital Expenditures 

Petroleum and natural gas expenditures in 2003 were $4,436,050 
compared to $1,473,683 in 2002. Capital expenditures increased 
significantly in 2003 following the deepening of the Chott Fejaj 
#3 well in Tunisia and the acquisition of new seismic offshore 
Australia. 

Financial Resources And Liquidity 

As at December 31, 2003, the Company had working capital of 
$15,343,761 (2002 - $10,974,251), including cash of $15,136,075 
(2002 - $10,787,809) and no bank debt. 

On July 31, 2003 the Company listed on AIM in order to improve 
its flexibility in raising equity and or debt financing should 
attractive opportunities to accelerate its exploration and 
development activities or to further upgrade its portfolio of oil 
and gas assets arise. Subsequent to listing the Company 
identified a significant opportunity to accelerate development of 
its Australian project and in order to proceed completed a 
private placement of units in December 2003 for approximately $10 
million. The Company is currently seeking joint venture partners 
to participate with the Company in drilling this well. Should 
additional partners participate in the drilling, capital 
expenditures currently allocated to Australia would be applied to 
further developing Antrim's other exploration projects. 

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 December 31, 2003 and 2002

                                                 2003           2002
                                                    $              $
--------------------------------------------------------------------

Assets

Current assets
Cash and short-term deposits               15,136,075     10,787,809
Accounts receivable and prepaid expenses    1,038,046        716,211
Inventory and other                           618,793      1,249,691
--------------------------------------------------------------------
                                           16,792,914     12,753,711

Petroleum and natural gas properties        8,904,908      7,662,418

Office equipment - net of
 accumulated amortization of
 $380,620 (2002 - $266,939)                   191,466         96,575
--------------------------------------------------------------------
                                           25,889,288     20,512,704
--------------------------------------------------------------------
--------------------------------------------------------------------

Liabilities

Current liabilities
Accounts payable and accrued liabilities    1,447,908      1,222,793
Income taxes payable                            1,245        556,667
--------------------------------------------------------------------
                                            1,449,153      1,779,460

Future income taxes                            66,443        776,958

Site restoration provision                    257,180        196,608
--------------------------------------------------------------------
                                            1,772,776      2,753,026
--------------------------------------------------------------------

Shareholders' Equity

Capital stock                              34,772,554     25,547,532

Deficit                                   (10,656,042)    (7,787,854)
--------------------------------------------------------------------
                                           24,116,512     17,759,678
--------------------------------------------------------------------
                                           25,889,288     20,512,704
--------------------------------------------------------------------
--------------------------------------------------------------------


Antrim Energy Inc.
Consolidated Statements of Income (Loss) and Deficit
For the Years Ended December 31, 2003, 2002 and 2001

                                       2003         2002         2001
                                          $            $            $
---------------------------------------------------------------------

Revenue
Oil and gas                       5,141,596    5,996,959    4,502,098
Royalties                          (685,127)    (824,610)    (573,604)
---------------------------------------------------------------------
                                  4,456,469    5,172,349    3,928,494

Interest and other income           186,673      214,782      113,139
---------------------------------------------------------------------

                                  4,643,142    5,387,131    4,041,633
---------------------------------------------------------------------

Expenses
Operating                         1,574,885      945,633    1,397,112
General and administrative        2,098,486    1,441,994    1,692,904
Depletion and depreciation        1,031,852    1,335,000    1,060,066
Foreign exchange loss               228,739      641,003            -
Write off of impaired assets      2,399,575    1,550,597    4,111,561
---------------------------------------------------------------------

                                  7,333,537    5,914,227    8,261,643
---------------------------------------------------------------------

Income (loss) before below noted
 dispositions and income taxes   (2,690,395)    (527,096)  (4,220,010)
Gain on disposition of
 petroleum and natural gas
 properties                          63,614    1,906,879            -
---------------------------------------------------------------------

Income (loss) for the year
 before income taxes             (2,626,781)   1,379,783   (4,220,010)

Income taxes (recovery)
Current                             951,922      907,508      120,204
Future                             (710,515)    (594,711)  (1,101,684)
---------------------------------------------------------------------

                                    241,407      312,797     (981,480)
---------------------------------------------------------------------

Net income (loss) for the year   (2,868,188)   1,066,986   (3,238,530)

Deficit - Beginning of year      (7,787,854)  (8,854,840)  (5,616,310)
---------------------------------------------------------------------

Deficit - End of year           (10,656,042)  (7,787,854)  (8,854,840)
---------------------------------------------------------------------
---------------------------------------------------------------------
Net income (loss) per
 common share:
  Basic                               (0.14)        0.05        (0.19)
  Diluted                             (0.14)        0.05        (0.19)
 

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