News

Aug 30, 2005 - 08:29 ET Antrim Energy Inc. Announces Proposed Financing

CALGARY, ALBERTA AND LONDON, UNITED KINGDOM--(CCNMatthews - Aug. 30, 2005) - 

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

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim") is pleased to announce that it has entered into an agreement with a syndicate led by Research Capital Corporation ("Research") pursuant to which the syndicate has agreed to purchase, on a "bought deal" basis, an aggregate of 6,111,111 Special Warrants at a price of $1.80 per Special Warrant for gross proceeds of $11,000,000, and to sell, on a "best efforts" basis in respect of a public offering, up to 8,333,333 Prospectus Units for additional gross proceeds of $15,000,000. Each Special Warrant and Prospectus Unit will consist of one Common Share and one-half of one Warrant. Each whole Warrant shall be exercisable for a period of 18 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 $3.00 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 to fund its "Causeway" Prospect in the UK North Sea and for corporate working capital. It is contemplated that the bought portion of the offering will close on September 15, 2005 and the best efforts portion the week of September 19, 2005. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.

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
President & 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