News

Oct 5, 2006 - 17:21 ET Antrim Farms-Out a Minority Interest in Capricorn Licence, Argentina

CALGARY, ALBERTA AND LONDON, UNITED KINGDOM--(CCNMatthews - Oct. 5, 2006) - Antrim Energy Inc. ("Antrim") (TSX:AEN) (AIM:AEY) has agreed to farm-out an interest in the Antrim (50% working interest) Capricorn Licence (Yacimiento Norte 1/B Block), Northern Argentina to Gold Point Energy Corp. ("GP Energy"). Under the terms of the agreement GP Energy has committed to pay 50% of a $1 million, 60 km2 3D seismic program plus 50% of a $2 million, 2300 metre exploration well to earn a 25% working interest in the Martinez del Tineo Oeste Prospect. The Martinez del Tineo Prospect covers approximately 54 km2 of the total 4008 km2 that comprise the total Capricorn Licence. Following the drilling of the Martinez del Tineo Oeste Prospect, GP Energy shall have the option to earn a 25% interest in the entire Yacimiento Norte 1/B Block by funding 50% of the acquisition of up to 300 km2 of 3D seismic and 50% of the costs of two additional exploration wells.

The referenced 3D seismic program on the Capricorn Licence was completed in August 2006. The Martinez del Tineo Oeste exploration well is expected to be drilled during the first half of 2007.

Antrim will contribute 25% of the drilling costs and retain a 37.5 % interest in the licence.

This farm-out agreement allows Antrim to concentrate more of its financial and technical strength on the successful drilling program in the Tierra del Fuego region of Argentina.

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 term "oil-in-place" is not equivalent to "reserves". In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Chief Operating Officer of Antrim, is the qualified person that has reviewed the technical information contained in this press release.

Updated Antrim information can be accessed on its website: www.antrimenergy.com

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 

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.
Kerry Fulton
Chief Operating Officer
(403) 264-5111
(403) 264-5113 (FAX)
Email: fulton@antrimenergy.com
Website: www.antrimenergy.com