News

Oct 24, 2007 - 12:33 ET Antrim Completes 2007 Causeway Drilling Program

CALGARY, ALBERTA--(Marketwire - Oct. 24, 2007) - 

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

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim"), an international oil and gas exploration and production company, today announced that the fourth and final well in its 2007 extended Causeway drilling program, has been successfully drilled and will be cased. As previously announced (30th August, 2007), the well, 211/22a-9, was drilled to provide pressure support to the future oil producers (22a-6 & 22a-7A) in the Central Causeway area.

The well was drilled to total depth 4,281 m (14,045 ft) and encountered sections of oil pay in the Ness and Etive formations despite being drilled at a significantly lower elevation (138 ft) than the producers. The pay sections have been confirmed by logging and an extensive program of fluid and pressure sampling by Modular Formation Dynamics Tester (MDT) tools which recovered light oil from the Ness sandstone. The structural elevation of these reservoir intervals, combined with the elevations identified in 22a-6 and 22a-7A, translate to a gross oil column of approximately 160 ft in the Central Causeway compartment.

"Pressure data obtained from sampling the Ness and Etive reservoir intervals in 22a-9 indicate that reservoir communication exists with the future producers drilled approximately 2.5 km to the south," said Stephen Greer, Chief Executive Officer of Antrim. "The 22a-9 result is a positive note on which to end the 2007 Causeway drilling program. With this latest well, an oil column has been proven to exist in the Ness and Etive formations significantly downdip from the previous discoveries and that injection into the Brent section encountered in this well is likely to support and maintain the expected high oil rates from the previously drilled production wells."

Review of the Causeway Drilling Program

The 22a-9 well completes the 2007 drilling program on Causeway. To-date four wells have been drilled and completed under the original budget for three drilled and completed wells. The significant cost savings are primarily attributed to Antrim's innovative well design and efficient management of the drilling program.



A summary of Antrim's 2006-2007 Causeway drilling program follows:

211/23d-17Z: tested 14,500 bopd from the Tarbert and Ness formations
211/22a-6: tested 6,300 bopd from the Ness and Etive formations
211/22a-7A: not tested but similar rates are expected to those measured
in 22a-6 (6000 - 7000 bopd)
211/22a-8: tested 1,180 bopd from the Ness Formation
211/22a-9: pressure support well for Central Causeway producers

 


In addition, other wells on Antrim's Causeway structure have tested 8,100 bopd (suspended in 1992) and 5,500 bopd (abandoned in 1984). Cumulative test rates from the structure now exceed 35,000 bopd with an expected additional 6000 - 7000 bopd from the untested 22a-7A well.

Further UK drilling:

Antrim's next step will be to submit a Field Development Plan (FDP) to the UK authorities, complete the Causeway development drilling in 2008 and start production facility construction on approval of the FDP, also expected in 2008. Another drilling program is scheduled for 2008 with at least one additional producer and a further two pressure support wells planned. A map detailing the Causeway drilling program to-date can be viewed attached to this press release on the company's website www.antrimenergy.com.

In addition, Antrim expects to build on the current successful UK drilling program with the Northern North Sea non-operated Kerloch well (Antrim 21%) due to spud in November 2007. Kerloch is also a Brent oil prospect, similar to and immediately northwest of the Causeway property.

Antrim anticipates that drilling will also commence on the Fyne & Dandy property (Antrim 75% and operator) early in 2008. This is an appraisal drilling program designed to evaluate the extent of the oil accumulation associated with the undeveloped Fyne & Dandy oil fields in the Central North Sea.

About Antrim

Antrim Energy Inc. is an international oil and gas exploration and production company headquartered in Calgary, Alberta, Canada. Antrim's objective is to create significant wealth for its shareholders through the discovery, production and sale of oil and gas. Antrim's production and exploration operations are centered in Argentina and its high impact oil and gas exploration is focused in the United Kingdom. Antrim is listed on the Toronto Stock Exchange (AEN) and on the London Stock Exchange's Alternative Investment Market (AEY). Visit www.antrimenergy.com for more information.

Forward-Looking Statements

This news release contains certain forward-looking statements, which include assumptions with respect to future plans, results and capital expenditures. Cumulative volumes are not necessarily representative of future production volumes. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antrim's control. Please refer to Antrim's Annual Information Form for the year ended December 31, 2006 and dated March 30, 2007 and available for viewing at www.sedar.com, for a list of risk factors. Antrim's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Antrim will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Antrim or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release.

Qualified Person Review

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 news 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

or

Nabarro Wells & Co. Limited
John Wilkes/Robert Lo
Nominated Adviser on AIM
+44 20 7710 7400