Mar 30, 2007 - 21:46 ET Antrim Energy Reports Record 2006 Results-Reserves Increase 435%

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(CCNMatthews - March 30, 2007) - Antrim Energy Inc. ("Antrim") (TSX:AEN)(AIM:AEY), an international oil and gas exploration and production company, today reported record financial and operating results for the year ended December 31, 2006 - and a strong outlook based on a significant increase in reserves.

2006 Highlights

- Proved and probable reserves increased 435% over 2005.

- Oil and gas revenue grew 17% over 2005.

- Oil and gas production increased 24.2% over 2005.

- Average net gas production increased 50.7% over 2005.

- Cash flow from operations grew 47.6% over 2005.

- Net income reached a record $1.3 million.

2006 Management Commentary

"Antrim generated outstanding results in 2006, registering significant increases in all key measures," said Stephen Greer, President and CEO. "The most important highlights were the fact that reserves increased 435% year over year and drilling results in Tierra del Fuego, Argentina and at East Causeway in the UK North Sea met or exceeded our expectations. These results indicate that our focused strategy of increasing production in Argentina and high-impact exploration in the UK North Sea is generating significant value and strengthening our foundation."

Added Anthony J. Potter, Chief Financial Officer: "The purchase of the majority interest in the Fyne & Dandy oil fields in the United Kingdom and acquiring Medianera in Argentina during 2006 definitely enhanced our position and prospects. Our strong cash flow performance, year-end working capital position and debt-free status support our business strategy and the achievement of all of our shareholder objectives in 2007."

2007 Agenda

Mr. Greer expects 2007 to be an active and productive year for Antrim as "we plan to accelerate our drilling successes on both international frontiers of Argentina and the UK North Sea by building on the momentum of 2006."

Among the activities planned or underway:

- In Tierra del Fuego, work began in the first quarter of 2007 to acquire an additional 260 km2 of new 3D seismic to allow Antrim to identify both infield development locations and undrilled fault block exploration locations. Drilling of up to 10 wells in Tierra del Fuego is expected to resume in the second quarter of 2007.

- Also in Tierra del Fuego, an expansion of gas processing facilities and installation of a pipeline that will connect the Las Violetas concession to the San Martin pipeline is in progress. The expansion, projected for completion August 2007, is expected to raise gas sales capacity from approximately 21 million cubic feet per day to between 35 and 40 million cubic feet per day at which time previous gas discoveries are expected to be placed on production. Negotiations are underway for liquids-rich gas sales prior to the start-up of the expanded processing facilities. Additional oil pipeline, storage and treatment facilities are also planned for 2007 to enable increased oil production.

- At least one exploration well is planned in 2007 for each of the Medianera and Capricorn blocks. In the Puesto Guardian concession, processing of 330 km2 of 3D seismic data is expected to be completed in May 2007, leading to a drilling program on the concession in 2007-2008.

- In the United Kingdom, Antrim intends to follow-up the East Causeway discovery with a drilling program of up to three wells commencing in the second quarter of 2007. Antrim also plans to participate in the drilling of the Kerloch prospect in the northwest area of Block 211/22a in the fourth quarter of 2007. A seismic acquisition program on the Fyne & Dandy oil fields is expected to begin shortly in the second quarter of 2007.

Annual Results

2006 2005 2004
(Cdn $000's except per share amounts)
Oil and gas revenue 12,644 10,807 6,900
Cash flow from operations 3,733 2,530 400
Cash flow from operations per share 0.06 0.06 0.01
Net income (loss) 1,342 (3,190) (5,586)
Net income (loss) per share 0.02 (0.07) (0.16)
Total assets 145,151 60,227 35,124
Working capital 55,392 29,969 20,325
Capital expenditures 61,163 17,976 6,362
Debt - - -

Common shares outstanding (000's)
End of year 87,059 54,886 39,487
Weighted average - basic 66,918 43,824 33,966
Weighted average - diluted 76,326 44,669 34,644

Annual Operating Highlights

2006 2005 2004
Proved and probable reserves (mmboe) 33.3 6.2 1.4
Oil, natural gas and NGL production BOE(1)/day 1,157 931 491

(1)The BOE conversion ratio of 6 mcf:1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.


Note to Reader

The audited consolidated financial statements, notes and Management's Discussion and Analysis for the year ended December 31, 2006 are available on Antrim's website and will be available on SEDAR at

Forward-Looking Statements

Certain forward-looking statements are made in this news release, including statements regarding possible future business. Investors are cautioned that such forward-looking statements involve risks and uncertainties detailed from time to time in the company's periodic reports filed with Canadian regulatory authorities. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Antrim does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf. See the MD&A for further information on forward-looking statements. 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.

About Antrim

Antrim Energy Inc. is an international oil and gas exploration and production company headquartered in Calgary, Alberta, Canada. The company'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 for more information. 


Antrim Energy
Stephen Greer
President & CEO
(403) 264-5111
(403) 264-5113 (FAX)


Antrim Energy
Anthony J. Potter
Chief Financial Officer
(403) 264-5111
(403) 264-5113 (FAX)