News

Dec 28, 2011 - 09:30 ET Antrim Announces Approval of Causeway Field Development Plan

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Dec. 28, 2011) -

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

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim" or the "Company")

Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced that the UK Department of Energy and Climate Change ("DECC") has approved the Field Development Plan ("FDP") for the Causeway Field in the UK North Sea Block 211/23d. Antrim holds a 35.5% working interest in the Causeway licence.

The Causeway FDP includes a production well and a water injection well in the East and Far East fault panels utilising existing wells on the field drilled during the appraisal phase. The production well will be completed with dual electrical submersible pumps and first oil is anticipated in mid-2012. Hydrocarbons will be transported to and processed at the Cormorant North platform operated by TAQA Bratani Limited, before being exported to the Sullom Voe terminal for sale. Development costs net to Antrim are estimated at $32 million, after receipt of $21.8 million associated with the previously announced sale of Antrim Causeway (N.I.) (Aug. 9, 2011). 

The Operator of the Causeway Field, Valiant Causeway Limited, is proceeding with tie-back installations. The FDP envisions average production for the first twelve months will be 8,400 bopd (net 3,000 bopd to Antrim).

Additional information concerning Antrim Energy is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.

Forward-Looking Statements

Some of the statements in this announcement may be forward-looking including statements relating to the expected length of drilling time. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipate, estimate", "envision" and similar expressions, whether used in connection with production levels or first oil from Causeway or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. 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, 2010 and dated March 28, 2011 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.

In accordance with AIM guidelines, Mr. Terry Lederhouse, P. Eng and VP - Commercial of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Lederhouse has over 36 years experience in the upstream oil and gas industry.


FOR FURTHER INFORMATION PLEASE CONTACT:

Antrim Energy Inc. 
Stephen Greer 
President & CEO 
(403) 264-5111 
(403) 264-5113 (FAX) 
greer@antrimenergy.com 
or 
Antrim Energy Inc. 
Scott Berry 
Manager, Investor Relations 
(403) 264-5111 
(403) 264-5113 (FAX) 
berry@antrimenergy.com 
or 
RBC Europe Limited 
Martin Eales 
+44 (0) 20 7029 7881 
or 
Antrim Energy Inc. 
Terry Lederhouse 
VP - Commercial 
(403) 264-5111 
(403) 264-5113 (FAX) 
lederhouse@antrimenergy.com