News

Dec 22, 2011 - 13:27 ET Antrim Drills Successful Appraisal Sidetrack to the Erne Oil Discovery, UK North Sea

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Dec. 22, 2011) -

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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 preliminary results from drilling operations of Antrim-operated well 21/29d-11Z, a sidetrack of the Erne discovery well 21/29d-11 (Antrim working interest 50%) in the UK Central North Sea.

The 21/29d-11Z sidetrack well, designed to appraise a separate culmination from the Erne oil discovery (as reported 30 Nov. 2011) in the Eocene Tay Formation, was drilled up-dip of the discovery location to a total measured well depth of 5,409 feet. The inclined sidetrack drilled approximately 24 true vertical ("TV") feet of net oil pay and 14 TV feet of net gas pay in a high quality sandstone reservoir with porosity values measured in excess of 32% and corresponding high permeability. The Tay Sandstone was intersected at a structural elevation 106 TV feet higher than the original penetration in the discovery well 21/29d-11. Initial interpretation is that the 21/29d-11Z sidetrack has penetrated a separate accumulation from the original 21/29d-11 well penetration, but further work is necessary to confirm this. Well 21/29d-11Z will now be suspended for potential future re-entry and use in the development of the Erne discovery.

As planned, no flow test will be performed on the sidetrack. Antrim successfully recovered Modular Formation Dynamics Test ("MDT") pressure data and samples from both the pilot hole and the sidetrack. The MDT results from the pilot well confirm the presence of oil similar to the oil produced from the nearby NW Guillemot Field, in a high quality sandstone reservoir. A complete analysis of the sidetrack MDT is not yet available, but is not expected to differ materially from the pilot hole data.

The successful Erne pilot and sidetrack wells have high-graded and de-risked other drilling prospects in the Upper Tay Formation near to Erne and along the same trend on Antrim-interest licences. With this information, Antrim will re-prioritize its drilling plans, fast tracking the Upper Tay drilling targets and delaying the Carra Lower Tay Formation drilling target previously scheduled for drilling before the year-end 2011. Antrim expects to follow up on the Erne success and resume drilling in the Greater Fyne Area in 2012. This does not affect plans for the Premier-operated East Fyne appraisal well in the Fyne Field (Antrim working interest 35.1%), which is expected to begin drilling operations in late December. The successful Erne discovery and appraisal drilling results are expected to make a significant contribution to Antrim's future development plans in Fyne and the Greater Fyne Area.

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 spud dates of wells. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "estimate", "expect", "approximately", "potential" and similar expressions, whether used in connection with drilling activity 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. Kerry Fulton, P. Eng and Vice President Operations of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Fulton has over 30 years operating 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 
Antrim Energy Inc. 
Kerry Fulton 
Vice President Operations 
(403) 264-5111 
(403) 264-5113 (FAX) 
fulton@antrimenergy.com 
or 
RBC Europe Limited 
Martin Eales 
+44 (0) 20 7029 7881