News

May 9, 2012 - 12:00 ET Antrim to Acquire all of Fyne Licence; Updates Causeway Development

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - May 9, 2012) -

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, under the terms of the Joint Operating Agreement (the "JOA"), Antrim will acquire an additional twenty-five percent (25%) working interest and associated reserves in UK Central North Sea licence P077 Block 21/28a (the "Fyne Licence") from First Oil Expro Limited ("First Oil") at no cost.

Antrim's working interest in the Fyne Licence will increase to 100%, contingent on approval from the UK Department of Energy and Climate Change ("DECC"). This follows First Oil's notice to the other partners in the licence of their intention to withdraw. Antrim recently acquired the working interest of Premier Oil UK Limited, subject to DECC approval (as announced on April 12, 2012). Upon DECC approval of the working interest changes, Antrim intends to submit a Field Development Plan ("FDP") for the Fyne Field using a small floating SPAR system.

In other developments in the North Sea, production startup from the Causeway Field (Antrim working interest 35.5%) remains on schedule for the third quarter this year. Subsea pipeline installation for a tieback to the Cormorant North platform has been completed, and well completion is planned for June. An FDP for the adjacent Fionn Field (Antrim working interest 35.5%) has been submitted to DECC, with approval expected in mid-2012.

Forward-Looking and Cautionary Statements

Antrim is preparing a Field Development Plan ("FDP") for the Fyne Field for submission by June 25, 2012, which is a condition to the three year extension to the licence granted by the DECC in November 2011. Approval of the FDP by DECC will allow Antrim to proceed with the development and with expected first oil production in late 2014. The Fyne development is expected to minimize initial capital expenditures by using a small floating mini-Spar facility ("Spar") combined with a phased approach to allow early production revenue to fund additional development. If the FDP is not submitted by June 25, 2012, or an extension obtained from DECC, the Fyne Licence could be revoked. Antrim's increased ownership in Fyne will allow Antrim sole control over development and seeking partners for development; however, increased ownership could increase the risk that the development of Fyne will not proceed as expected.

Some of the statements in this announcement may be forward-looking including statements relating to Antrim's business plans for the development of the Fyne field, including the timing thereof, and the timing of anticipated production from Causeway. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "intend", "schedule", planned" and similar expressions 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, including without limitation, unanticipated delays with respect to the development of Fyne or Causeway and the risk that DECC does not approve the transfer of the working interests and operatorship of Fyne to Antrim. 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 Amended and Restated Annual Information Form for the year ended December 31, 2011 and dated March 26, 2012 and available for viewing atwww.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 
Operations Vice President Commercial 
(403) 264-5111 
(403) 264-5113 (FAX) 
fulton@antrimenergy.com 
www.antrimenergy.com 
or 
RBC Europe Limited 
Martin Eales 
+44 (0) 20 7029 7881