Mar 6, 2008 - 11:59 ET Antrim Announces US$50 Million Working Capital Debt Facility

CALGARY, ALBERTA--(Marketwire - March 6, 2008) - 


Antrim Energy Inc. ("the Company") (TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, today announced that Bank of Scotland plc has agreed to provide the Company's subsidiary Antrim Resources (NI) Limited ("Antrim") with a US$50 million working capital facility.

The working capital facility will be available for pre-development costs associated with Antrim's Causeway property (Antrim 65.5%, operator). Antrim is currently preparing a Field Development Plan ("FDP") for the property. Discussions with nearby production facility owners are well underway and an agreed 'export' route and FDP is expected to be submitted to the Department for Business, Enterprise and Regulatory Reform during the second quarter of 2008.

"We are delighted to work with Bank of Scotland in the development of the Causeway area and look forward to working with them in delivering on our overall UK growth strategy," said Stephen Greer, President and CEO. "Concurrent with our Causeway development, we also anticipate accelerated development of the Fyne and Dandy fields with production forecast, upon approval of a FDP, for early 2010."

The working capital facility is subject to satisfactory due diligence, execution of full documentation and achievement of all conditions precedent. Upon approval of the FDP, the facility is expected to be replaced with a US $150 million senior secured field development facility and US $40 million contingent cost overrun facility. The facilities, together with Antrim's current treasury, will be used to finance Antrim's share of Causeway development costs in the UK North Sea. Early cash flow from Causeway production is expected to fund the development of additional reserves in the Causeway area.

About Antrim:

Antrim Energy Inc. is an international oil and gas exploration and production company headquartered in Calgary, Alberta, Canada. Antrim's production and exploration operations are centered in Argentina and 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.

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, 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.


Antrim Energy Inc. Stephen Greer President & CEO (403) 264-5111 (403) 264-5113 (FAX) Email: or Antrim Energy Inc. Anthony J. Potter Chief Financial Officer (403) 264-5111 (403) 264-5113 (FAX) Email: Website: or Nominated Adviser on AIM: Royal Bank of Canada Europe Limited Sarah Wharry + 44 20 7653 4667