Jul 23, 2008 - 12:18 ET Antrim Energy Drills Successful Appraisal Well on Fyne Field, UK Central North Sea

CALGARY, ALBERTA--(Marketwire - July 23, 2008) - Antrim Energy Inc. ("Antrim" or "the Company") (TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, is pleased to announce the 21/28a-10 well on the Fyne field was successfully drilled and encountered 32 ft of net oil pay in the Eocene Tay Sandstone. These drilling results are similar to the Fyne discovery well 21/28a-2, which tested up to 3,600 bopd from 30 ft of reservoir section. Antrim is operator with a 75% working interest.

The well intersected several oil bearing sandstones and log analysis indicates that the Tay reservoir in 21/28a-10 is very porous (average 30%). In addition, the reservoir sampling tool (MDT tool) indicates that the sandstones are exceptionally permeable with permeabilities to oil measured in excess of 1000 mD. No water bearing zones were encountered in the Tay section.

The 21/28a-10 well is located in the western lobe of the Fyne Field. The results of this well, combined with the results of the successful 21/28a-9 and sidetracks and the previously drilled 21/28a-2 well, clearly demonstrates reservoir and structural continuity across the field and the significant extent of the oil accumulation.

As designed, and previously reported, the next phase of the operation will be to immediately drill a sidetrack to the southeast of this location. If the sidetrack is also successful, the new wellbore will be flow tested. This additional drilling and testing operation is anticipated to take approximately three weeks to complete.

"This result clearly demonstrates the Fyne oil accumulation has significant lateral extent proving reservoir and structural continuity across the field," said Stephen Greer, President and CEO. "If successful, the next sidetrack would be the final drilling operation before the Fyne partnership would apply for Field Development Approval from the Department for Business, Enterprise & Regulatory Reform (BERR), the UK regulatory authority."

At year end 2007, Antrim's Fyne and Dandy licence was determined by independent reserve evaluation engineers, McDaniel and Associates, to hold 131 million barrels of oil in place, or 21 million barrels of proved plus probable recoverable reserves (Antrim net 98 million barrels and 16 million barrels respectively), representing 42% of the Company's recoverable proved plus probable reserves.

The Fyne Field is on trend with several other Tay fields in the area, including the West Guillemot, Pict and Saxon developments. Fyne is situated approximately 20 kilometres from existing infrastructure, which provides production services for several fields in the area.

About Antrim:

Antrim Energy Inc. is a Canadian; Calgary based high-growth junior oil and gas exploration and production company with assets in the UK North Sea and Argentina. 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, 2007 and dated March 31, 2008 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. Kerry Fulton Chief Operating Officer (403) 264-5111 (403) 264-5113 (FAX) Email: Website: or Royal Bank of Canada Europe Limited Sarah Wharry Nominated Adviser on AIM + 44 20 7653 4667