News

Jun 1, 2008 - 19:53 ET Antrim Energy Inc. Withdraws Offering of US$100 Million of Convertible Debentures

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - June 1, 2008) - 

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

Antrim Energy Inc. ("Antrim" or the "Company") (TSX:AEN) (AIM:AEY) announced today that it has withdrawn its proposed private placement offering of up to US$100 million in senior unsecured convertible debentures.

Antrim declined to accept the convertible debentures given the relatively high cost in terms of market interest rate and conversion price. The proceeds from the offering were proposed to be used primarily to accelerate the appraisal and development program on the recently drilled Fyne Field. The Company will now proceed with the appraisal of the Fyne Field as previously planned, drilling the first well in July / August this year and following up success with additional drilling in 2009. First production from Fyne is expected in 2010.

Antrim's plans regarding its Causeway property in the northern North Sea remain unchanged with the next well scheduled to start drilling in mid-June. Causeway appraisal and development is fully funded through to first production given Antrim's current working capital (US$70 million at the end of last quarter) and the previously announced US$50 million working capital facility and proposed US$150 million bank debt facility upon approval of the Causeway field development plan. 

Commenting on the withdrawal of the offering, Mr. Stephen Greer stated "We had anticipated proceeds from the debenture issue would allow the company to accelerate the appraisal and development of the Fyne discovery. However, the terms offered in this current debt market would not have been in the best interests of Antrim's shareholders and the Company has elected not to accept the offering. Antrim will proceed with the development of the Fyne oil field under previously announced plans and anticipates that the Fyne development will proceed under senior bank debt, similar to that arranged for the Causeway property. In the meantime the Company remains well financed and will proceed with its current drilling plans."

This press release is not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 

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 www.antrimenergy.com 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 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. 


FOR FURTHER INFORMATION PLEASE CONTACT:

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