Mar 31, 2008 - 20:03 ET Antrim Energy Reports 2007 Results and Reserves

CALGARY, ALBERTA--(Marketwire - March 31, 2008) - 


Antrim Energy Inc. ("Antrim") (TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, today released its 2007 year-end financial and operating results, including a summary of reserves and reserve evaluation independently assessed by McDaniel & Associates Consultants Ltd. in accordance with the standards specified by National Instrument 51-101.

2007 Highlights:

- United Kingdom proved plus probable oil reserves increased 50% to 29.3 million barrels

- Total corporate proved plus probable reserves increased 20% to 38.1 million boe

- Production (all Argentina) increased 35% to an average of 1,553 boepd

- $87 million in working capital and agreed terms for a pre-development working capital facility

"The past year has been one of wide ranging success for Antrim. The very significant (50%) increase in the Company's UK reserves, and associated value, underpins our aim to bring the UK properties to production as soon as possible," said Stephen Greer, President and CEO. "Additionally, Antrim's strong treasury and access to debt facilities ensures the Company is well financed to transform these reserves to substantial cash flow and value for our shareholders."


Reserves Summary

The following tables summarize Antrim's reserves as at December 31, 2007:

Antrim's Interest in Reserves as at December 31, 2007
(based on forecast price and cost assumptions)

                                          Oil       Gas       NGL     Total
Category                                mbbls      mmcf     mbbls      mboe
--------                               -------   -------   -------   -------
Proved plus probable                   31,274    38,635       471    38,134
Proved plus probable plus possible     66,528    47,140       578    74,963

Present Value Cash Flow Before Income Tax as at December 31, 2007 (US$000's)
(based on forecast price and cost assumptions)

                                               PV           PV           PV
Category                                        0%           5%          10%
--------                                ----------   ----------   ----------
Proved plus probable                      696,327      472,650      309,289
Proved plus probable plus possible      3,075,864    2,057,804    1,418,749

Present Value Cash Flow Before Income Tax as at December 31, 2007 (US$000's)
(based on constant price and cost assumptions)

                                               PV           PV           PV
Category                                        0%           5%          10%
--------                                ----------   ----------   ----------
Proved plus probable                    1,309,290      940,900      675,349
Proved plus probable plus possible      4,286,942    2,922,131    2,061,026

Additional reserve information relating to Antrim is available in Antrim's
Annual Information Form filed on SEDAR at


                                                 2007       2006       2005
                                              --------   --------   --------
Financial Results (Cdn $000's except per
 share amounts)
Oil and gas revenue                            15,030     13,072     10,807
Cash flow from operations                       4,783      3,733      2,530
Cash flow from operations per share              0.05       0.06       0.06
Net income (loss)                              (9,011)     1,342     (3,190)
Net income (loss) per share                     (0.09)      0.02      (0.07)
Total assets                                  301,545    145,151     60,227
Working capital                                87,232     55,392     29,969
Expenditures on petroleum and natural gas
 properties                                   102,317     61,163     17,976
Debt                                                -          -          -
Dividends declared                                  -          -          -

Common shares outstanding (000's)
End of year                                   117,581     87,059     54,886
Weighted average - basic                      102,831     66,918     43,824
Weighted average - fully diluted              104,893     76,326     44,669

Oil, natural gas and NGL production (boe per
 day)(1)                                        1,553      1,157        931

(1) The boe conversion ratio of 6 mcf:1 bbl is based on an energy
    equivalency conversion method primarily applicable at the burner tip and
    does not represent a value equivalency at the wellhead.


Oil and gas revenue increased 15% from 2006 due to an increase in oil and gas production from the Tierra del Fuego licences. Cash flow from operations was $4.8 million in 2007 compared to $3.7 million in 2006.

Capital expenditures in 2007 increased 104% to $102.3 million, the majority associated with the appraisal drilling program on the Causeway property in the UK North Sea. In 2007, five wells were drilled and completed in the UK Northern North Sea (Causeway and Kerloch licences). In Argentina, Antrim participated in drilling eight wells during the year in three of its seven licence areas. Drilling in Tierra del Fuego recommenced in September 2007 as part of a two-year drilling program.

The audited consolidated financial statements, notes and Management's Discussion and Analysis for the year ended December 31, 2007 are available on Antrim's website and will be available on SEDAR at

2008 Outlook

In March 2008, a multi-lateral drilling program was initiated on the Fyne licence. The current operation entails drilling one pilot well and two side tracks and is being optimized using 3-D seismic acquired in 2007. A second rig contract has been signed which will provide Antrim with the Transocean "Prospect" semi-submersible drilling rig for up to four additional wells scheduled to begin in June 2008. The drilling contract will allow Antrim to accelerate appraisal activity on the Company's existing properties in the Northern and Central North Sea and it is also expected to provide Antrim with the flexibility to add additional drilling opportunities to its 2008 program. The evaluation and acquisition of additional exploration licences in the UK North Sea is also planned in 2008.

The Company plans to submit a Field Development Plan ("FDP") for the Causeway property in the second quarter of 2008 and begin to invest in production facilities during the third quarter of 2008 with a view to commence production from the property in late 2009.

In March 2008, Antrim announced that it had agreed terms for a US$50 million working capital facility to be available for pre-development costs associated with the Causeway property. 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 a contingent cost overrun facility.

In Tierra del Fuego, Argentina, 16 wells are expected to be drilled in 2008 and additional 3D seismic is planned. Antrim also expects to follow-up on the successful drilling on the Medianera licence with the addition of up to 6 wells in 2008.

Total capital expenditures planned for 2008 are $113 million which the company anticipates will be funded from a combination of existing working capital, cash flow from operations and debt facilities.

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, 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. 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