May 5, 2008 - 14:39 ET Antrim Energy Suspends Fyne Well as Future Oil Producer

CALGARY, ALBERTA--(Marketwire - May 5, 2008) - 


Antrim Energy Inc. ("the Company") (TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, today reported that the Fyne well 21/28a-9 (Antrim WI 75% and operator) in the UK central North Sea is to be suspended as a future oil producer.

As previously reported on April 8, 2008, the 21/28a-9 well was drilled as planned with three legs, one pilot hole and two sidetracks into the Eocene Tay Sandstone, each leg encountering a significant hydrocarbon column. A drill stem test (DST) was attempted on the third and final leg 21/28a-9y, but was terminated early due to mechanical failure which resulted in an influx of sand, formation oil and oil-based drilling fluid into the wellbore. Subsequent fluid flow into the formation was recorded at rates up to 3,360 barrels per day. As an alternative to the DST, an injectivity test was conducted with base oil at 4,320 bopd at 890 psi.

"The estimated future production rate is expected to be higher than the flow rates recorded from the adjacent well 21/28a-2 which previously flowed at 3,600 bopd from 31 ft of net oil pay in poorer reservoir quality sandstone," said Stephen Greer, President and CEO. "The reservoir sandstones encountered in Antrim's 28/21a-9 well have exceptionally high measured values of porosity (33%) and permeability (exceeding 1000 mD)."

No uncontaminated oil was recovered from the aborted DST but reservoir oil recovered from the successful Modular Formation Dynamics Test was analyzed and shown to have an API of 25 degrees with a viscosity very similar to the viscosity of Tay Formation oil from the producing fields in the proximity of Fyne.

Full analysis of the log and test data from 21/28a-9y has led to an upward revision of the net oil pay thickness from the previously reported 52 ft True Vertical Depth (TVD) net oil pay and 35 ft net gas pay to 65 ft net oil pay and 30 ft net gas pay. As designed, the well was drilled at a 60 degree angle resulting in wellbore measured thicknesses of 120 ft net oil pay and 47 ft net gas pay.

The reservoir information collected from this operation will be supplied to independent engineering evaluator McDaniel & Associates to produce an updated reserve report on the field.

Antrim expects to accelerate the Fyne appraisal and development using the contracted Transocean Prospect which is scheduled to begin a multi-well drilling program for Antrim in June this year. Two additional wells are planned on the field before the company submits an application to the UK regulatory authorities for development approval. Assuming approval is granted, no further wells are anticipated on the field and first production is targeted for as early as 2010.

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 Nominated Adviser on AIM Royal Bank of Canada Europe Limited Sarah Wharry + 44 20 7653 4667