Jul 18, 2008 - 13:57 ET Antrim Signs US$50 Million Working Capital Debt Facility Agreement With Bank of Scotland

CALGARY, ALBERTA--(Marketwire - July 18, 2008) - 


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

The working capital facility will be available for pre-development costs associated with Antrim's Causeway property (Antrim 65.5%, operator) and for the appraisal of the Fyne and Dandy fields (Antrim 75%, operator) in the UK. The amount available under the facility will increase as Antrim prepares, submits and receives final approval of a Field Development Plan (FDP) for the Causeway property. In July 2008, Antrim successfully drilled the last well planned for the Causeway property before oil is produced under the current proposed phase of the development.

"We are very pleased to have finalized this agreement with Bank of Scotland," said Stephen Greer, President and CEO. "Going foward we anticipate a close working relationship with the Bank and replacing this facility upon FDP approval, with a larger senior secured field development facility for both the Causeway and Fyne Fields."

Drilling operations on the Antrim-operated Fyne Field in the UK Central North Sea block 21/28a are currently underway. Early cash flow from Causeway production and the Fyne Field is expected to fund the development of additional reserves in the Causeway, Fyne and Dandy areas.

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. Anthony J. Potter Chief Financial Officer (403) 264-5111 (403) 264-5113 (FAX) Email: Website: or Nominated Adviser Royal Bank of Canada Europe Limited Sarah Wharry + 44 20 7653 4667