News

Aug 12, 2011 - 02:01 ET Antrim Energy Inc. Announces 2011 Second Quarter Financial and Operational Results

CALGARY, ALBERTA--(Marketwire - Aug. 12, 2011) -

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), an international oil and gas exploration and production company, today reported its financial and operational results for the three and six month periods ended June 30, 2011.

All financial figures are unaudited and in US dollars unless otherwise noted

HIGHLIGHTS:

  • Sale of Antrim Causeway (N.I.) Limited completed
  • Farm out completed on Erne Prospect
  • Rig contract signed to drill East Fyne well
  • Average oil and gas prices in Argentina increased 23% and 19% respectively
  • Cash position of $73.4 million and no bank debt

Oil and gas revenue, net of royalties, was $5.1 million for the six months ended June 30, 2011 compared to $5.0 million for the same period in 2010. Net revenue increased as a result of higher oil and gas prices partially offset by lower oil and gas sales volumes. Antrim generated cash flow from operations of $0.5 million for the six months ended June 30, 2011 compared to a cash flow deficiency of $0.4 million for the same period in 2010.

In the first half of 2011, average production in Argentina was 1,596 barrels of oil equivalent per day ("boepd") compared to 1,787 boepd in the first half of 2010. The reduced production is attributable to a natural decline coupled with ongoing gas plant maintenance which curtailed gas production for periods of time during the second quarter.

Antrim's average gas price for the second quarter of 2011 was $2.22 per mcf compared to $1.87 per mcf for the same period in 2010, a 19% increase. For the second quarter, oil prices averaged $58.42 per barrel compared to $47.38 per barrel for the same period in 2010, a 23% increase.

As announced on August 9, 2011, Antrim finalized the sale of Antrim Causeway (N.I.) Limited which holds a 30% interest in P201 Block 211/22a South East Area and P1383 Block 211/23d (the "Causeway Licences") to Valiant Petroleum plc ("Valiant"). In return Antrim will receive up to $21.75 million towards its remaining 35.5% working interest share of the development costs of the Causeway Field.

On July 7, 2011, Antrim announced that it had signed a Heads Of Agreement ("HOA") to farm out a portion of its Erne Prospect located in the Greater Fyne Area in the Central North Sea. Premier Oil UK Limited ("Premier") has agreed to earn a 50% working interest in Antrim's 100% owned Licence P1875 by funding a promoted share of the costs to drill a well on the Erne Prospect on Block 21/29d. The well is expected to commence drilling late in the third quarter of 2011 as part of the Greater Fyne Area drilling programme. A contract has been signed to provide well project management and drilling services, including the provision of the WilPhoenix semi-submersible drilling rig, and a site survey has been completed.

On May 6, 2011, Antrim announced that a rig contract had been signed to drill the East Fyne appraisal/development well in Block 21/28a in the Central North Sea. Drilling is expected to commence in October 2011, with an estimated drilling operation duration of 28 days. The cost of drilling, completion and/or abandonment will be deducted from Premier's carried contribution of up to $50 million under the previously announced Earn-In Agreement ("EIA"), assigned to offset all or a significant portion of Antrim's development expenses to bring the Fyne Field to production.

Financial and Operating Results (unaudited)

Three Months Ended
June 30
Six Months Ended
June 30
2011 2010 2011 2010
Financial Results ($000's except per share amounts)
Revenue 2,730 2,295 5,115 4,952
Cash flow (used in) from operations (1) (134 ) (141 ) 474 (389 )
Cash flow (used in) from operations per share (1) (0.00 ) (0.00 ) 0.00 (0.00 )
Net (loss) (760 ) (1,423 ) (1,896 ) (2,716 )
Net (loss) per share – basic (0.00 ) (0.01 ) (0.01 ) (0.02 )
Total assets 286,277 224,988 286,277 224,988
Working capital 71,665 27,753 71,665 27,753
Capital expenditures 2,606 2,109 4,229 3,063
Common shares Outstanding (000's)
End of period 184,044 135,370 184,044 135,370
Weighted average – basic 184,044 135,357 163,707 135,355
Weighted average – diluted 185,447 135,357 165,172 135,355
Production
Oil, natural gas and NGL production (boe per day) (2) 1,553 1,739 1,596 1,787
  1. Cash flow from operations and cash flow from operations per share are Non-IFRS Measures. Refer to "Non-IFRS Measures" in Management's Discussion and Analysis.
  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.

OVERVIEW OF OPERATIONS

United Kingdom

Fyne Field

Premier has elected to drill the East Fyne well in the Fyne Field in P077 Block 21/28a (the "Fyne Licence") under the EIA signed in October 2010. The appraisal well is designed to de-risk the eastern extent of the Fyne Field and is expected to be drilled starting in October 2011. The well will be drilled at no cost to Antrim and the cost of drilling, completion and/or abandonment will be deducted from Premier's $50 million carried contribution.

The election by Premier resulted in the transfer of a 39.9% working interest, a corresponding interest in the reserves, and operatorship of the Fyne Licence from Antrim to Premier, with Antrim retaining a 35.1% working interest.

The Fyne Licence expires on November 25, 2011. DECC has agreed to a three year extension on the condition that a FDP is submitted by December 25, 2011 or by June 25, 2012 if the East Fyne appraisal well is drilled on the licence prior to November 25, 2011. The well is presently scheduled to start drilling in October 2011.

Antrim is continuing to work with Premier on the identification of alternative export routes. The currently preferred production system will handle up to 20,000 barrels of oil per day ("bopd") directly from the Fyne Field, with potential capacity add-ons to handle additional volume from satellite fields. First production is anticipated between the middle of 2013 to the middle of 2014 depending on the export route adopted.

The EIA also provides Premier with the option to participate at a "promoted" 20% to 50% working interest alongside Antrim in a planned drilling program on Antrim's 100% licences surrounding the Fyne Field (the "Greater Fyne Area").

Greater Fyne Area

In addition to the Fyne development, Antrim has identified several high priority drilling prospects on Antrim licences within the Greater Fyne Area. Initial drilling targets are expected to be the Erne Tay Prospect in P1875 Block 21/29d at 5,600 feet drilling depth, the Carra Eocene Tay Prospect in P1563 Block 21/28b at 5,000 feet drilling depth and the West Teal Upper Jurassic Fulmar Prospect, at 10,400 feet true vertical depth, in P1625 Block 21/24b. The West Teal Prospect contains a discovery well drilled by a previous operator in 1991 that was subsequently abandoned after encountering mechanical problems.

Antrim signed a LOA for project management and drilling services for two wells commencing late in the third quarter of 2011. The estimated duration for the drilling of the two wells is 50 days, not including testing. Antrim completed the site survey work over the Erne, Carra, and West Teal Prospects in April 2011. Antrim signed a Heads of Agreement with Premier to farm-out a 50% working interest in licence P1875 (the "Erne Prospect") and Premier retains a right to participate up to 50% in the Greater Fyne Area exploration program.

Causeway Field

As announced on August 9, 2011, Antrim finalized the sale of Antrim Causeway (N.I.) Limited which holds a 30% interest in the Causeway Licences, including a corresponding interest in reserves associated with the licences, to Valiant. In return, Antrim will receive up to $21.75 million towards its remaining 35.5% working interest share of development costs of the Causeway Field. Antrim will recognize a loss on the disposition in the third quarter of 2011.

On April 5, 2011, Antrim announced that a non-binding Heads of Terms agreement had been signed for the export route of Causeway crude oil to the Cormorant North production platform. The Cormorant North platform is operated by TAQA Bratani Limited and is located approximately 15 km west of the Causeway Field.

Antrim and Valiant are currently discussing the FDP to be submitted to DECC with respect to the Causeway Field. Among the items being discussed is Valiant's estimate of reserves associated with portions of the field, which may be lower than that of Antrim and its independent reserve evaluator McDaniel & Associates Consultants Ltd. Such discussions are at a preliminary stage and subject to finalization as the process of preparing the FDP evolves. Antrim expects that a finalized FDP will be submitted to DECC in 2011 with a target of achieving first production in the middle of 2012.

Argentina

Antrim completed a ten (net 2.5) well drilling program on its Tierra del Fuego Concessions in southern Argentina in 2010. The program targeted the liquid-rich gas bearing sandstone reservoirs of the Springhill Formation in the Los Flamencos Field. Of the ten wells drilled, eight were cased for production and two were plugged and abandoned. Three cased wells were completed and tied-in in 2010. Of the remaining five wells, four have recently been fracture stimulated. Two of the four wells flowed gas and were placed on production, a third well tested oil and has been placed on pump. The fourth well did not respond to fracture stimulation and was suspended. The remaining cased well will be fracture stimulated in the third quarter of 2011. Antrim's daily production is expected to average approximately 1,650 boepd in 2011.

Antrim's average gas price for the second quarter of 2011 was $2.22 per mcf compared to $1.87 per mcf for the same period in 2010, a 19% increase. In the second quarter of 2011, oil prices averaged $58.42 per barrel compared to $47.38 per barrel for the same period in 2010, a 23% increase.

Antrim sells all of its oil production and approximately 80% of its natural gas production from Tierra del Fuego to the Argentine mainland. These sales generate value-added tax ("VAT") of 21%, which is retained by Antrim due to favourable tax laws pertaining to Tierra del Fuego. VAT of $1.0 million (2010 - $0.9 million) is reported as other income and is not included in Antrim's per unit sales prices.

Antrim's field netbacks in Argentina, based on sales, were $9.35 (2010 - $8.33) per boe and $9.39 (2010 - $8.09) for the three and six month periods ended June 30, 2011. The increase in the 2011 field netbacks, as compared to 2010, was due to the higher oil and gas prices partially offset by higher operating costs, royalties and export taxes.

The Company applied for "Gas Plus" pricing incentives for new gas that will be produced from the wells drilled in 2010. The submission has received a favourable technical review and Antrim continues to await final government approval. If approved by the federal authorities, this will permit Antrim to sell a portion of its gas in the higher-priced industrial market on the mainland.

Antrim and its partners in the Tierra del Fuego Concession are currently negotiating a ten year extension to the licences which expire in November 2016. Antrim expects to finalize this extension in late 2011.

In December 2010 Antrim entered into an agreement to acquire a 50.1% interest in and operatorship of the 307,215 acre Cerro de Los Leones Exploration Concession, located in Argentina's Neuquén Basin. Cerro de Los Leones is situated in the northern portion of the Neuquén Basin in the Province of Mendoza. The existing 2-D seismic coverage of 700 km provides regional control and has identified numerous lower Tertiary and Cretaceous structural and stratigraphic leads at drilling depths of between 5,000 and 8,200 feet. Antrim continues to work on obtaining the necessary environmental approvals to shoot a 3-D seismic program. Antrim expects to have approval to shoot seismic in the fourth quarter, with drilling now scheduled to start in 2012.

Antrim's Argentine operations are self-sustaining thereby enabling the Company to evaluate other opportunities in Argentina using the cash flow generated from the Tierra del Fuego properties.

Tanzania

In December 2010, two agreements were signed in Tanzania which are expected to lead to the resumption of exploration activities on the production sharing agreement for the Pemba-Zanzibar exploration licence offshore and onshore Tanzania (the "P-Z PSA"). Antrim holds an option for a 20% carried interest in the P-Z PSA through the pre-drilling phase and an additional 10% option to be exercised up to 180 days following receipt of the initial drilling results. The carried interests would be repaid from future production. The P-Z PSA has been in a state of effective force majeure for several years due to a dispute between the federal government of Tanzania and the provincial government of Zanzibar regarding revenue sharing, and access to the licence area for petroleum exploration activities has been blocked. RAK Gas, the operator, is currently drafting a revised work program for the P-Z PSA for submission to the government of Tanzania.

Outlook

Antrim expects to have a FDP for the Causeway Field sanctioned by DECC in the fourth quarter of 2011 for an anticipated production startup in the third quarter of 2012. Production startup from the Fyne Field is anticipated between the middle of 2013 to the middle of 2014 depending on the export route adopted.

In 2011, Antrim will take a leading role in the exploration of the Greater Fyne Area. The drilling program is scheduled to begin late in the third quarter with a well drilled to test the Erne Tay Prospect. The well is expected to take 22 days to drill at an estimated cost to Antrim of $5 million after the farm-in by Premier. One additional prospect in the Greater Fyne Area is expected to be drilled subsequent to the Erne prospect.

An East Fyne appraisal well is also scheduled to be drilled on the Fyne Field in October 2011. This well is intended to de-risk the eastern extent of the Fyne Field and will extend the submission deadline of the FDP for Fyne to June 25, 2012. Antrim, together with its partners, continues to work towards identifying the most attractive export route for future oil production from the Fyne Field. Under the terms of the EIA, Antrim's costs up to $50 million are paid by Premier.

In Argentina, Antrim's focus will be on the recently acquired Cerro de Los Leones Exploration Concession (Antrim 50.1% and operator) in the Neuquén Basin. A 3-D seismic program will be shot to support drilling now scheduled for 2012. Cash flow from Antrim's expected 1,650 boepd from Tierra del Fuego will be used to support this exploration program.

Antrim also considers other global exploration opportunities and views its bilateral strategy of balancing longer term and capital-intensive investments in the UK North Sea with shorter investment cycle on-shore exploration and production opportunities as central to its corporate development.

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 MD&A and any documents incorporated by reference herein contain certain forward-looking statements and forward-looking information which are based on Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information. Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. Antrim believes that the expectations reflected in those forward-looking statements and information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements and information included in this MD&A and any documents incorporated by reference herein should not be unduly relied upon. Such forward-looking statements and information speak only as of the date of this MD&A or the particular document incorporated by reference herein and Antrim does not undertake any obligation to publicly update or revise any forward-looking statements or information, except as required by applicable laws.

In particular, this MD&A and any documents incorporated by reference herein, contain specific forward-looking statements and information pertaining to the quality of and future net revenues from Antrim's reserves of oil, natural gas liquids ("NGL") and natural gas production levels. This MD&A may also contain specific forward-looking statements and information pertaining to commodity prices, foreign currency exchange rates and interest rates, capital expenditure programs and other expenditures, supply and demand for oil, NGL's and natural gas, expectations regarding Antrim's ability to raise capital, to continually add to reserves through acquisitions and development, the schedules and timing of certain projects, Antrim's strategy for growth, Antrim's future operating and financial results, treatment under governmental and other regulatory regimes and tax, environmental and other laws and the start up of production from the Causeway or Fyne Fields in the UK North Sea.

With respect to forward-looking statements contained in this MD&A and any documents incorporated by reference herein, Antrim has made assumptions regarding Antrim's ability to obtain additional drilling rigs and other equipment in a timely manner, obtain regulatory approvals, future oil and natural gas production levels from Antrim's properties and the price obtained from the sales of such production, the level of future capital expenditure required to exploit and develop reserves, the ability of Antrim's partners to meet their commitments as they relate to the Company and Antrim's reliance on industry partners for the development of some of its properties. Antrim's ability to obtain financing on acceptable terms, the general stability of the economic and political environment in which Antrim operates and the future of oil and natural gas pricing. In respect to these assumptions, the reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.

Antrim's actual results could differ materially from those anticipated in these forward-looking statements and information as a result of assumptions proving inaccurate and of both known and unknown risks, including risks associated with the exploration for and development of oil and natural gas reserves, operational risks and liabilities that are not covered by insurance, volatility in market prices for oil, NGLs and natural gas, changes or fluctuations in oil, NGLs and natural gas production levels, changes in foreign currency exchange rates and interest rates, the ability of Antrim to fund its substantial capital requirements and operations, Premier exercising its option to acquire a portion of the Fyne Licence, Antrim's ability to obtain access to sub-sea or floating facility including transportation and production storage offshore providers, and Antrim's reliance on industry partners for the development of some of its properties, risks associated with ensuring title to the Company's properties, liabilities and unexpected events inherent in oil and gas operations, including geological, technical, drilling and processing problems, the accuracy of oil and gas reserve estimates and estimated production levels as they are affected by the Antrim's exploration and development drilling and estimated decline rates, in particular the future production rates at the Causeway and Fyne Fields in the UK North Sea and at the Tierra del Fuego concession in Argentina. Additional risks include the ability to effectively compete for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, Antrim's success at acquisition, exploitation and development of reserves, changes in general economic, market and business conditions in Canada, North America, Argentina, South America, the United Kingdom, Europe and worldwide, actions by governmental or regulatory authorities including changes in income tax laws or changes in tax laws, royalty rates and incentive programs relating to the oil and gas industry and more specifically, changes to the capped market price in Argentina, changes in environmental or other legislation applicable to Antrim's operations, and Antrim's ability to comply with current and future environmental and other laws, adverse regulatory rulings, order and decisions and risks associated with the nature of the Common Shares.

Statements relating to "resources" are deemed to be forward-looking statements. The estimates of remaining recoverable prospective resources have been risked for chance of discovery, but have not been risked for chance of development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development.

Many of these risk factors, other specific risks, uncertainties and material assumptions are discussed in further detail throughout the MD&A and in Antrim's management discussion and analysis for the year ended December 31, 2010. Readers are specifically referred to the risk factors described in this MD&A under "Risk Factors" and in other documents Antrim files from time to time with securities regulatory authorities. Copies of these documents are available without charge from Antrim or electronically on the internet on Antrim's SEDAR profile at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The calculation of barrels of oil equivalent ("boe") is based on a conversion rate of six thousand cubic feet of natural gas ("mcf") to one barrel of crude oil ("bbl"). Boe's may be misleading, particularly if used in isolation. A 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.

In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Vice President, Operations for Antrim, is the qualified person that has reviewed the technical information contained in this MD&A. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.

Antrim Energy Inc.
Consolidated Balance Sheet
As at June 30, 2011 (unaudited)
(Amounts in US$ thousands)
June 30
2011
$
December 31
2010
$
(note 15
)
Assets
Current assets
Cash and cash equivalents 73,422 25,650
Accounts receivable 1,966 3,530
Inventory and prepaid expenses 1,042 727
76,430 29,907
Exploration and evaluation assets 182,541 171,850
Property, plant and equipment 25,114 26,129
Investments and other non-current assets 2,192 2,026
286,277 229,912
Liabilities
Current liabilities
Accounts payable and accrued liabilities 2,603 2,413
Loan from Valiant 2,162 836
4,765 3,249
Asset retirement obligations 7,841 7,380
12,606 10,629
Commitments and contingencies
Shareholders' equity
Share capital 361,516 312,062
Contributed surplus 19,063 18,377
Deficit (108,700 ) (106,804 )
Accumulated other comprehensive income (loss) 1,792 (4,352 )
273,671 219,283
286,277 229,912

Antrim Energy Inc.
Consolidated Statement of Loss and Comprehensive (Income) Loss
For the three and six months ended June 30, 2011 and 2010 (unaudited)
(Amounts in US$ thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
2011
$
2010
$
(note 15
) 2011
$
2010
$
(note 15
)
Revenue, net of royalties (2,730 ) (2,295 ) (5,115 ) (4,952 )
Production and operating expenditures 1,337 998 2,341 2,345
Depletion and depreciation 931 1,070 2,026 2,282
General and administrative expenses 1,739 2,021 3,362 3,849
Exploration and evaluation expenditures 80 148 241 444
Other income (541 ) (473 ) (1,040 ) (908 )
Export taxes 67 10 105 67
Gain on disposals - - - (622 )
883 1,479 1,920 2,505
Finance income (282 ) (50 ) (411 ) (94 )
Finance costs 103 (59 ) 254 249
Loss for the period before income taxes 704 1,370 1,763 2,660
Income tax expense 56 53 133 56
Net loss for the period 760 1,423 1,896 2,716
Other comprehensive (income) loss
Exchange differences on translation of foreign operations 919 1,207 (6,144 ) 9,664
Other comprehensive (income) loss for the period 919 1,207 (6,144 ) 9,664
Comprehensive (income) loss for the period 1,679 2,630 (4,248 ) 12,380
Net loss per common share
Basic 0.00 0.01 0.01 0.02
Diluted 0.00 0.01 0.01 0.02

Antrim Energy Inc.
Consolidated Statement of Changes in Equity
For the six months ended June 30, 2011 and 2010 (unaudited)
(Amounts in US$ thousands)




Share capital
$




Contributed
surplus
$


Accumulated
other
comprehensive income
$




Deficit
$





Total
$


Balance, January 1, 2010 311,946 16,929 - (101,786 ) 227,089
Net loss for the period - - - (2,716 ) (2,716 )
Other comprehensive loss - - (9,664 ) - (9,664 )
Share-based compensation - 959 - - 959
Stock options exercised 11 (4 ) - - 7
Balance, June 30, 2010 311,957 17,884 (9,664 ) (104,502 ) 215,675
Balance, January 1, 2011 312,062 18,377 (4,352 ) (106,804 ) 219,283
Net loss for the period - - - (1,896 ) (1,896 )
Other comprehensive income - - 6,144 - 6,144
Issuance of common shares 52,297 - - - 52,297
Share issuance costs (2,999 ) - - - (2,999 )
Share-based compensation - 750 - - 750
Stock options exercised 156 (64 ) - - 92
Balance, June 30, 2011 361,516 19,063 1,792 (108,700 ) 273,671

Antrim Energy Inc.
Consolidated Statement of Cash Flows
For the three and six months ended June 30, 2011 and 2010 (unaudited)
(Amounts in US$ thousands)

Three Months Ended
June 30

Six Months Ended
June 30
2011
$
2010
$
2011
$
2010
$
Cash Provided by (used in):
Operating Activities
Net loss for the period (760 ) (1,423 ) (1,896 ) (2,716 )
Items not involving cash:
Depletion and depreciation 931 1,070 2,026 2,282
Accretion of asset retirement obligations 75 62 143 138
Accretion of financial asset (38 ) - (76 ) -
Share-based payments 250 450 510 742
Foreign exchange gain (592 ) (300 ) (233 ) (213 )
Gain on disposal - - - (622 )
(134 ) (141 ) 474 (389 )
Changes in non-cash working capital items 14 27 1,439 (459 )
(120 ) (114 ) 1,913 (848 )
Financing Activities
Issue of common shares 20 5 52,389 6
Share issue expenses (22 ) - (2,999 ) -
(2 ) 5 49,390 6
Investing Activities
Capital expenditures (2,606 ) (2,109 ) (4,229 ) (3,063 )
Other non-current assets 66 (59 ) (41 ) (629 )
(2,540 ) (2,168 ) (4,270 ) (3,692 )
Effects of foreign exchange on cash and cash equivalents (121 ) (592 ) 739 (129 )
Net increase (decrease) in cash and cash equivalents (2,783 ) (2,869 ) 47,772 (4,663 )
Cash and cash equivalents – beginning of period 76,205 29,375 25,650 31,169
Cash and cash equivalents – end of period 73,422 26,506 73,422 26,506
Cash and cash equivalents are comprised of:
Cash in bank 7,857 4,657 7,857 4,657
Short-term deposits 65,565 21,849 65,565 21,849
73,422 26,506 73,422 26,506
Interest received 243 50 335 94
Income taxes paid 56 53 133 56

FOR FURTHER INFORMATION PLEASE CONTACT:

Antrim Energy Inc.
Stephen Greer
President & CEO
(403) 264-5111
(403) 264-5113 (FAX)
greer@antrimenergy.com

Antrim Energy Inc.
Douglas Olson
Chief Financial Officer
(403) 264-5111
(403) 264-5113 (FAX)
olson@antrimenergy.com

Antrim Energy Inc.
Scott Berry
Manager, Investor Relations
(403) 264-5111
(403) 264-5113 (FAX)
berry@antrimenergy.com
www.antrimenergy.com