News

Apr 5, 2011 - 09:01 ET Antrim Energy Inc.: Export Agreement Signed for Causeway Oil

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - April 5, 2011) -

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

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim"), an international oil and gas exploration and production company, is pleased to announce that it has received confirmation from the operator of the Causeway Licences that a "Heads of Terms" agreement has been signed for the export of Causeway crude via the Cormorant North production platform in the UK North Sea.

The Cormorant North platform is operated by TAQA Bratani Limited and is located approximately 15 km west of the Causeway Field.

The operator has confirmed that a Field Development Plan ("FDP") for the Causeway Field (Blocks 211/22a South East Area and 211/23d) is expected to be submitted for approval to the UK Department of Energy and Climate Change ("DECC") this year, with production start up anticipated mid-2012.

The Causeway Field has proved plus probable reserves of 15.6 million barrels of oil (gross), assessed by independent reserve evaluation engineers McDaniel & Associates Consultants Ltd. as at 31 December 2010. Antrim currently holds a 65.5% interest in the property, subject to a previously announced agreement with Valiant Petroleum plc whereby Valiant has the right to acquire a 30% interest from Antrim by complying with various conditions, including achieving DECC approval of the FDP and carrying Antrim for its development expenses up to US $21.75 million.

Stephen Greer, President and CEO of Antrim, commented: "This agreement achieves a significant milestone towards the development of the Causeway Field. An agreed export route to existing infrastructure is vital to the successful development of the field, which is scheduled to start production next year".

"This is the second major announcement concerning Antrim's UK North Sea developments, following closely the recent announcement (4th April, 2011) that Premier Oil UK Limited exercised its right to acquire a 39.1% interest in the Fyne Licence and is committed to drill the East Fyne appraisal well in UK North Sea Block 21/28a later this year."

About Antrim Energy Inc.

Antrim Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada.

Antrim's strategy is to pursue a strategy of balancing longer term and capital-intensive investments in the UK North Sea with shorter investment cycle on-shore exploration and production opportunities. Antrim also considers other global exploration opportunities as they arise.

Additional information concerning Antrim Energy is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.

Forward-Looking Statements

Some of the statements in this announcement may be forward-looking including statements regarding the timing of Antrim's development of the Causeway area. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipate", "expects", "estimates" and similar expressions, and the negatives thereof, whether used in connection with development activity timing of the development of the Causeway area, or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. 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, 2010 and dated March 28, 2011 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.

In accordance with AIM guidelines, Mr. Terry Lederhouse, P. Eng and Vice President - Commercial of Antrim is the qualified person that has reviewed the technical information contained in this news release. Mr. Lederhouse has over 35 years operating experience in the upstream oil and gas industry.


FOR FURTHER INFORMATION PLEASE CONTACT:

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

Antrim Energy Inc.
Terry Lederhouse
Vice President, Commercial
(403) 264-5111
(403) 264-5113
lederhouse@antrimenergy.com

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

RBC Capital Markets
Martin Eales
Nominated Adviser on AIM
+44 (0) 20 7029 7881