CALGARY, ALBERTA--(Marketwire - March 30, 2011) -

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Antrim Energy Inc. ("Antrim") (News - Market indicators) (AIM:AEY), an international oil and gas exploration and production company, today released its 2010 year-end financial and operating results. The results include a summary and evaluation of reserves that have been independently assessed by McDaniel & Associates Consultants Ltd. in accordance with the standards specified by National Instrument 51-101.

All financial figures are audited and in US dollars except for quarterly figures which are unaudited.

2010 Highlights:

• Conditional sale and farm-out terms agreed for the UK North Sea Causeway and Fyne Development properties
• Multiple exploration targets identified on Antrim's UK North Sea 25^th Round licences
• Two new UK North Sea licences awarded in the 26^th Seaward Licensing Round
• Terms agreed for Antrim's carried interest through the seismic phase on the Pemba-Zanzibar Licence in Tanzania
• Argentina 2010 drilling program completed – eight wells cased for production
• Average gas price in Argentina increased 20% to $1.84 per mcf over 2009

2011 Highlights:

• Antrim raised $48.5 million in net proceeds from equity financing to drill exploration targets on the UK North Sea 25^th Round licences
• Current cash position of $75 million and no bank debt

Antrim completed 2010 with a healthy cash position of $25.7 million, no bank debt and proved plus probable reserves of 34.9 million barrels of oil equivalent ("boe"), approximately 6.2% lower than in 2009. Production in Argentina decreased slightly to 1,783 barrels of oil equivalent per day ("boepd") from 1,840 boepd in 2009. Production decreased due to the sale of the Puesto Guardian property in February 2010, partially offset by production from new wells drilled in Tierra del Fuego.

In the United Kingdom, total proved plus probable reserves were 27.7 million boe (net to Antrim) as at December 31, 2010, the same as in 2009. Fyne and Dandy total proved plus probable reserves at December 31, 2010 remained at 17.5 million boe, unchanged from 2009. Two exploration wells are planned for the latter part of 2011 in licences adjacent to Fyne (the "Greater Fyne Area"). The Fyne and Dandy fields represent 50.2% of the Company's total proved plus probable reserves as at December 31, 2010. Causeway total proved plus probable reserves remained at 10.2 million boe (net to Antrim).

In October 2010, Antrim signed an Earn In Agreement ("EIA") with Premier Oil UK Limited ("Premier") to jointly explore development options for Fyne and the Greater Fyne Area located in the UK Central North Sea. Under the terms of the EIA, Premier paid initial consideration of $2 million to Antrim for an option to acquire a 39.9% interest in the UK Continental Shelf ("UKCS") Licence P077 Block 21/28a (the "Fyne Licence). In return, Antrim will receive up to $50 million, less the initial consideration, towards its remaining working interest share of development costs of the Fyne Field. The option to farm-in has not yet been exercised. The UK reserves previously described do not reflect the impact of this transaction as it has not yet closed.

In March 2010, Antrim signed a Conditional Letter Agreement ("CLA") with Valiant Petroleum plc ("Valiant") to sell a 30% interest in UKCS Licences P201 Block 211/22a South East Area and P1383 Block 211/23d (the "Causeway Licences"). In return, Antrim will receive up to $21.75 million towards their remaining working interest share of development costs of the Causeway Field. The UK reserves previously described do not reflect the impact of this sale as the transaction has not yet closed. 

In Argentina, total proved plus probable reserves in Tierra del Fuego decreased by 22.6% to 7.1 million boe as at December 31, 2010 compared to 9.24 million boe in 2009 (net to Antrim). This reduction was due to 2010 production and the impact of remapping of undeveloped drilling locations in the Los Flamencos gas field following the 2010 drilling campaign.

In Tierra del Fuego, a ten well (net 2.5) development drilling program designed to increase gas and NGL production from the Los Flamencos gas field, commenced in late February 2010 and was completed in December 2010. Eight of the ten wells have been cased as producers and three have been tied in as of December 31, 2010. The remaining five cased wells are expected to be completed and placed on production by the end of the second quarter of 2011.

In December 2010, Antrim signed an agreement with Ras Al Khaimah Gas Tanzania Limited ("RAK Gas") and NOR Energy AS whereby Antrim replaced its previous right to be carried for 30% through the pre-drilling exploration phase of the Pemba-Zanzibar Production Sharing agreement ("P-Z PSA") with a 20% carried interest through the pre-drilling phase and an additional 10% right to participate in the P-Z PSA to be exercised up to 180 days following receipt of the initial drilling results. The carried interests (up to 30%) are to be repaid from future production.

On March 17, 2011, Antrim issued 48,191,700 common shares at a price of Cdn $1.07 per common share for gross proceeds of Cdn $51.6 million (net proceeds Cdn $48.5 million) which included 6,191,700 common shares issued to the underwriters pursuant to the 98.3% exercise of the over-allotment option.

Net proceeds from the equity financing will be used for exploration of the Greater Fyne Area including the "West Teal" Fulmar Prospect at 11,500 feet drilling depth, which contains a discovery well drilled by a previous operator in 1991 that was subsequently abandoned after encountering mechanical problems, and the "Carra" Tay Prospect at 5,000 feet drilling depth. 

On March 28, 2011, Antrim announced that it had signed a Letter of Award ("LOA") with AGR Peak Management Limited to drill two wells (the West Teal and Carra Prospects) commencing in the third quarter of 2011. The LOA is for a minimum duration of 50 days.

Reserves Summary

The following table summarizes Antrim's reserves as at December 31, 2010:

Antrim's reserve information and reports pursuant to National Instrument 51-101 are available in Antrim's Annual Information Form filed on SEDAR at www.sedar.com.

Financial and Operating Results

⁽¹⁾ Cash flow from operations and cash flow from operations per share are Non-GAAP Measures. Refer to "Non-GAAP Measures" in Management's Discussion and Analysis.

⁽²⁾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 of $12.5 million for the year ended December 31, 2010 decreased from $13.0 million in 2009. Revenue decreased as a result of lower oil production partially offset by higher gas production and by higher oil and gas prices received. Antrim generated cash flow from operations of $1.5 million in 2010 compared to a cash flow from operations deficiency of $1.1 million in 2009. Cash flow increased due to lower operating and general and administrative costs and higher interest and other income offset by lower revenue. 

Net production to Antrim in 2010 was 1,783 boepd compared to 1,840 boepd for 2009. For the three month periods ended December 31, 2010 and 2009, net production was 1,757 and 1,990 boepd respectively. Production decreased due to the sale of the Puesto Guardian property in February 2010 partially offset by production from new wells drilled in Tierra del Fuego. All of Antrim's production is based in Argentina.

Expenditures on petroleum and natural gas properties in 2010 were $6.7 million compared to $4.8 million in 2009. The 2010 capital expenditures are net of $2 million received from Premier for the Fyne option. Capital expenditures in 2010 related to the drilling program in Argentina and ongoing development costs on the UK properties.

2011 Outlook

Antrim expects to have a Field Development Plan for Causeway submitted and approved in 2011 for an anticipated production startup in the middle of 2012. Production startup from the Fyne Field is anticipated in the middle of 2013. 

In 2011, Antrim will use its strong financial position to take a leading role in the exploration of the Greater Fyne Area. The drilling program is scheduled to begin in the third quarter with a well drilled and tested on the West Teal Prospect (Antrim 100%). The well is expected to take 55 days to drill and test and cost approximately $30 million.

An additional exploration well in the Greater Fyne Area is expected to be drilled on the Carra Prospect. The well is expected to take 19 days to drill, at an estimated cost of $12 million.

An East Fyne appraisal well is scheduled to be drilled on the Fyne Field. This well is intended to de-risk the eastern extent of the Fyne Field and extend the submission deadline of the FDP for Fyne to June 25, 2012. 

In Argentina, Antrim's focus will be on the recently acquired Cerro de Los Leones Licence (Antrim 50.1% and operator) in the Neuquén Basin. A 3-D seismic program is planned to be shot to support the drilling of at least one exploration well on the licence in 2011. Cash flow from Antrim's expected 1,800 boepd from Tierra del Fuego will be used to support this exploration program and any new in-country opportunities. 

In East Africa, Antrim holds an option to participate up to 30% working interest in an exploration program on the Tanzanian Pemba-Zanzibar Licence. This region has recently experienced a significant increase in exploration activity, with several major discoveries announced by consortiums led by Anadarko and British Gas. The Pemba-Zanzibar Licence has been in an effective force majeure for several years. Antrim expects this impasse could be resolved with the recently announced agreement signed with RAK Gas LLC, a UAE-based exploration and production company with interests elsewhere in Tanzania.

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 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 www.antrimenergy.com for more information. 

Forward-Looking Statements

This news release contains 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 news release 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 news release 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 news release 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 news release 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 news release 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 more specifically the ability of Valiant to honour its commitments as identified in the CLA and Premier's ability to exercise its option for Fyne 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, the impact of adoption of International Financial Reporting Standards as opposed to Canadian GAAP from January 1, 2011, Antrim's ability to finalize the sale of a portion of the Causeway Field to Valiant, 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 or 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 news release and in Antrim's management discussion and analysis ("MD&A") for the year ended December 31, 2010. Readers are specifically referred to the risk factors described in the 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.

Qualified Person Review

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 news release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.