Antrim Energy Inc. Reports 2010 Results and Reserves

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

Antrim Energy Inc. ("Antrim") (TSX:AEN) (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 25th
    Round licences 
--  Two new UK North Sea licences awarded in the 26th 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 25th 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 Interest in Reserves as at December 31, 2010                       
(based on forecast price and cost assumptions)                              
                                        Oil        Gas        NGL      Total
Category                              mbbls       mmcf      mbbls       mboe
----------------------------------------------------------------------------
Proved                                  547     16,486        132      3,427
Proved plus probable                 28,852     33,952        344     34,854
Proved plus probable plus                                                   
 possible                            56,412     40,765        377     63,583
                                                                            
Present Value Cash Flow Before Income Tax as at December 31, 2010 ($ 000's) 
(based on forecast price and cost assumptions)                              
                                                    PV         PV         PV
Category                                            0%         5%        10%
----------------------------------------------------------------------------
Proved                                          43,243     37,457     32,835
Proved plus probable                         1,243,061    820,491    546,503
Proved plus probable plus possible           3,322,967  2,226,264  1,536,592



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 



                                     Three Months Ended          Year Ended 
                                            December 31         December 31 
                                         2010      2009      2010      2009 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial Results ($000's except per                                        
 share amounts)                                                             
-------------------------------------                                       
Revenue                                 2,693     3,371    12,539    12,953 
Cash flow (used in) from operations      (400)   (1,378)    1,511    (1,067)
 (1)                                                                        
Cash flow (used in) from operations     (0.00)    (0.01)     0.01     (0.01)
 per share (1)                                                              
Net (loss)                             (2,681)   (6,071)   (7,962)  (12,560)
Net (loss) per share - basic            (0.02)    (0.04)    (0.06)    (0.09)
Total assets                          291,194   285,119   291,194   285,119 
Working capital                        26,690    31,960    26,690    31,960 
Expenditures on petroleum and             248      (548)    6,695     4,782 
 natural gas properties                                                     
Bank debt                                   -         -         -         - 
                                                                            
Common shares outstanding (000's)                                           
-------------------------------------                                       
End of period                         135,572   135,349   135,572   135,349 
Weighted average - basic              135,360   135,291   135,387   135,284 
Weighted average - diluted            136,945   136,041   136,971   136,034 
                                                                            
Production                                                                  
-------------------------------------                                       
Oil, natural gas and NGL production     1,757     1,990     1,783     1,840 
 (boe per day) (2)                                                          



(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 Neuquen 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.