Antrim Energy Closes Private Placement

Antrim Energy has closed its previously announced bought deal financing of 4,687,500 Units at a price of $1.60 per Unit for total gross proceeds of $7,500,000. Each Unit consists of one Common Share and one-half of one Warrant. Each whole Warrant entitles the holder thereof to acquire one additional Common Share of Antrim at a price of $2.10 per share prior to August 25, 2005. A total of 468,750 Broker Warrants were also issued. Each Broker's Warrant entitles the holder to purchase one Unit of the Corporation on payment of $1.60 per Unit prior to August 25, 2005.

Antrim plans to use the net proceeds of this offering for funding further North Sea acquisitions and development and for corporate working capital. Antrim is a global oil and gas exploration and production company with current exploration activities in Australia, Argentina and the United Kingdom.

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