Antrim Tests Las Violetas 104 Well in Argentina

Tierra del Fuego, Argentina
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Antrim Energy reports that the Las Violetas 104, the third well in Antrim's current drilling program in Tierra del Fuego, Argentina, previously reported as a successful well January 9, 2006, has tested at a stabilized rate of 2.75 MMcf/d. A longer term multi-rate flow test of Los Patos 1002 has commenced with an initial flow rate of 15.65 MMcf/d at a flowing pressure of 1,536 psi, an increase of 3.2 MMcf/d and 136 psi from the initial flow rates reported in December, 2005.

The first three wells in the program have now tested a combined rate of 32.40 MMcf/d and over 33.95 MMcf/d including recent workovers. Further testing is required in order to determine the level of production of associated liquids from the wells and expected long term production rates. Based on the success of the drilling program to date, further facility expansion is being reviewed.

Drilling has started, on Los Patos 1003, the fourth well in Antrim's multi-well drilling program in Tierra del Fuego. This well should reach total depth by the end of January 2006. Antrim Energy has a 25.78% working interest in three producing exploitation concessions in Tierra del Fuego, located on the southern tip of Argentina in a special income tax free/duty free trading zone.

At the Puesto Guardian Field, Antrim has been advised by the field operator that heavy rains have resulted in the wash-out of a key river crossing. While production from the field has not been affected by the rain, oil deliveries from the field will be delayed while repairs are carried out by the province. Alternative storage and delivery options are currently being reviewed by the operator.


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