Antrim Underscores 2Q Production in UK, South American Assets

Fyne Field in North Sea
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Antrim Energy Inc. has issued an overview of its production and operations in its United Kingdom and South American assets for the quarter ended June 30, 2008.

United Kingdom - Block 211/22a South East and Block 211/23d ('Causeway')

In July 2008, Antrim completed drilling of the Causeway well 211/23d-18 (Antrim 65.5% and operator) in the UK
Northern North Sea. The 23d-18 well drilled a significant oil column, including a new oil accumulation in the
Etive Formation. The well was drilled directionally, 93 feet structurally below well 23d-17z, and penetrated an
oil column of 50 feet with 25 feet TVD net oil pay in the Ness Formation and an oil column of 15 feet with 8 feet
TVD net oil pay in the underlying Etive Formation. Porosity and permeability measurements indicate high quality
reservoirs with average porosity of 20% and permeability measured up to approximately 800 mD.

Modular Dynamics Testing over the oil bearing sandstones in both formations flowed light oil with no water. The equivalent Ness section in the discovery well tested light oil (32 degrees API) at rates up to 7,000 bopd with no water. The Etive section in 23d-18 represents a new oil accumulation not previously reported from this area of the Causeway structure.

The 23d-18 well has been cased and will be retained as a development well to provide pressure support to the 23d-17z discovery well, which tested at a combined rate of up to 14,500 bopd.

There are no additional wells planned before oil is produced under the proposed phase of the development.
Preparation of a Field Development Plan (FDP) to be submitted to the Department for Business Enterprise and
Regulatory Reform (DBERR) is proceeding. Facility construction is planned once approval of the FDP is obtained.

United Kingdom - Block 21/28a ('Fyne')

In April 2008, Antrim completed drilling operations on the Antrim-operated (Antrim 75%) well 21/28a-9 on the Fyne Field in the UK Central North Sea. The multilateral 21/28a-9 well was drilled as planned with three legs, one pilot hole and two sidetracks into the Eocene Tay Sandstone. All three holes encountered significant oil columns. As originally designed, the final sidetrack 21/28a-9y has been cased to be used as a future production well.

Full analysis of the log and test data from 21/28a-9y indicated 65 feet net oil pay and 30 feet net gas pay. As
designed, the well was drilled at a 60 degree angle resulting in wellbore measured thicknesses of 120 feet net oil pay and 47 feet net gas pay. The oil and gas pay intervals in Fyne are separate with the gas pay confined to the Upper Tay Formation and the oil pay contained within several sandstones in the Middle and Lower Tay Formations.

In July 2008, appraisal drilling of the western lobe of the Fyne Field encountered 32 feet of net oil pay in the
Eocene Tay Sandstone. The results from the 21/28a-10 well were similar to the Fyne discovery well 21/28a-2, which tested up to 3,600 bopd from 30 feet of reservoir section.

In August 2008, a sidetrack to well 21/28a-10 (21/28a-10z) was drilled to the southeast of this location. At the
time of this report the well had been successfully completed and tested at rates up to 4,000 bopd. An additional
45 feet of gas pay was drilled in the Upper Tay Sandstone and remains untested. No oil/water contacts or gas/oil contacts were observed in either well. These test results are indicative of the very high reservoir quality Tay Sandstones drilled in this area. It is anticipated that the sidetrack would be the final drilling operation before
the Fyne partnership would apply for FDP approval from DBERR.

The Fyne Field is on trend with several other Tay fields in the area, including the Guillemot, Pict and Saxon
developments. Oil from the Fyne Field, similar to adjacent fields, is likely to be produced through a Floating
Production Storage and Offloading (FPSO) system and Antrim is actively searching for a suitable vessel. Fyne is situated approximately 20 kilometers from existing infrastructure which provides production services for several fields in the area.

United Kingdom - Block 211/22a North West ('Kerloch')

In late 2007, Antrim participated in drilling the non-operated Kerloch prospect in Block 211/22a North West. The
well, approximately 10 km northwest of Causeway, discovered a net 116 foot thick oil section in the Ness
Formation. The Kerloch well was not tested and was retained to allow for potential re-entry and future use.
Further technical evaluation of the prospect will be undertaken in 2008. Antrim holds a 21% working interest in
Block 211/22a North West.

Argentina - Tierra del Fuego, Austral Basin

In September 2007, Antrim announced the start of its planned two-year drilling program in Tierra del Fuego. To
date, Antrim is drilling the 17th well on the concessions. Well completions are slightly behind the number of
discoveries as the proprietary completion and workover rig is undergoing a programmed general maintenance and inspection. The completion and workover rig will be back in service shortly.

As reported in the previous quarterly, six wells have targeted the Los Patos oil pool discovered in 2006. Of these wells, four wells have been completed and placed on production and a further well is awaiting completion. One well had mechanical problems and could not be salvaged. The Las Violetas oil pool has had three wells drilled of which two are in production and the third is also waiting on completion. An additional six wells have been drilled targeting gas in the Los Patos (1), Los Flamencos (4), and San Luis (1) fields, of which four have been tested and the remaining two are waiting on completion.

The remaining well, Angostura Sur x-1001, targeted a new four way structural closure approximately 15 kilometers to the North West of the Las Violetas pool. The well has been recently cased and has been completed in the Tobifera reservoir which, on swab, tested 270 bls/day of 26 degrees API oil. There are 10 meters of additional potential pay to be tested in the Springhill reservoir, but it was decided to postpone the Springhill completion and put the Tobifera reservoirs on pump to further evaluate this new discovery in the basin. Gas development, including the installation of additional treatment and compression facilities, is being undertaken in anticipation of the completion later this year of improved gas transportation capacity from the Tierra del Fuego concessions.

In June 2008, Antrim commenced a 3D seismic program totaling over 137 square kilometers (km2) over the Gaviotas prospect in the Angostura concession and the Puesto Quince prospect in the Las Violetas concession. The acquisition of seismic has been completed and the data is now being processed. Delivery of the final data set for interpretation is anticipated for September.

First stage commissioning of the pipeline linking the Company's gas producing fields with the San Martin gas sales line across the Straits of Magellan is expected to be completed in September. Completion of this pipeline will enable the Company to redirect and deliver gas to the continent where higher prices are available. Expansion of gas processing facilities and installation of additional compression facilities is in progress and is expected to be completed by the third quarter of 2008. Upon completion, gross gas processing capacity is expected to increase to approximately 40 million cubic feet per day (mmcf/d) at which time previous gas discoveries can be placed on production. Antrim's working interest in the Tierra del Fuego licenses is 25.78%.

Net production to Antrim from the Tierra del Fuego licenses in the first half of 2008 was 1,121 boepd compared to 1,210 boepd for the comparable period in 2007. Net oil production in the first half of 2008 was 307 bopd compared to 338 bopd for the comparable period in 2007. Gas and natural gas liquids (NGL) production in the first half of 2008 was 4.5 mmcf/d and 71 barrels per day, respectively. Gas and NGL production for the comparable period in 2007 was 4.8 mmcf/d and 63 barrels per day, respectively. Production decreased for the six month period ended June 30, 2008, compared to 2007, in anticipation of the commissioning in September of the pipeline linking the Company's gas producing fields with the San Martin gas sales line across the Straits of Magellan.

Argentina - Medianera and Tres Nidos Sur, Neuquen Basin

Net production to Antrim from the Medianera license in the first half of 2008 was 59 bopd compared to 27 bopd for the comparable period in 2007. Antrim is planning a multi-well follow-up drilling program on the license in 2008. Antrim has a 70.0% working interest in the Medianera and Tres Nidos Sur licences. Under the terms of the Tres Nidos Sur licence, Antrim must acquire a minimum of 50 km2 of 3D seismic in 2008 and drill an exploration well in 2009. Required permitting and environmental studies for the 3D seismic acquisition are underway.

Argentina - North West Basin

On the Capricorn license, testing of the Lomas de Guayacan x-1 well of the Martinez del Tineo Oeste Prospect was completed. No commercial production of oil or gas was found in the well. The joint venture is completing an evaluation of further potential for the project, based upon oil and gas shows noted during drilling and testing.
The two exploration wells drilled on the Capricorn license were drilled pursuant to a farm-out agreement under
which the Company retained a 37.5% working interest in the license by paying 25% of the cost of the two wells.

Net production to Antrim from the Puesto Guardian licence in the first half of 2008 was 268 bopd compared to 308 bopd for the comparable period in 2007. Production decreased in 2008 compared to 2007 due to fewer workovers in the current year. Antrim has a 40% working interest in the Puesto Guardian license.


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