Antrim Reports Successful Results from Argentina Operations

Antrim Energy reports the results of recent and continuing workover operations from the Puesto Guardian Oil Field (Antrim 40% working interest) in Argentina. To-date Antrim has completed work on three wells suspended by a former operator in the Dos Puntitas Pool. Workover operations, which started in September 2004, have resulted in three successful completions. Well DP-10 tested 250 bopd and is currently flowing to surface at 60 bopd. With pumping equipment DP-10 is expected to produce at a stabilized rate of approximately 100 bopd. Well DP-12 tested 170 bopd and is currently pumping at a stabilized rate of 135 bopd. Well DP-15 has also been successfully completed and tested at 60 bopd. Well DP-15 is currently being equipped to pump and is expected to be on long term production in November 2004.

Workover operations are continuing in the field with another three wells scheduled for recompletion before the end of the year. Recently completed construction of additional processing facilities in Puesto Guardian has allowed the Company to receive immediate benefit from the incremental production (greater than 100 bopd net to Antrim) and sales gained from the new production has already paid out the costs of the operations to-date.

Oil production from the Puesto Guardian Field (1450 bopd) is currently at its highest level since 1988. The field peaked production in 1983 producing 9500 bopd. Antrim intends to continue this successful re-development program to maximize production from this area.