Antrim Energy Commences Operations in Tunisia

Antrim Energy Inc. reports that the rig contracted to deepen Antrim's Chott Fejaj #3A well in Tunisia has been released from its current contract and is expected to start drilling on the Antrim location in approximately 14 days.

The Chott Fejaj #3A well (Antrim 34.286% working interest) was previously drilled, cased and suspended in December 1998 at a depth of 3,532 meters. It is being deepened to evaluate the primary targets in the Triassic and older reservoirs. The well will test a structure located in the Melrhir Basin, part of the same geological province which contains the "giant" oil and gas accumulations (reservoirs containing more than 500 million barrels of oil or 3 Tcf of gas) in southern Tunisia, Algeria and Libya.

The Chott Fejaj #3A drilling location is situated approximately 12 kilometers from the gas and oil pipelines which carry gas to Europe, and oil from fields in southern Tunisia to ports on the Mediterranean coast.

The Company has negotiated an option with a third party to farm out a portion of Antrim's interest in this prospect and, in this regard, has received a $175,000 non-refundable deposit.