Antrim Reports on its Drilling Campaign in Argentina

Tierra del Fuego
Since the commencement of the drilling program in September 2007, four wells have been drilled on Argentina's Tierra del Fuego, of which Antrim Energy Inc. has a 25.78% working interest.

The most recently completed well, Los Patos 1011 (LP-1011), has tested at rates up to 1,000 barrels of oil per day (bopd), while the two previous wells tested at stabilized rates between 40 and 60 bopd. The fourth well is awaiting completion. Well LP-1011 is currently on production at 755 bopd of 40 API oil and a gas/oil ratio of 400 scf/bbl on a 16mm choke, 180 psi, with no water. The rig is moving to the fifth location and spud is expected this week.

The initial phase of the drilling program is to evaluate the Springhill Formation in the Los Patos Field. The drilling program, which is based on an extensive 3D seismic program acquired in 2006, will continue until Q3 2009 under the current two year drilling contract.

Additionally in Tierra del Fuego, facility additions are presently on-going, including gas processing, oil and gas gathering lines and compression.

In Antrim's northern Capricorn license (Antrim WI 50%), the first well drilled under the farm out agreement with Gold Point Energy was plugged and abandoned. The second well is presently drilling, with results expected by year end.

In Antrim's Medianera license in central Argentina, two successful wells have been completed and are on production. A rig is being sourced for an additional six well drilling program for 2008. Antrim holds a 70% interest in the license.