CALGARY, ALBERTA--(Marketwired - May 28, 2015) -

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Antrim Energy Inc. ("Antrim" or "the Company") (TSX VENTURE:AEN)(AIM:AEY), an international oil and gas exploration company, today reported its financial results for the three month period ended March 31, 2015.

All financial figures are unaudited and in US dollars unless otherwise noted.

Highlights

• Significant resource potential assigned to leads within the Skellig Licence (Antrim 25%), offshore Ireland
• Prospect inventory prepared by Kosmos (operator of the Skellig Licence) in December 2014 includes several leads and highlights three prospects including two tilted, Jurassic fault blocks and a Cretaceous submarine fan
• Strong working capital balance (US $14.2 million) at March 31, 2015
• Continue to evaluate new opportunities for transformative upside potential

Ireland

Frontier Exploration Licence 1-13, Antrim 25%

Antrim acquired a Licensing Option in the 2011 Atlantic Margin Licensing Round covering an area of 1,409 km2 (the "Skellig Block"). Antrim licensed, reprocessed and interpreted 2-D seismic data over the blocks and identified a Cretaceous deep sea fan complex similar in seismic character to many of the recent Cretaceous oil discoveries offshore West Africa.

In April 2013, the Company farmed out a 75% interest in, and operatorship of, the Licensing Option to Kosmos Energy Ltd. ("Kosmos") in exchange for Kosmos carrying the full costs of a planned 3-D seismic program within the licence area and re-imbursement to Antrim of a portion of the exploration costs incurred on the blocks to date. Antrim retained a 25% interest. The transaction was approved by the Department of Communications, Energy and Natural Resources of Ireland ("DCENR"). On July 15, 2013, DCENR approved the conversion of the Licensing Option to a Frontier Exploration Licence ("FEL").

The 3-D seismic was acquired in 2013 and results from the 3-D seismic programme reinforced the interpretation based on 2-D seismic and strongly indicated the presence of Lower Cretaceous slope fan and channel deposits similar in geometry and seismic character to many of the recent Cretaceous oil discoveries offshore West Africa.

On July 29, 2014 Antrim announced the results of an independent prospective resources report for the Skellig Block. These prospective resources were evaluated by McDaniel & Associates Consultants Ltd. ("McDaniel") in accordance with National Instrument 51-101 in a report dated effective June 30, 2014. Prospective resources were assigned to 17 leads within the Skellig Block. See "Notes on Oil and Gas Disclosure" below.

The following table provides an aggregate summary of the Prospective Resources for the 17 independent leads evaluated within the entire property:

The following table provides an aggregate risked mean estimate of the Prospective Resources for the two largest independent leads ("C" and "M-3") which represent 46.5% of the total risked mean property boe of Prospective Resources.

Notes:

The prospect inventory prepared by Kosmos in December 2014 includes several leads previously identified and highlights three prospects including two tilted Jurassic fault blocks and a Cretaceous submarine fan. Two of the three prospects were included as leads in the prospective resources evaluated by McDaniel. A second Jurassic prospect identified by Kosmos has yet to be reviewed by McDaniel pending receipt of additional information. Sophisticated additional detailed seismic analysis is planned for 2015 to mitigate drilling risk among the top three identified prospects including trace inversion, AVO mapping and modeling, spectral decomposition and attribute extraction.

FEL 1-13 has a 15 year term, with an initial three-year term followed by three four-year terms. At least three months before the end of the initial term a work programme for the second term must be proposed. That programme must include the drilling of an exploration well. At the end of the initial three-year term (July 4, 2016), 25% of the acreage must be relinquished.

Fyne Licence

P077 Block 21/28a - Fyne, Antrim 100%

The Company is in discussion with DECC with respect to relinquishment and possible reapplication for the licence. The carrying value of the Fyne Licence at March 31, 2015 is $nil (December 31, 2014 - $nil).

The Fyne Licence includes three suspended wells and the Erne Licence one suspended well. The estimated decommissioning obligation for these wells at March 31, 2015 is based on a stand-alone abandonment program to be completed in 2016. The Company is currently evaluating options to abandon these wells as part of a 2015 or 2016 multi-client, multi-well abandonment program which the Company believes could reduce the Company's net share of abandonment costs from $4.7 million to $2.8 million.

Erne Licence

P1875 Block 21/29d - Erne, Antrim 50%

The Erne Licence started in January 2011 and is a Promote Licence with a drill-or-drop commitment. The Erne wells drilled in late 2011 met all the commitments on the Licence. A discovery was made with the 21/29d-11 well and also in the up-dip side-track 21/29d-11z well. These discoveries are not commercial on their own, but may be economic to develop as tie-backs to an adjacent production facility if such a facility were available. The initial four year term of the Licence expired in January 2015 prior to which 50% of the Licence area was relinquished. The carrying value of the Erne Licence at March 31, 2015 is $nil (December 31, 2014 - $nil).

Financial Discussion of Continuing Operations

Cash Flow and Net Loss from Continuing Operations

In the first quarter of 2015 cash flow from operations was $0.5 million compared to cash flow used in operations of $1.2 million for the corresponding period in 2014. Cash flow increased due to a $1.2 million foreign exchange gain in the first quarter of 2015 as a result of a significant decline in the period in the value of the Canadian dollar relative to the US dollar. Excluding foreign exchange gains and losses, cash flow used in operations in the first quarter of 2015 was $0.8 million compared to $1.2 million for the corresponding period in 2014.

In the first quarter of 2015, Antrim had net income from continuing operations of $0.5 million compared to a net loss from continuing operations of $1.5 million for the corresponding period in 2014. Net income increased due to foreign exchange gains and lower general and administrative costs.

Financial Resources and Liquidity

Antrim had a working capital surplus at March 31, 2015 of $14.2 million compared to a working capital surplus of $15.1 million as at December 31, 2014. Working capital decreased due to general and administrative expenses incurred in the period.

Outlook

The Company will continue to evaluate and de-risk the Irish Skellig Licence with a view to farming down or otherwise reducing its interest before a well is drilled. Sophisticated additional detailed seismic analysis is planned for the remainder of 2015 to mitigate drilling risk among the top three identified prospects including trace inversion, AVO mapping and modeling, spectral decomposition and attribute extraction. When combined with prior structural and stratigraphic mapping, these analyses should provide significant insight and guidance with respect to any future drilling programme. In the context of low oil prices and inability to achieve first oil from the Fyne Licence prior to November 2016, the Company anticipates little capital spending in 2015 in the UKNS with the exception of well abandonment costs.

The Company intends to use its strong balance sheet and licence holding to acquire opportunities either asset specific or corporate where an acquisition or a corporate combination would enhance shareholder value. The Company has good access to international M&A opportunities and evaluated a number of opportunities in 2014 and the first quarter of 2015. The Company plans to look for additional opportunities and assess those opportunities based on, amongst other criteria, strategic fit, focus on near term appraisal / development, use of funds, transformative potential with upside potential for Antrim shareholders and current or near term cash flow.

The board of Antrim views the Company's strong financial position as a competitive advantage in the current volatile oil price environment and the Company will continue to seek ways to reduce the Company's G&A costs to further protect its financial position. G&A costs in 2015 are budgeted to be approximately 50% of G&A in 2014.

About Antrim

Antrim Energy Inc. is a Canadian, Calgary based junior oil and gas exploration company with assets in the UK North Sea and Ireland. Antrim is listed on the TSX Venture Exchange (AEN) and on the London AIM market (AEY). Antrim's first quarter 2015 interim report (including management's discussion and analysis and consolidated financial statements), is available on SEDAR and our website. Visit www.antrimenergy.com for more information.