CALGARY, ALBERTA--(Marketwired - Aug. 26, 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 and six month period ended June 30, 2015.

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

Highlights

• Commencement of four well abandonment program in United Kingdom Central North Sea
• Significant cost reduction expected from summer 2015 abandonment program
• Continue to evaluate new opportunities for transformative upside potential
• Strong financial position including cash at June 30, 2015 of US $13.5 million
• Large reduction in ongoing G&A costs

Corporate

Over the past year the Company has sought and evaluated a number of international opportunities with the objective of providing shareholders with exposure to attractive growth opportunities with an emphasis on existing or near term oil and gas production and cash flow. It is the Company's view that the falling commodity price environment should lead to an increase in M&A activity within the junior E&P sector. The Company's robust balance sheet and long-term potential puts it in a strong position to benefit from industry consolidation. So far this year, much of the anticipated increase in M&A has not occurred as sellers or those in need of capital have been reluctant to transact at what they perceive to be the bottom or near bottom of the cycle and those with capital to invest have been either unwilling to take additional risk or pay a potential premium in a volatile and still declining market environment.

Along with others who believe parties in the sector are only now beginning to adjust their expectations, we remain hopeful that a transformative transaction can be concluded. Completion of the Fyne and Erne abandonment programme currently underway and subsequent reimbursement by former joint venture partners of their portion of these costs will provide clarity as to Antrim's financial position and its contribution towards any future M&A transaction.

Ireland

Frontier Exploration Licence 1-13, Antrim 25%

In 2013, Kosmos Energy Ltd. ("Kosmos") farmed-in to Antrim's Licencing Option over the Skellig Block and assumed operatorship of the block. Kosmos subsequently acquired 3-D seismic, results from which reinforced Antrim's 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.

In December 2014 Kosmos prepared a prospect inventory which 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 & Associates Consultants Ltd. ("McDaniel") in accordance with National Instrument 51-101 in a report dated effective June 30, 2014. In the McDaniel Report, prospective resources were assigned to 17 leads within the Skellig Block, further details of which are included in Antrim's AIF for the year ended December 31, 2014. A second Jurassic prospect identified by Kosmos has yet to be reviewed by McDaniel pending receipt of additional information. Additional work planned for 2015 to mitigate drilling risk among the top three identified prospects includes 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%

United Kingdom Seaward Licences require licensees to permanently abandon all suspended wells prior to licence expiry. In June 2015 the Company entered into a contract with Offshore Installation Services Ltd. ("OIS") to permanently plug and abandon three suspended wells on the Fyne Licence and one suspended well on the Erne Licence in the United Kingdom Central North Sea. The well abandonment campaign commenced on July 8, 2015 including six Central North Sea wells from another operator allowing Antrim to share certain common costs offering significant cost savings. The first phase of the 10 well abandonment program was completed on August 15, 2015 and the final phase is expected to be completed early September 2015. The estimated total gross cost for abandonment of Antrim's four wells is £5.0 million ($7.9 million), with the estimated net cost to Antrim totaling £2.1 million ($3.25 million).

The Company is in discussion with the Oil and Gas Authority (OGA), formerly DECC, with respect to relinquishment and possible reapplication for the licence. The carrying value of the Fyne Licence at June 30, 2015 is $nil (December 31, 2014 - $nil).

Erne Licence

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

Previous discoveries on the Erne Licence 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 carrying value of the Erne Licence at June 30, 2015 is $nil (December 31, 2014 - $nil).

Financial Discussion of Continuing Operations

Cash Flow and Net Income (Loss) from Continuing Operations

In the first half of 2015 cash flow used in operations was $0.4 million compared to cash flow used in operations of $3.7 million for the corresponding period in 2014. Cash flow used in operations decreased due to lower G&A costs and a $0.9 million foreign exchange gain in the first half 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 half of 2015 was $1.3 million compared to $3.2 million for the corresponding period in 2014.

In the first half of 2015, Antrim had net income from continuing operations of $1.3 million compared to a net loss from continuing operations of $5.2 million for the corresponding period in 2014. Net income increased due to lower expected decommissioning obligations, foreign exchange gains and lower general and administrative costs.

Financial Resources and Liquidity

Antrim had a working capital surplus at June 30, 2015 of $10.4 million compared to a working capital surplus of $15.1 million as at December 31, 2014. Working capital decreased due to classification of decommissioning obligations to be incurred in 2015 under the current four well abandonment programme as a current liability, general and administrative expenses and actual decommissioning costs incurred in the period.

Outlook

The Company plans to look for additional M&A 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 second 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.