Antrim Energy Inc. Announces 2014 First Quarter Financial and Operational Results

Antrim Energy Inc. Announces 2014 First Quarter Financial and Operational 
FOR: Antrim Energy Inc. 
MAY 13, 2014 
Antrim Energy Inc. Announces 2014 First Quarter Financial and Operational
CALGARY, ALBERTA--(Marketwired - May 13, 2014) -  
Antrim Energy Inc. ("Antrim" or "the Company")
(TSX:AEN)(AIM:AEY), an international oil and gas exploration company, today
reported its financial and operational results for the three month period ended
March 31, 2014. 
All financial figures are unaudited and in US dollars unless otherwise noted. 
--  Agreement in February 2014 to sell UK subsidiary for $53 million plus 
assumption of certain liabilities (sale closed April 2014) 
--  Repayment in April 2014 of outstanding bank loan (Payment Swap) and oil 
hedge (Oil Swap) obligations 
--  Ongoing processing and interpretation of Skellig (Ireland) 3D seismic 
--  Extension of period for submission of FDP for the Fyne Field  
On February 7, 2014 the Company announced that it entered into an agreement to
sell, subject to shareholder and regulatory approval, its Causeway, Kerloch and
Cormorant East assets, structured as a sale of all of the issued and
outstanding shares in the capital of Antrim Resources (N.I.) Limited
("ARNIL") for $53 million in cash, plus the assumption of certain
liabilities and adjusted working capital, from which Antrim would settle on
closing all outstanding obligations under its Payment and Oil Swap agreements.
On April 24, 2014 the Company completed the sale of ARNIL and settled its
outstanding obligations under its Payment and Oil Swap agreements. 
Overview of Continuing Operations 
Fyne Licence 
P077 Block 21/28a - Fyne, Antrim 100% 
In late March 2013 the Company announced that it would not proceed with
development of the Fyne Field using an FPSO. This followed a significant
escalation of expected future development costs. The Company subsequently
signed a joint development agreement with Enegi Oil Plc ("Enegi") and
Advanced Buoy Technology ("ABTechnology") to undertake engineering
studies and preparation of a Field Development Plan ("FDP") using
buoy technology. The terms of the agreement include that there will be no costs
to the Company prior to FDP approval. During the second half of 2013 and into
2014 Enegi-ABTechnology has worked with contractors to engineer the production
facility for Fyne and an environmental statement was submitted to the UK
Department of Energy and Climate Change ("DECC") during March 2014.
Engineering work is now expected to continue during the summer with FDP
approval to be sought prior to August 31, 2014. Upon approval of the FDP by
DECC, Enegi-ABTechnology will earn the right to acquire 50% working interest in
the licence. Antrim will remain operator. 
DECC has agreed to amend the terms of the Fyne Licence to allow for a FDP for
the Fyne Field to be submitted no later than August 31, 2014. DECC's
consent to the amendment includes conditions, amongst other things, that the
FDP submission is in its final form, the environmental statement is cleared,
the Company is approved as a production operator, there is satisfactory
evidence of project financing, and first production is achieved prior to
November 25, 2016. If these conditions are not met, or if extensions from DECC
are not obtained, the Fyne Licence could expire in accordance with its terms. 
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 Fyne production facility if that transpires. The initial four year
term of the Licence expires in January 2015 at which time there is a
requirement to relinquish 50% of the Licence area. 
Frontier Exploration Licence 1-13, Antrim 25% 
Antrim acquired a Licensing Option in the 2011 Atlantic Margin Licensing Round
which included Blocks 44/4, 44/5 (part), 44/9, 44/10, 44/14 and 44/15 covering
an area of 1,409 km2 (the "Skellig Block"). Antrim licensed,
reprocessed and interpreted 2D 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 3D 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"). FEL 1-13 has a 15 year term,
with an initial three-year term followed by three four- year terms, following a
mandatory 25% relinquishment of the Licensing Option area. The remaining
licence area is 1,051.75 km2. 
The approved work programme for the initial three year term of the FEL involves
acquisition of 3D seismic over the FEL area followed by seismic processing,
interpretation and geological studies. Seismic acquisition commenced on July
10, 2013 and was completed by the end of September 2013. Processing and
interpretation of the seismic data is in progress. 
Financial Discussion (unaudited)                                            
Three Months Ended  
March 31,  
2014           2013 
Financial Results ($000's except per share                                 
Cash flow used in operations (1)                    (1,179)        (3,368) 
Cash flow used in operations per share (1)           (0.01)         (0.02) 
Net loss - continuing operations                    (1,538)        (4,307) 
Net loss per share - basic, continuing                                     
 operations                                          (0.01)         (0.02) 
Net loss                                            (8,461)        (2,853) 
Net loss per share - basic                           (0.05)         (0.02) 
Total assets                                         91,865         91,836 
Working capital (deficiency)                        (5,072)            788 
Capital expenditures - continuing operations            142            159  
Common shares outstanding (000's)                                          
End of period                                       184,731        184,731 
Weighted average - basic                            184,731        184,731 
Weighted average - diluted                          184,731        185,336 
(1) Cash flow from operations and cash flow from operations per share are  
Non-IFRS Measures. Refer to "Non-IFRS Measures" in Management's Discussion 
and Analysis.                                                               
Cash Flow and Net Loss 
In the first quarter of 2014, Antrim generated a cash deficiency from
continuing operations of $1.2 million compared to a cash deficiency from
continuing operations of $3.4 million for the corresponding period in 2013. The
cash flow deficiency decreased in 2014 due to lower general and administrative
costs and E&E expenditures. 
In the first quarter of 2014, Antrim had a net loss from continuing operations
of $1.5 million compared to a net loss from continuing operations of $4.3
million for the corresponding period in 2013. Net loss decreased due to lower
general and administrative costs and E&E expenditures. 
In the first quarter of 2014, Antrim had a net loss from discontinued
operations of $6.9 million compared to net income from discontinued operations
of $1.5 million for the corresponding period in 2013. The net loss increased
primarily due to higher finance costs and lower production and revenue from
Financial Resources, Liquidity and Going Concern 
Antrim had a working capital deficiency at March 31, 2014 of $5.1 million
compared to a working capital surplus of $0.8 million as at December 31, 2013.
Without the reclassification of assets and liabilities held for sale, Antrim
had a working capital deficiency at March 31, 2014 of $35.3 million compared to
a working capital deficiency at December 31, 2013 of $24.0 million, including
bank debt (after discount) of $20.3 million and financial derivative (after
discount) of $10.5 million. 
The sale of ARNIL in April 2014 resulted in the repayment and settlement of all
outstanding obligations under the Company's bank debt and financial
derivative. After commission and the payment of any change of control payments
triggered by the completion of the ARNIL sale, Antrim estimates it will have
working capital of approximately $17.1 million. 
Following completion of the ARNIL Sale Mr. Kerry Fulton and Mr. Terry
Lederhouse resigned their positions as Vice-President, Operations and
Vice-President, Commercial, respectively. The Company wishes to thank Mr.
Fulton and Mr. Lederhouse for their contributions to the Company. 
With the ARNIL sale completed, Antrim has no debt and will be able to continue
to operate as a going concern, engaged in the oil and gas business, with
greater financial resources and an opportunity to further develop Antrim's
remaining assets as well as greater opportunities to raise capital or seek
other strategic alternatives, including a possible business combination, to
maximize shareholder value. 
In addition to further development of its remaining properties, Antrim
continues to consider various international exploration opportunities where
Antrim believes such opportunities will create value for Antrim's
The Company has made an application for its common shares to be listed on the
TSX Venture Exchange ("TSXV") and anticipates moving the listing of
its common shares from the Toronto Stock Exchange to the TSXV by the end of May
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
Toronto Stock Exchange (AEN) and on the London Stock Exchange's
Alternative Investment Market (AEY). Antrim's first quarter 2014 interim
financial report (including management's discussion and analysis and
unaudited interim consolidated financial statements), is available on SEDAR and
our website. Visit for more information. 
Forward-Looking and Cautionary Statements 
This press release and any documents incorporated by reference herein contain
certain forward- looking statements and forward-looking information which are
based on Antrim's internal reasonable expectations, estimates,
projections, assumptions and beliefs as at the date of such statements or
information. Forward-looking statements often, but not always, are identified
by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate",
"expect", "targeting", "forecast",
"achieve" and "intend" and statements that an event or
result "may", "will", "should", "could"
or "might" occur or be achieved and other similar expressions. These
statements are not guarantees of future performance and involve known and
unknown risks, uncertainties, assumptions and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking statements and information. Antrim believes that the
expectations reflected in those forward-looking statements and information are
reasonable but no assurance can be given that these expectations will prove to
be correct and such forward-looking statements and information included in this
press release and any documents incorporated by reference herein should not be
unduly relied upon. Such forward-looking statements and information speak only
as of the date of this press release or the particular document 
incorporated by reference herein and Antrim does not undertake any obligation
to publicly update or revise any forward-looking statements or information,
except as required by applicable laws. 
In particular, this press release and any documents incorporated by reference
herein, contain specific forward-looking statements and information pertaining
to the quantity of and future net revenues from Antrim's reserves of oil,
natural gas liquids ("NGL") and natural gas production levels. This
press release may also contain specific forward-looking statements and
information pertaining to Antrim's plans for exploring and developing its
licences, including exploration of the Skellig block, the financial effect of
the ARNIL Sale upon Antrim, commodity prices, foreign currency exchange rates
and interest rates, capital expenditure programs and other expenditures,
Antrim's financing arrangements, supply and demand for oil, NGLs and
natural gas, expectations regarding Antrim's ability to raise capital, to
continually add to reserves through acquisitions and development, the
anticipated listing of the Company's common shares on the TSXV, the
schedules and timing of certain projects, Antrim's strategy for growth,
Antrim's future operating and financial results, treatment under
governmental and other regulatory regimes and tax, environmental and other
With respect to forward-looking statements contained in this press release and
any documents incorporated by reference herein, Antrim has made assumptions
regarding: Antrim's ability to obtain additional drilling rigs and other
equipment in a timely manner, obtain regulatory and TSXV approvals, future oil
and natural gas production levels from Antrim's properties and the price
obtained from the sales of such production, the consideration received in the
ARNIL Sale will not change materially as a result of post-closing adjustments,
the level of future capital expenditure required to exploit and develop
reserves, the ability of Antrim's partners to meet their commitments as
they relate to the Company and Antrim's reliance on industry partners for
the development of some of its properties, the general stability of the
economic and political environment in which Antrim operates and the future of
oil and natural gas pricing. In respect to these assumptions, the reader is
cautioned that assumptions used in the preparation of such information may
prove to be incorrect. 
Antrim's actual results could differ materially from those anticipated in
these forward-looking statements and information as a result of assumptions
proving inaccurate and of both known and unknown risks, including risks
associated with the exploration for and development of oil and natural gas
reserves such as the risk that drilling operations may not be successful,
unanticipated delays with respect to the development of Antrim's
properties, operational risks and liabilities that are not covered by
insurance, volatility in market prices for oil, NGLs and natural gas, changes
or fluctuations in oil, NGLs and natural gas production levels, changes in
foreign currency exchange rates and interest rates, the ability of Antrim to
fund its capital requirements, Antrim's reliance on industry partners for
the development of some of its properties, risks associated with ensuring title
to the Company's properties, liabilities and unexpected events inherent in
oil and gas operations, including geological, technical, drilling and
processing problems, the risk that the consideration from the ARNIL Sale is
reduced as a result of post-closing adjustments, the risk that additional
change of control payments to employees of Antrim become payable as a result of
the ARNIL Sale, the risk that the listing of the Company's common shares
on the TSXV is delayed for any reason, the risk of adverse results from
litigation, the accuracy of oil and gas reserve estimates and estimated
production levels as they are affected by the Antrim's exploration and
development drilling. Additional risks include the ability to effectively
compete for, among other things, capital, acquisitions of reserves, undeveloped
lands and skilled personnel, incorrect assessments of the value of
acquisitions, Antrim's success at acquisition, exploitation and
development of reserves, changes in general economic, market and business 
conditions in Canada, North America, the United Kingdom, Europe and worldwide,
actions by governmental or regulatory authorities including changes in income
tax laws or changes in tax laws, royalty rates and incentive programs relating
to the oil and gas industry and more specifically, changes in environmental or
other legislation applicable to Antrim's operations, and Antrim's
ability to comply with current and future environmental and other laws, adverse
regulatory rulings, order and decisions and risks associated with the nature of
the Common Shares. 
Many of these risk factors, other specific risks, uncertainties and material
assumptions are discussed in further detail throughout this press release and
in Antrim's Annual Information Form for the year ended December 31, 2013.
Readers are specifically referred to the risk factors described in this press
release under "Risk Factors" and in other documents Antrim files from
time to time with securities regulatory authorities. Copies of these documents
are available without charge from Antrim or electronically on the internet on
Antrim's SEDAR profile at Readers are cautioned that this
list of risk factors should not be construed as exhaustive. 
The calculation of barrels of oil equivalent ("boe") is based on a
conversion rate of six thousand cubic feet of natural gas ("mcf") to
one barrel of crude oil ("bbl"). Boe's may be misleading,
particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. 
In accordance with AIM guidelines, Mr. Murray Chancellor, C. Eng., MICE and
Managing Director, United Kingdom for Antrim, is the qualified person that has
reviewed the technical information contained in this press release. Mr.
Chancellor has over 25 years operating experience in the upstream oil and gas
Antrim Energy Inc.
Stephen Greer
President & CEO
+ 1 403 264-5111
Antrim Energy Inc.
Anthony Potter
Chief Financial Officer
+ 1 403 264-5111
RFC Ambrian Limited
Sarah Wharry
+44 (0) 20 3440 6800
Tim Thompson
+44 (0) 20 7466 5000 
INDUSTRY:  Energy and Utilities - Oil and Gas  
-0- May/13/2014 21:07 GMT
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