Antrim Energy Inc. Reports 2009 Results and Reserves

All financial figures are audited and in US dollars except for quarterly figures which are unaudited 2009 Highlights:

- Production in Argentina increased to 1,840 barrels of oil equivalent per day ("boepd") from 1,411 boepd in 2008,

- United Kingdom proved plus probable oil reserves increased 5.7% to 27.7 million boe

- Argentina proved plus probable oil and gas reserves decreased 4.4% to 9.4 million boe

- Financial flexibility with strong cash position of $31 million and no debt

Proved plus probable reserves of 37.2 million barrels of oil equivalent ("boe"),  3% higher than in 2008.

United Kingdom 

Fyne and Dandy total proved plus probable reserves increased to 17.5 million boe (16m in 2008)

47.1% of the Company's total 2P reserves.

Causeway total 2P remained at 10.2 million boe (net to Antrim).

On March 4, 2010, a Conditional Letter Agreement with ("Valiant") sell a 30% interest in Causeway. Antrim will receive up to a $21.75 million carried contribution
towards the development costs of bringing the field to production start-up. Reserves previously described do not reflect the impact of this sale.

Argentina, 

the total 2P  -4.4% to 9.4 million boe. (9.9 million boe in 2008 (net to Antrim)).

Due to 2009 production.

Eight well drilling program in Tierra del Fuego, designed to increase gas and NGL production from the Los Flamencos gas field, commenced in late February 2010. The first well has been drilled and show as a potential gas well with 50 feet of gross pay.

Reserves Summary

Antrim's Interest in Reserves as at December 31, 2009
(based on forecast price and cost assumptions)
                                                                                            Oil       Gas       NGL     Total
Category                                                                       mbbls   mmcf     mbbls    mboe
----------------------------------------------------------------------------
Proved                                                                               832    21,025       163     4,500
Proved plus probable                            29,313 44,734   394    37,163
Proved plus probable plus possible                   57,489    55,709     471    67,245

Present Value Cash Flow Before Income Tax
(based on forecast price and cost assumptions)
                                                                                              PV             PV             PV
Category                                                                             0%             5%            10%
----------------------------------------------------------------------------
Proved                                                                            50,684         42,576         36,293
Proved plus probable                                            1,267,137        877,833        618,307
Proved plus probable plus possible                3,369,440      2,254,674      1,563,638

Financial and Operating Results

                                                                Three Months Ended                     Year Ended December
                                                                                   December 31,    31,
                                                                             2009      2008                                    2009      2008
----------------------------------------------------------------------------
Financial Results ($000's except per share amounts)
------------------------------------
Revenue                                                              3,371     2,651                                 12,953    12,034
Cash flow (used in) from operations           (1,378)   (1,032)                                (1,067)      307
Cash flow (used in) from operations
per share                                                              (0.01)    (0.01)                                   (0.01)     0.00
Net income (loss)                                      (6,071)   (7,152)                                     (12,560)  (13,031)
Net income (loss) per share - basic     (0.04)    (0.05)                                          (0.09)    (0.10)
Total assets                                               285,119   271,361                                  285,119   271,361
Working capital                                         31,960    35,267                                      31,960    35,267
Expenditures on petroleum and
natural gas properties                              (548)    5,970                                          4,782    91,161
Debt                                        -         -         -         -

Common Shares Outstanding (000's)
------------------------------------
End of period                                        135,349   135,322                                    135,349   135,322
Weighted average - basic              135,291   135,054                                     135,284   125,775
Weighted average - diluted            136,041   135,054                                     136,034   125,775

Production
------------------------------------
Oil , natural gas and NGL production
(boe per day)(1)                                    1,990     1,391                                              1,840     1,411

(1)The boe conversion ratio of 6 mcf:1 bbl does not represent a value equivalency at the wellhead.

Cash flow from operations deficiency of $1.1 million in 2009 compared to cash flow of $0.3 million in 2008.
Cash flow decreased primarily due to higher operating costs, lower interest and other income offset by higher revenue and lower general and administrative costs.

Expenditures on petroleum and natural gas properties in 2009 were $4.8 million compared to $91.2 million in 2008. 
Capital expenditures were significantly reduced in 2009,as the drilling programs in the UK and Argentina concluded in 2008.

2010 Outlook

Antrim's strong financial position which includes unrestricted cash available of $31.2 million and no debt provides Antrim with financial and operational flexibility.

Antrim is currently in discussion with floating production storage and offloading providers as well as local existing infrastructure owners to select the most efficient production export route for the Fyne Field. Antrim intends to select the optimum development scheme and produce a Field Development Plan for submission in late 2010. The Company's strategy in this core area is to accelerate its development by working closely with industry partners. Antrim is maturing drilling prospects on its surrounding licences in the Greater Fyne Area with a view to drilling in 2011.

Antrim expects to be active in the recently announced 26th UK offshore licensing round, building on the past success of acquiring strategic and potentially high impact properties in Greater Fyne.

With the expectation that Causeway will be funded to production and with the intention to acquire a development partner for Fyne, Antrim's other North Sea activity will be weighted towards adding value by exploring for new hydrocarbons and appraising existing discoveries.

In South America, the Company will also concentrate on the high value production assets in Tierra del Fuego with a view to increasing production in a rising price commodity market. The Antrim team intends to expand the Argentine operation primarily through new in-country exploration opportunities using the cash flow from existing Argentine operations. Antrim is also considering further development of its South American business and is in discussion on several growth opportunities.

Antrim views the bilateral strategy as central to its corporate development, balancing longer term and capital-intensive investments in the UK North Sea with shorter investment cycle on-shore exploration and production opportunities.

Antrim's daily production in Argentina is expected to average approximately 1,800 net boepd in 2010.