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Antrim Energy (AEY)

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Thursday 27 August, 2015

Antrim Energy

Antrim Energy Interim Financial Report - Second Quarter 2015



FOR:  ANTRIM ENERGY INC.

TSX VENTURE SYMBOL:  AEN
AIM SYMBOL:  AEY

August 27, 2015

Antrim Energy Interim Financial Report - Second Quarter 2015

CALGARY, ALBERTA--(Marketwired - Aug. 27, 2015) - Antrim Energy Inc. (TSX VENTURE:AEN)(AIM:AEY) -

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

MANAGEMENT'S DISCUSSION AND ANALYSIS

This management's discussion and analysis ("MD&A") provides a detailed explanation of Antrim Energy Inc.'s (the
"Company" or "Antrim") operating results for the three and six months ended June 30, 2015 compared to the same
periods ended June 30, 2014 and should be read in conjunction with the audited consolidated financial
statements of Antrim for the year ended December 31, 2014. This MD&A has been prepared using information
available up to August 25, 2015. The interim consolidated financial statements of the Company have been
prepared in accordance with International Financial Reporting Standards ("IFRS"). Unless otherwise noted all
amounts are reported in United States ("US") dollars.

Non-IFRS Measures

Cash flow used in operations and cash flow used in operations per share do not have standard meanings under
IFRS and may not be comparable to those reported by other companies. Antrim utilizes cash flow from operations
to assess operational and financial performance, to allocate capital among alternative projects and to assess
the Company's capacity to fund future capital programs.

Cash flow used in operations is defined as cash flow used in operating activities working capital. Cash flow
used in operations per share is calculated as cash flow divided by the weighted-average number of outstanding
shares. Reconciliation of operations to its nearest measure prescribed by IFRS is provided below.

 before changes in used in operations cash flow used in

                                     Three Months Ended   Six Months Ended
                                           June 30             June 30
($000's)                                 2015      2014      2015      2014
----------------------------------------------------------------------------
Cash flow from (used in) operating
 activities                              (805)   (3,326)     (579)   (4,091)
Less: change in non-cash working
 capital                                   52      (816)     (191)     (402)
----------------------------------------------------------------------------
Cash flow from (used in) operations      (857)   (2,510)     (388)   (3,689)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Overview of Continuing Operations

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 GBP 5.0 million ($7.9 million), with the estimated net cost to Antrim
totaling GBP 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

                                  Three Months Ended     Six Months Ended
                                        June 30               June 30
($000's except per share
 amounts)                             2015       2014       2015       2014
----------------------------------------------------------------------------
Financial Results
---------------------------------
Cash flow used in operations (1)      (857)    (2,510)      (388)    (3,689)
Cash flow used in operations per
 share (1)                           (0.00)     (0.01)     (0.00)     (0.02)
Net income (loss) - continuing
 operations                            812     (3,666)     1,273     (5,204)
Net income (loss) per share -
 basic, continuing operations         0.00      (0.02)      0.01      (0.03)
Net income (loss)                      812       (223)     1,273     (8,684)
Net income (loss) per share -
 basic                                0.00      (0.00)      0.01      (0.05)
Total assets                        15,611     19,430     15,611     19,430
Working capital                     10,423     17,512     10,423     17,512
Capital expenditures -
 continuing operations                  58         53         86        195

Common shares outstanding
---------------------------------
End of period                      184,731    184,731    184,731    184,731
Weighted average - basic           184,731    184,731    184,731    184,731
Weighted average - diluted         184,731    184,731    184,731    184,731

(1) Cash flow used in operations and cash flow used in operations per share
are Non-IFRS Measures. Refer to "Non-IFRS Measures" in Management's
Discussion and Analysis.

General and Administrative

General and administrative ("G&A") costs decreased to $1.3 million in the first half of 2015 compared to $3.2
million for the corresponding period in 2014. The decrease in G&A is primarily due to lower salary and
administrative expenses as part of the Company's ongoing efforts to reduce annual G&A. G&A costs decreased to
$0.5 million for the three month period ended June 30, 2015 compared to $1.9 million for the same period in
2014. The decrease in G&A is primarily due to employee severance costs paid in 2014 and lower staffing levels
thereafter. Administrative costs increased in the period due to increased activity assessing potential M&A
opportunities.

A breakdown of G&A expense is as follows:

                                    Three Months Ended    Six Months Ended
                                          June 30              June 30
($000's)                                2015       2014      2015       2014
----------------------------------------------------------------------------
Wages and salaries                       214      1,406       658      1,776
Occupancy                                 80         76       163        169
Administrative                           308        294       558      1,118
Travel                                     2          7         2         15
Overhead recovery                        (67)       151       (67)        93
----------------------------------------------------------------------------
                                         537      1,934     1,314      3,171
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Exploration & Evaluation Expenditures

Exploration and evaluation ("E&E") expenditures were a recovery of $1.7 million in the three and six month
periods ended June 30, 2015 compared to expenses of $0.9 million for the corresponding periods in 2014. The
decrease is related to lower expected decommissioning obligations following signing of the abandonment contract
with OIS in June 2015. Due to the Fyne and Erne licences being fully impaired, adjustments to decommissioning
obligations are booked to profit and loss.

Finance Costs

Finance costs were $16 thousand in the first half of 2015 compared to $28 thousand for the corresponding period
in 2014. Finance costs are primarily related to accretion of asset retirement obligations.

Income Taxes

The Company follows the liability method of accounting for income taxes. As at June 30, 2015, no deferred
income tax assets were recorded due to uncertainty with respect to the ability of Antrim to generate sufficient
taxable income to utilize the unrecognized losses.

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.

Foreign Exchange and Other Comprehensive Income (Loss)

The reporting currency of the Company is the US dollar while the Company's operating costs and certain of the
Company's payments in order to maintain property interests are made in the local currency of the jurisdiction
where the applicable property is located. The Company's continuing activities in Canada, Ireland and United
Kingdom are accounted for using the Canadian dollar, Euro and British pound sterling as the functional
currency, respectively. As a result of these factors, fluctuations in these currencies relative to the US
dollar could result in unanticipated fluctuations in the Company's financial results. The Company incurred a
foreign exchange gain of $0.9 million in first half of 2015 compared to a loss of $0.8 million for the
corresponding period in 2014.

The Company reported other comprehensive loss of $1.1 million in first half of 2015, compared to other
comprehensive loss of $6.6 million for the corresponding period in 2014. Other comprehensive loss decreased due
to foreign currency translation adjustments on disposal of discontinued operations in 2014.

Financial Discussion of Discontinued Operations

Discontinued operations relate to the sale of Antrim's Causeway, Kerloch and Cormorant East assets structured
as the sale of all of the issued and outstanding shares in ARNIL (the "ARNIL Sale"). In the first half of 2014,
Antrim had a net loss from discontinued operations of $3.5 million. On April 24, 2014 the Company completed the
sale of ARNIL and settled its outstanding obligations under its Payment and Oil Swap agreements.

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.

Contractual Obligations, Commitments and Contingencies

Antrim has several commitments in respect of its petroleum and natural gas properties and operating leases,
including operating costs, as at June 30, 2015 as follows:

($000's)                         2015     2016     2017     2018  Thereafter
----------------------------------------------------------------------------
Office Leases                     169      337      312        3           -
Ireland                           363        -        -        -           -
United Kingdom
  Fyne                             10        -        -        -           -
  Erne                              -        -        -        -           -
----------------------------------------------------------------------------
Total                             542      337      312        3           -
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The estimated total gross cost for abandonment of Antrim's Fyne and Erne licence wells is GBP 5.0 million ($7.9
million), with the estimated net cost to Antrim totaling GBP 2.1 million ($3.25 million). As gross expenditures
are incurred by Antrim, amounts expected to be recovered from certain previous joint venture partners in the
Fyne Licence are recorded as other current assets. Once each well on the Fyne Licence is abandoned in
accordance with industry practice and legislation in force, these costs can be invoiced to the partners with
payment due within 20 days of receipt of the invoice.

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.

Summary of Quarterly Results

                                                                Net Income
                                     Cash Flow                  (Loss) Per
($000's, except per   Revenue, Net    Used in     Net Income      Share -
 share amounts)       of Royalties  Operations      (Loss)         Basic
----------------------------------------------------------------------------
                        (Note 1)     (Note 1)
2015
Second quarter                   -         (857)          812          0.00
First quarter                    -          469           461          0.00
                      ------------------------------------------------------
                                 -         (388)        1,273          0.01
                      ------------------------------------------------------
                      ------------------------------------------------------

2014
Fourth quarter                   -         (815)         (903)        (0.00)
Third quarter                    -         (109)         (528)        (0.00)
Second quarter                   -       (2,510)         (223)        (0.00)
First quarter                    -       (1,179)       (8,461)        (0.05)
                      ------------------------------------------------------
                                 -       (4,613)      (10,115)        (0.05)
                      ------------------------------------------------------
                      ------------------------------------------------------

2013
Fourth quarter                   -       (1,836)      (21,212)        (0.11)
Third quarter                    -         (388)      (16,067)        (0.09)
Second quarter                   -       (2,934)          930          0.01
First quarter                    -       (3,368)       (2,853)        (0.02)
                      ------------------------------------------------------
                                 -       (8,526)      (39,202)        (0.21)
                      ------------------------------------------------------
                      ------------------------------------------------------

Note 1: Continuing operations only

Key factors relating to the comparison of net income for the second quarter of 2015 to previous quarters are as
follows:

--  In the second quarter of 2015, the Company recognized a $1.7 million
    recovery of E&E costs following lower expected decommissioning
    obligations associated with signing the OIS contract in June 2015.

--  In the first quarter of 2015, the Company recognized a $1.2 million
    foreign exchange gain as a result of a significant decrease in the value
    of the Canadian dollar relative to the US dollar;

--  In the fourth quarter of 2014, the Company incurred $0.7 million in
    severance to an executive who exercised an option to voluntarily
    terminate employment upon closing of the ARNIL sale;

--  In the second quarter of 2014, the Company recognized a $5.2 million
    gain on disposal of assets primarily with respect to the recognition in
    income of foreign currency translation adjustments previously included
    in accumulated other comprehensive income;

--  In the first quarter of 2014, the Company incurred $7.6 million in
    finance costs and loss on financial derivative related to the Company's
    bank loan and oil hedge obligations;

--  In the fourth quarter of 2013, the Company recognized a $14.6 million
    impairment charge on assets held for sale; and

--  In the third quarter of 2013, the Company recognized a $12.1 million
    impairment charge with respect to delays and cost overruns for the
    Causeway Field.

Risks and Uncertainties

The oil and gas industry involves a wide range of risks which include but are not limited to the uncertainty of
finding new commercial fields, securing markets for existing reserves, commodity price fluctuations, exchange
and interest rate costs and changes to government regulations, including regulations relating to prices, taxes,
royalties, land tenure, allowable production and environmental protection and access to off-shore production
facilities in the UK. The oil and natural gas industry is intensely competitive and the Company competes with a
large number of companies that have greater resources.

Substantial Capital Requirements

The Company's ability to establish reserves in the future will depend not only on its ability to develop its
present properties but also on its ability to select and acquire suitable exploration or producing properties
or prospects. The acquisition and development of properties also requires that sufficient funds, including
funds from outside sources, will be available in a timely manner. The availability of equity or debt financing
is affected by many factors, many of which are outside the control of the Company. World financial market
events and the resultant negative impact on economic conditions, particularly with respect to junior oil and
gas companies, have increased the risk and uncertainty of the availability of equity or debt financing.

Foreign Operations

A number of risks are associated with conducting foreign operations over which the Company has no control,
including currency instability, potential and actual civil disturbances, restriction of funds movement outside
of these countries, changes of laws affecting foreign ownership and existing contracts, environmental
requirements, crude oil and natural gas price and production regulation, royalty rates, OPEC quotas, potential
expropriation of property without fair compensation, retroactive tax changes and possible interruption of oil
deliveries.

Third Party Credit Risk

The Company is or may be exposed to third party credit risk through its contractual arrangements with its
former, current or future joint venture partners. In the event such entities fail to meet their contractual
obligations to the Company, such failures could have a material adverse effect on the Company and its financial
position.

Environmental and Decommissioning Regulations

The petroleum industry is subject to regulation, enforcement and intervention by governments in such matters as
the awarding and licensing of exploration and production interests, the imposition of specific drilling
obligations, environmental protection and pollution controls, health and safety aspects of on and off-shore
activity and operations, control over the development, decommissioning and abandonment of fields (including
restrictions on production) and possibly expropriation or cancellation of contract rights. Such regulation may
be changed from time to time in response to economic or political conditions. The implementation of new
legislation or regulations or the modification of existing legislation or regulations affecting the oil and gas
industry could reduce demand for natural gas and crude oil, increase costs and may have a material adverse
impact on the Company.

Environmental legislation provides for, among other things, restrictions and prohibitions on spills, releases
or emissions and discharges of various substances and materials (including wastes) produced in association with
or otherwise arising from oil and gas operations. The legislation also requires that wells and facility sites
be operated, maintained, decommissioned, abandoned and reclaimed in accordance with relevant laws and permits
and including, where relevant, to the satisfaction of applicable regulatory authorities. Before exploration,
production or remedial activities can commence, the Company must obtain regulatory approval and relevant
licences and there is no assurance that such approvals or licences will be obtained.

Environmental legislation and enforcement policy is evolving in a manner expected to result in more onerous and
stricter requirements, standards and enforcement, larger fines and greater liability and potentially increased
capital expenditures and operating costs. While the directors believe that the Company's current provision for
compliance with environmental laws, regulations and liabilities (including decommissioning) in the countries in
which it operates is reasonable, no assurance can be given that new rules and regulations will not be enacted
or existing legislation, rules and regulations will not be applied in a manner which could limit or curtail the
Company's development or result in increased liabilities. No assurance can be given that environmental laws
will not result in a material increase in the costs of acquisition, exploration, development or production
activities or otherwise adversely affect the Company's financial condition, results of operations or prospects.

In addition to the above regulatory risks, well abandonment programs may be subject to certain additional
risks, including: the risk that the work required to complete the abandonment program may prove to be more
difficult or take significantly longer than anticipated, the risk of delay due to adverse weather conditions,
particularly in the UK North Sea, and the risk that proper abandonment of a property requires additional clean-
up relating to oil and gas operations of previous operators. The existence of any such circumstances may
significantly increase the cost to the Company of an abandonment program which could have a material adverse
effect on the Company's financial position.

The Company is committed to meeting its responsibilities to protect the environment wherever it operates and
procedures are in place to ensure utmost care is taken in the day-to-day management of its properties. The
Company believes in well abandonment and site restoration in a timely manner to ensure minimal damage and
overall costs to the Company.

Further discussions regarding the Company's risks and uncertainties, can be found in the Company's Annual
Information Form dated April 24, 2015 which is filed on SEDAR at www.sedar.com.

Forward-Looking and Cautionary Statements

This MD&A contains 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 MD&A should not be unduly relied upon. Such forward-looking statements and
information speak only as of the date of this MD&A and Antrim does not undertake any obligation to publicly
update or revise any forward-looking statements or information, except as required by applicable laws.

This MD&A may contain specific forward-looking statements and information pertaining to Antrim's plans for
exploring and developing its licences, including exploration of the Skellig block, commodity prices, foreign
currency exchange rates and interest rates, capital expenditure programs and other expenditures, 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 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 laws.

With respect to forward-looking statements contained in this MD&A, Antrim has made assumptions regarding:
Antrim's ability to obtain additional drilling rigs and other equipment in a timely manner, obtain regulatory
approvals, 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 resources, 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 and decommissioning 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 well
abandonment programmes take longer or are more expensive than anticipated, the risk of adverse results from
litigation and the accuracy of oil and gas resource estimates 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, Ireland, 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 MD&A and in Antrim's Annual Information Form for the year ended December 31,
2014. Readers are specifically referred to the risk factors described in this MD&A under "Risks and
Uncertainties" 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 www.sedar.com. Readers are cautioned that this list of risk factors should not be
construed as exhaustive.

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 MD&A. Mr.
Chancellor has over 25 years operating experience in the upstream oil and gas industry.

Antrim Energy Inc.
Condensed Interim Consolidated Balance Sheets
As at June 30, 2015 and December 31, 2014 (unaudited)
(Amounts in US$ thousands)

                                                     June 30     December 31
                                       Note             2015            2014
                                             -------------------------------
Assets
  Current assets
    Cash and cash equivalents                         13,537          15,420
    Restricted cash                                       13              12
    Accounts receivable                                  172             163
    Prepaid expenses                                     190             205
    Other current assets                 12              430               -
                                             -------------------------------
                                                      14,342          15,800

Property, plant and equipment             3               12              18
Exploration and evaluation assets         4            1,257           1,283
                                             -------------------------------

                                                      15,611          17,101
                                             -------------------------------
                                             -------------------------------
Liabilities
  Current liabilities
    Accounts payable and accrued
     liabilities                                         962             736
    Decommissioning obligations           5            2,957               -
                                             -------------------------------
                                                       3,919             736
                                             -------------------------------

Decommissioning obligations               5                -           4,913
                                             -------------------------------
                                                       3,919           5,649
                                             -------------------------------

Shareholders' equity
Share capital                             6          361,922         361,922
Contributed surplus                                   21,924          21,892
Accumulated other comprehensive loss                  (3,902)         (2,837)
Deficit                                             (368,252)       (369,525)
                                             -------------------------------

                                                      11,692          11,452
                                             -------------------------------

Total Liabilities and Shareholders'
 Equity                                               15,611          17,101
                                             -------------------------------
                                             -------------------------------

Commitments and contingencies            11

The accompanying notes are an integral part of the condensed interim
consolidated financial statements.

Antrim Energy Inc.
Condensed Interim Consolidated Statements of Comprehensive Loss
For the three and six months ended June 30, 2015 and 2014 (unaudited)
(Amounts in US$ thousands, except per share data)

                                  Three Months Ended     Six Months Ended
                                        June 30               June 30
                           Note       2015       2014       2015       2014
                                 -------------------------------------------

Revenue                                  -          -          -          -

Expenses
General and
 administrative               9        537      1,934      1,314      3,171
Depletion and
 depreciation                 3          2         14          5         31
Share-based compensation      7         34        131         33        272
Exploration and
 evaluation                   5     (1,711)       864     (1,697)       871
Finance income                          (8)        (6)       (22)        (6)
Finance costs                            8         15         16         28
Foreign exchange loss
 (gain)                                326        714       (922)       837
                                 -------------------------------------------
Income (loss) from
 continuing operations
 before                                812     (3,666)     1,273     (5,204)
income taxes
Income tax expense                       -          -          -          -
                                 -------------------------------------------
Income (loss) from
 continuing operations
 after                                 812     (3,666)     1,273     (5,204)
income taxes
Income (loss) from
 discontinued operations     13          -      3,443          -     (3,480)
                                 -------------------------------------------
Net income (loss) for the
 period                                812       (223)     1,273     (8,684)
                                 -------------------------------------------

Other comprehensive
 income
Items that may be
 subsequently
 reclassified to profit
 or loss:
  Foreign currency
   translation adjustment              109        217     (1,065)       201
Items reclassified to
 profit or loss:
  Foreign currency
   translation adjustment
   - disposal                            -     (6,774)         -     (6,774)
                                 -------------------------------------------
Other comprehensive
 income (loss) for the
 period                                109     (6,557)    (1,065)    (6,573)
                                 -------------------------------------------
Comprehensive income
 (loss) for the period                 921     (6,780)       208    (15,257)
                                 -------------------------------------------
                                 -------------------------------------------

Net income (loss) per
 common share
Basic and diluted -
 continuing operations        8       0.00      (0.02)      0.01      (0.03)
Basic and diluted -
 discontinued operations      8          -       0.02          -      (0.02)

The accompanying notes are an integral part of the condensed interim
consolidated financial statements.

Antrim Energy Inc.
Condensed Interim Consolidated Statements of Cash Flows
For the three and six months ended June 30, 2015 and 2014 (unaudited)
(Amounts in US$ thousands)

                                  Three Months Ended     Six Months Ended
                                        June 30               June 30
                            Note      2015       2014       2015       2014
                                 -------------------------------------------
Operating Activities
Income (loss) from continuing
 operations after income taxes         812     (3,666)     1,273     (5,204)
Items not involving cash:
  Depletion and
   depreciation                3         2         14          5         31
  Share-based compensation     7        34        131         33        272
  Accretion of
   decommissioning
   obligations                 5         6         12         12         23
  Non-cash items included
   in exploration and
   evaluation expenditures          (1,711)       828     (1,711)       828
  Foreign exchange loss                  -        171          -        361
Changes in non-cash
 working capital items -
 continuing operations        10        52       (816)      (191)      (402)
Cash provided by (used in)
 operating activities -
 continuing operations                (805)    (3,326)      (579)    (4,091)
Cash provided by (used in)
 operating activities -
 discontinued operations                 -       (539)         -      2,043
Decommissioning costs
 incurred                             (265)         -       (265)         -
                                 -------------------------------------------
Cash provided by (used in)
 operating activities               (1,070)    (3,865)      (844)    (2,048)
                                 -------------------------------------------

Financing Activities
Payments on long-term debt
 facility                                -    (20,650)         -    (24,650)
Financial derivative
 settlements                             -    (10,864)         -    (11,452)
                                 -------------------------------------------
Cash provided by (used in)
 financing activities -
 discontinued operations                 -    (31,514)         -    (36,102)
                                 -------------------------------------------

Investing Activities
Exploration and evaluation
 assets additions                      (58)       (53)       (86)      (195)
Change in restricted cash                -       (855)         -       (238)
Cash proceeds from
 disposal of assets           13         -     52,293          -     57,293
                                 -------------------------------------------
Cash used in investing
 activities - continuing
 operations                            (58)    51,385        (86)    56,860
Cash used in investing
 activities - discontinued
 operations                              -       (808)         -     (3,859)
                                 -------------------------------------------
Cash provided by (used in)
 investing activities                  (58)    50,577        (86)    53,001
                                 -------------------------------------------

Effects of foreign exchange on
 cash and cash equivalents             321        583       (953)       534
                                 -------------------------------------------

Net decrease in cash and
 cash equivalents                     (807)    15,781     (1,883)    15,385
Cash and cash equivalents
 - beginning of period              14,344        686     15,420      1,082
                                 -------------------------------------------
Cash and cash equivalents
 - end of period                    13,537     16,467     13,537     16,467
                                 -------------------------------------------
                                 -------------------------------------------

The accompanying notes are an integral part of the condensed interim
consolidated financial statements.

Antrim Energy Inc.
Condensed Interim Consolidated Statements of Changes in Equity
For the three and six months ended June 30, 2015 and 2014 (unaudited)
(Amounts in US$ thousands)

                                            Accumulated
                                               Other
                        Share  Contributed Comprehensive
                 Note  Capital   Surplus   Income (Loss)   Deficit   Total
                       -----------------------------------------------------
Balance,
 December 31,
 2013                  361,922      21,527         4,673  (359,410)  28,712
Net loss for the
 period                      -           -             -    (8,684)  (8,684)
Other
 comprehensive
 loss                        -           -        (6,573)        -   (6,573)
Share-based
 compensation       7        -         272             -         -      272
                       -----------------------------------------------------
Balance, June
 30, 2014              361,922      21,799        (1,900) (368,094)  13,727
                       -----------------------------------------------------

Balance,
 December 31,
 2014                  361,922      21,892        (2,837) (369,525)  11,452
Net income for
 the period                  -           -             -     1,273    1,273
Other
 comprehensive
 loss                        -           -        (1,065)        -   (1,065)
Share-based
 compensation       7        -          32             -         -       32
                       -----------------------------------------------------
Balance, June
 30, 2015              361,922      21,924        (3,902) (368,252)  11,692
                       -----------------------------------------------------
                       -----------------------------------------------------

The accompanying notes are an integral part of the condensed interim
consolidated financial statements.

Antrim Energy Inc.
Notes to Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2015 and 2014 (unaudited)
(Amounts in US$thousands)

1) Nature of Operations

Antrim Energy Inc. ("Antrim" or the "Company") is a Calgary based oil and natural gas company. Through
subsidiaries, the Company conducts exploration activities in the United Kingdom and Ireland. Antrim Energy Inc.
is incorporated and domiciled in Canada. The Company's common shares are listed on the TSX Venture Exchange
("TSXV") and the London AIM market ("AIM") under the symbols "AEN" and "AEY", respectively. The address of its
registered office is 1600, 333 - 7th Avenue S.W, Calgary, Alberta, Canada.

2) Basis of Presentation

a) Statement of compliance

These condensed interim consolidated financial statements for the three and six months ended June 30, 2015 have
been prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting, and
have been prepared following the same accounting policies as the annual consolidated financial statements for
the year ended December 31, 2014. The condensed interim consolidated financial statements should be read in
conjunction with the annual consolidated financial statements for the year ended December 31, 2014, which have
been prepared in accordance with International Financial Reporting Standards ("IFRS").

The policies applied in these condensed interim consolidated financial statements are based on IFRS issued and
outstanding as at August 25, 2015, the date the Board of Directors approved the interim consolidated financial
statements.

b) Presentation currency

In these condensed interim consolidated financial statements, unless otherwise indicated, all dollar amounts
are expressed in United States ("US") dollars. The Company has adopted the US dollar as its presentation
currency to facilitate a more direct comparison to North American oil and gas companies with international
operations.

c) Critical accounting judgments and key sources of estimation uncertainty

The timely preparation of financial statements requires that management make estimates and assumptions and use
judgment regarding assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled
transactions and events as at the date of the financial statements. Accordingly, actual results may differ from
estimated amounts as future confirming events occur.

Significant estimates and judgments used in the preparation of the financial statements are described in the
Company's consolidated annual financial statements for the year ended December 31, 2014.

d) Changes in accounting policies

The interim consolidated financial statements are prepared on a historical cost basis except as detailed in the
accounting policies disclosed in the Company's consolidated financial statements for the year ended December
31, 2014.

3) Property, plant and equipment

                                                     June 30   December 31
                                                         2015          2014
                                                 ---------------------------
Opening balance                                            18            64
Additions                                                   -             -
Depletion and depreciation                                 (5)          (42)
Foreign currency translation                               (1)           (4)
                                                 ---------------------------
Closing balance                                            12            18
                                                 ---------------------------
                                                 ---------------------------

4) Exploration and evaluation assets

                                                      June 30   December 31
                                                         2015          2014
                                                 ---------------------------
Opening balance                                         1,283         1,125
Additions                                                  86           320
Foreign currency translation                             (112)         (162)
                                                 ---------------------------
Closing balance                                         1,257         1,283
                                                 ---------------------------
                                                 ---------------------------

Exploration and evaluation assets at June 30, 2015 and December 31, 2014 relate to the Company's Ireland
Frontier Exploration Licence.

5) Decommissioning obligations

                                                      June 30   December 31
                                                         2015          2014
                                                 ---------------------------
Opening balance                                         4,913         4,130
Additions                                                   -             -
Accretion                                                  12            49
Change in estimate                                     (1,710)        1,058
Decommissioning costs incurred                           (265)            -
Foreign currency translation                                7          (324)
                                                 ---------------------------
Closing balance                                         2,957         4,913
                                                 ---------------------------
                                                 ---------------------------

At June 30, 2015, the Company's estimated net undiscounted decommissioning obligations are $2,973 (December 31,
2014 - $4,937). The change in estimate in 2015 and classification as a current liability at June 30, 2015 is
related to entering into a contract in June 2015 for a multi-client, multi- well abandonment program to be
completed in 2015. As gross expenditures are incurred by Antrim, amounts expected to be recovered from certain
previous joint venture partners in the Fyne Licence are recorded as other current assets (see note 11 and 12).

The present value of the decommissioning obligations has been calculated using a risk-free interest rate of
0.50% (2014 - 0.50%) and an inflation rate of 0.0% (2014 - 2.0%).

6) Share capital

Authorized
Unlimited number of common voting shares

                                                   Number of
Common shares issued                               Shares           Amount $
                                                   -------------------------
                                                   -------------------------

Balance, June 30, 2015 and December 31, 2014       184,731,076       361,922
                                                   -------------------------
                                                   -------------------------

7) Share-based compensation

The Company has a program whereby it may grant options to its directors, officers and employees to purchase up
to 10% of the issued and outstanding number of common shares. The exercise price of each option is no less than
the market price of the Company's stock on the date of grant. Stock option terms are determined by the
Company's Board of Directors but options typically vest evenly over a period of three years from the date of
grant and expire five years after the date of grant.

Share-based compensation expense for the six months ended June 30, 2015 was $33 (2014 - $272).

The following table illustrates the number and weighted average exercise prices of and movements in share
options under the option program during the period.

                                Six Months Ended         Six Months Ended
                                 June 30, 2015            June 30, 2014
                            -----------------------  -----------------------
                                           Weighted                 Weighted
                                            average                  average
                                           exercise                 exercise
                                Number  price Cdn $      Number  price Cdn $
                            -----------------------  -----------------------
Outstanding at beginning of
 period                      5,345,002         0.65   7,575,000         0.67
Granted                              -            -           -            -
Forfeited                   (1,150,002)        0.71     (53,332)        0.60
Expired                       (290,000)        1.02     (50,000)        0.35
                            -----------------------  -----------------------
Outstanding at end of
 period                      3,905,000         0.61   7,471,668         0.67
                            -----------------------  -----------------------
                            -----------------------  -----------------------

8) Earnings per share

                                              Three Months Ended             Six Months Ended
                                                   June 30                       June 30
                                                  2015          2014            2015          2014
                                         ----------------------------  ----------------------------
Income (loss) from continuing operations           812        (3,666)          1,273        (5,204)
Income (loss) from discontinued
 operations                                          -         3,443               -        (3,480)
                                         ----------------------------  ----------------------------
Net income (loss) for the period                   812          (223)          1,273        (8,684)
                                         ----------------------------  ----------------------------
                                         ----------------------------  ----------------------------

Basic earnings per share:
Issued common shares                       184,731,076   184,731,076     184,731,076   184,731,076
Effect of share options exercised                    -             -               -             -
                                         ----------------------------  ----------------------------
Weighted average number of common shares
 - basic                                   184,731,076   184,731,076     184,731,076   184,731,076
                                         ----------------------------  ----------------------------

Diluted earnings per share:
Weighted average number of common shares
 - basic                                   184,731,076   184,731,076     184,731,076   184,731,076
Effect of outstanding options                        -             -               -             -
                                         ----------------------------  ----------------------------
Weighted average number of common shares
 - diluted                                 184,731,076   184,731,076     184,731,076   184,731,076
                                         ----------------------------  ----------------------------
                                         ----------------------------  ----------------------------

Basic and diluted income (loss) per
 common share:
From continuing operations                        0.00         (0.02)           0.01         (0.03)
From discontinued operations                         -          0.02               -         (0.02)
                                         ----------------------------  ----------------------------
Total basic and diluted loss per share            0.00         (0.00)           0.01         (0.05)
                                         ----------------------------  ----------------------------
                                         ----------------------------  ----------------------------

There have been no other transactions involving common shares or potential common shares between the reporting
date and the date of completion of these financial statements.

For the periods ended June 30, 2015 and 2014, all stock options were anti-dilutive and were not included in the
diluted common share calculation.

9) General and administrative expenses

                                   Three Months Ended     Six Months Ended
                                         June 30               June 30
                                       2015       2014       2015       2014
                                  --------------------  --------------------
Wages and salaries                      214      1,406        658      1,776
Occupancy                                80         76        163        169
Administrative                          308        294        558      1,118
Travel                                    2          7          2         15
Overhead recovery                       (67)       151        (67)        93
                                  --------------------  --------------------
                                        537      1,934      1,314      3,171
                                  --------------------  --------------------
                                  --------------------  --------------------

10) Supplemental cash flow information

                                     Three Months Ended   Six Months Ended
                                           June 30             June 30
                                         2015      2014      2015      2014
                                     ------------------- -------------------
(Increase)/decrease of assets:
  Trade and other receivables             (61)     (271)       (7)     (277)
  Inventory and prepaid expenses          (49)       23         6        55
  Other current assets                   (420)        -      (420)        -
Increase/(decrease) of liabilities:
  Trade and other payables                582      (568)      230      (180)
                                     ------------------- -------------------
                                           52      (816)     (191)     (402)
                                     ------------------- -------------------
                                     ------------------- -------------------

Cash and cash equivalents are
 comprised of:
  Cash in bank                          3,537    16,467     3,537    16,467
  Short-term deposits                  10,000         -    10,000         -
                                     ------------------- -------------------
                                       13,537    16,467    13,537    16,467
                                     ------------------- -------------------
                                     ------------------- -------------------

11) Commitments and contingencies

The Company has net commitments in respect of its petroleum and natural gas properties and operating leases,
including operating costs, as at June 30, 2015 as follows:

($000's)                         2015     2016     2017     2018  Thereafter
----------------------------------------------------------------------------
Office Leases                     169      337      312        3           -
Ireland                           363        -        -        -           -
United Kingdom
  Fyne                             10        -        -        -           -
  Erne                              -        -        -        -           -
----------------------------------------------------------------------------
Total                             542      337      312        3           -
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The estimated total gross cost for abandonment of Antrim's Fyne and Erne licence wells is GBP 5.0 million ($7.9
million), with the estimated net cost to Antrim totaling GBP 2.1 million ($3.25 million). As gross expenditures
are incurred by Antrim, amounts expected to be recovered from certain previous joint venture partners in the
Fyne Licence are recorded as other current assets. Once each well on the Fyne Licence is abandoned in
accordance with industry practice and legislation in force these costs can be invoiced to the partners with
payment due within 20 days of receipt of the invoice.

12) Financial instruments and financial risks

Financial instruments

Financial assets and financial liabilities are initially recognized at fair value and are subsequently
accounted for based on their classification. The classification categories, which depend on the purpose for
which the financial instruments were acquired and their characteristics include held-for-trading, available-for-
sale, held-to-maturity, loans and receivables, investments, and other liabilities. Except in very limited
circumstances, the classification is not changed subsequent to initial recognition.

The Company's financial instruments consist of cash, cash equivalents, restricted cash, accounts receivable and
accounts payable and accrued liabilities. Cash and cash equivalents, restricted cash, and accounts receivable
are classified as loans and receivables and are accounted for at amortized cost. Accounts payable and accrued
liabilities are classified as other liabilities and are accounted for at amortized cost. Due to the short-term
maturity of these financial instruments, fair values approximate carrying amounts.

Financial risks

The Company is exposed to financial risks encountered during the normal course of its business. These financial
risks are composed of credit risk, liquidity risk and market risk including commodity price and foreign
currency exchange risks.

(a) Credit risk

The Company is exposed to the risk that its counterparties will fail to discharge their obligations to the
Company on its cash, cash equivalents, accounts receivable and certain other-current assets.

Cash and cash equivalents and restricted cash are on deposit with reputable Canadian and international banks,
and therefore the Company does not believe these financial instruments are subject to material credit risk.

The extent of the Company's credit risk exposure is identified in the following table:

                                                        June 30  December 31
                                                           2015         2014
                                                   -------------------------
Cash and cash equivalents                                13,537       15,420
Restricted cash                                              13           12
Accounts receivable                                         172          163
Other current assets                                        430            -
                                                   -------------------------
                                                         14,152       15,595
                                                   -------------------------
                                                   -------------------------

No accounts receivable are past due or considered impaired. Other current assets are amounts expected to be
recovered from certain previous joint venture partners in the Fyne Licence. Once each well on the Fyne Licence
is abandoned these costs can be invoiced with payment due within 20 days of receipt of the invoice.

(b) Liquidity risk

The Company is exposed to liquidity risk from the possibility that it will encounter difficulty meeting its
financial obligations. The Company manages this risk by forecasting cash flows in an effort to identify future
liabilities and arrange financing, if necessary. It may take many years and substantial cash expenditures to
pursue exploration and development activities on all of the Company's existing undeveloped properties.
Accordingly, the Company will need to raise additional funds from outside sources in order to explore and
develop its properties. There is no assurance that adequate funds from debt and equity markets will be
available to the Company in a timely manner.

As at June 30, 2015 the Company's financial liabilities are due within one year.

(c) Market risk

Market risk consists of commodity price risk and foreign currency exchange risk.

Commodity price risk

On April 24, 2014 the Company completed the sale of Antrim Resources (N.I.) Limited and settled its outstanding
obligations under its Payment and Oil Swap agreements (see note 13).

Foreign currency exchange risk

The Company is exposed to fluctuations in foreign currency exchange rates as many of the Company's financial
instruments are denominated in United States dollars, Canadian dollars and British pounds sterling. As a
result, fluctuations in the United States dollar against the Canadian dollar and British pound sterling could
result in unanticipated fluctuations in the Company's financial results. The Company seeks to minimize foreign
exchange risk by holding cash and cash equivalents in United States dollars when not required in support of
current operations.

Capital management

The Company's objective when managing its capital is to safeguard the Company's ability to continue as a going
concern, maintain adequate levels of funding to support its exploration and development program, and provide
flexibility in the future development of its business. The ability of the Company to successfully carry out its
business plan is dependent upon the continued support of its shareholders, attracting joint venture partners,
the discovery of economically recoverable reserves and the ability of the Company to obtain financing to
develop reserves. The Company maintains and adjusts its capital structure based on changes in economic
conditions and the Company's planned requirements. The Company may adjust its capital structure by issuing new
equity and/or debt, selling assets, and controlling capital expenditure programs. The Company intends to fund
its planned capital program through existing cash resources.

The Company's capital structure at June 30, 2015 consisted of cash and cash equivalents and shareholders'
equity. Shareholders' equity includes shareholders' capital, contributed surplus, and accumulated other
comprehensive loss and deficit.

The capital structure of the Company consists of:

                                                        June 30  December 31
                                                           2015         2014
                                                   -------------------------
Cash and cash equivalents                                13,537       15,420
Shareholders' equity                                     11,692       11,452

Current restrictions on the availability of credit may limit the Company's ability to access debt or equity
financing for its projects. The Company forecasts cash flows against a range of macroeconomic and financing
market scenarios in an effort to identify future liabilities and arrange financing, if necessary. Although the
Company may need to raise additional funds from outside sources, if available, in order to develop its oil and
gas properties, the Company seeks to maintain flexibility to manage financial commitments on these assets.

Methods employed to adjust the Company's capital structure could include any, all or a combination of the
following activities:

i.  Issue new shares through a public offering or private placement;
ii. Issue equity linked or convertible debt;
iii.Raise fixed or floating rate debt;
iv. Sell or farm-out existing exploration assets.

13) Loss from discontinued operations

The Company entered into an agreement (the "Agreement") on February 7, 2014 with First Oil Expro Limited
("FOE") pursuant to which, subject to the terms and conditions of the Agreement, FOE agreed to purchase from
the Company(the "Transaction") all of the issued and outstanding shares in the capital of Antrim's UK
subsidiary, 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. The economic date of the transaction was January 1, 2014 and a $5
million deposit was received in February 2014. On April 24, 2014 the Company completed the sale of ARNIL.

The combined results of the discontinued operations which have been included in the consolidated statement of
loss and comprehensive loss are as follows:

                                   Three Months Ended     Six Months Ended
                                        June 30               June 30
                                       2015      2014        2015      2014
                                  --------------------  --------------------
Discontinued operations
Revenue                                   -       (11)          -     2,465

Expenses
Direct production and operating
 expenditures                             -       718           -     1,692
Depletion and depreciation                -         -           -       844
Finance and administrative costs          -       661           -     5,126
Loss on financial derivative              -       323           -     3,439
Gain on disposal of assets                -    (5,156)          -    (5,156)
                                  --------------------  --------------------
Income (loss) from discontinued
 operations                               -     3,443           -    (3,480)
                                  --------------------  --------------------
                                  --------------------  --------------------

DIRECTORS

Stephen Greer (1) (3)
Chairman

Erik Mielke (1) (2) (3)
Independent Director

Jim Perry (1) (2) (3) (4)
Independent Director

Anthony Potter
Director
Antrim Energy Inc.

Jay Zammit (2) (4)
Partner,
Burstall Winger Zammit LLP

(1) Member of the Audit Committee
(2) Member of the Compensation Committee
(3) Member of the Reserves Committee
(4) Member of the Corporate Governance Committee

OFFICERS

Anthony Potter
President, Chief Executive Officer and Chief Financial Officer

Adrian Harvey
Corporate Secretary

STOCK EXCHANGE LISTINGS

TSX Venture Exchange (TSXV): Trading Symbol "AEN"
London Stock Exchange (AIM): Trading Symbol "AEY"

HEAD OFFICE

610, 301 8th Avenue SW
Calgary, Alberta
Canada T2P 1C5
Main: +1 403 264 5111
Fax: + 1 403 264 5113
[email protected]
http://www.antrimenergy.com/

The Company's website is not incorporated by reference in and does not form
a part of this report.

LONDON OFFICE

Ashbourne House, The Guildway
Old Portsmouth Road, Artington
Guildford, Surrey
United Kingdom GU3 1LR
Main: +44 (0) 1483 307 530
Fax: +44 (0) 1483 307 531

INTERNATIONAL SUBSIDIARIES

Antrim Energy Ltd.
Antrim Exploration (Ireland) Limited
Antrim Energy (UK) Limited
Antrim Energy (Ventures) Limited

LEGAL COUNSEL

Burstall Winger Zammit LLP
Calgary, Alberta

BANKERS

Toronto-Dominion Bank of Canada

AUDITORS

PricewaterhouseCoopers LLP
Calgary, Alberta

INDEPENDENT ENGINEERS

McDaniel & Associates Consultants Ltd.

REGISTRAR AND TRANSFER AGENT

Inquiries regarding change of address, registered shareholdings, stock
transfers or lost certificates should be direct to:

CST Trust Company
Calgary, Alberta
[email protected]

Copies of the quarterly report are in the process of being despatched to shareholders who have requested a hard
copy and have been posted on the Company's website (www.antrimenergy.com) and on SEDAR (www.sedar.com).

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Anthony Potter
President, CEO and CFO
Antrim Energy Inc.
+ 1 403 264-5111
[email protected]
www.antrimenergy.com

OR

Nominated Advisor
RFC Ambrian Limited
Samantha Harrison
+44 (0) 20 3440 6800

-0-

Antrim Energy Inc.

a d v e r t i s e m e n t