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Antrim Energy (AEY)

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Friday 27 November, 2015

Antrim Energy

Interim Financial Report - Third Quarter 2015



TSX VENTURE SYMBOL:  AEN
AIM SYMBOL:  AEY

November 27, 2015

Antrim Energy Inc.: Interim Financial Report - Third Quarter 2015

CALGARY, ALBERTA--(Marketwired - Nov. 27, 2015) -

Highlights

/T/

--  Strong cash position, no debt, low G&A costs and limited financial
    commitments moving forward
--  Obtain 100% interest in the highly prospective Skellig Block, Ireland
    (subject to finalization and government approval)
--  Completion of abandonment program in United Kingdom Central North Sea
--  Realization of significant abandonment cost reductions ($1,900)
--  Collection of abandonment amounts ($4,487) due from industry partners
    (November 2015)

/T/

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 nine months ended September 30, 2015 compared to the
same periods ended September 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 November 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 before changes in working
capital. Cash flow used in operations per share is calculated as cash flow used in operations divided by the
weighted-average number of outstanding shares. Reconciliation of cash flow used in operations to its nearest
measure prescribed by IFRS is provided below.

/T/

                                     Three Months Ended  Nine Months Ended
                                        September 30        September 30
($000's)                               2015      2014      2015      2014
----------------------------------------------------------------------------
Cash flow from (used in) operating
 activities                            (1,215)       89    (2,059)   (4,002)
Less: change in non-cash working
 capital                                  958       198       767      (204)
----------------------------------------------------------------------------
Cash flow from (used in) operations    (2,173)     (109)   (2,826)   (3,798)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

/T/

Overview of Continuing Operations

Corporate

Antrim, with its current cash resources, no debt and no decommissioning obligations, continues to maintain a
strong financial position. Working capital at September 30, 2015 was US$10.1 million (CAD $0.07 per share) and
in November 2015 the Company collected amounts due from its former joint venture partners for their portion of
the successful 2015 abandonment program.

In addition the Company anticipates obtaining at no further cost, a 100% working interest in Frontier
Exploration Licence ("FEL") 1/13, subject to finalization and government approval of the transfer of Kosmos
Energy Ireland's ("Kosmos") interest to Antrim. Antrim was one of the first companies to realize the potential
in the southern Porcupine Basin. The Company has, in conjunction with Kosmos, identified numerous leads
including two highly prospective Jurassic fault blocks and one Cretaceous submarine fan system in the FEL 1/13
licence. The Porcupine Basin is the conjugate basin to the eastern Canadian Orphan Basin/Flemish Pass area.
Studies of these conjugate margins have demonstrated many similarities in terms of source rock, maturation,
hydrocarbon migration, reservoir characteristics, and trap formation. To move exploration of FEL 1/13 forward,
Antrim will be seeking to farm-out to a new operator a portion of its interest in the licence. Participants'
interest in the Ireland 2015 Atlantic Margin Licensing Round which closed in September 2015 was very high and
the results, when announced, may have a further impact on the farm-out process.

With respect to the Company's search for M&A opportunities, there is a growing consensus that oil and gas
sector M&A activity will increase. Antrim will continue to assess 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.

Ireland

Frontier Exploration Licence ("FEL") 1/13, Antrim 25%

In 2013, Kosmos farmed-in to Antrim's Licencing Option over the Skellig Block and acquired 75% interest in and
operatorship of FEL 1/13 in exchange for carrying the full costs of a 3-D seismic programme and re-imbursement
of a portion of Antrim's past exploration costs. Results from the subsequent 3-D seismic 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 September 2015, Antrim was advised by Kosmos that it intended to withdraw from all of its licence interests
in Ireland to focus on other recent discoveries in their African portfolio. The Company anticipates obtaining
at no further cost a 100% working interest in and operatorship of the licence, subject to finalization and
government approval of the transfer of Kosmos interest in FEL 1/13 to Antrim.

Prior to their notice to withdraw, 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.

FEL 1/13 has a 15 year term, with an initial three-year term followed by three four-year terms.The initial
three year term of the FEL expires in early July 2016. 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.

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 the third quarter of 2015 the Company successfully permanently plugged and abandoned 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 was completed as part of a larger abandonment programme allowing Antrim to share
certain common costs offering significant cost savings.

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 September
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 September 30, 2015 is $nil (December 31, 2014 - $nil).

/T/

Financial Discussion of Continuing Operations

                                     Three Months Ended  Nine Months Ended
                                        September 30        September 30
($000's except per share amounts)      2015      2014      2015      2014
----------------------------------------------------------------------------
Financial Results
Cash flow used in operations (1)       (2,173)     (109)   (2,826)   (3,798)
Cash flow used in operations per
 share (1)                              (0.01)    (0.00)    (0.01)    (0.02)
Net income (loss) - continuing
 operations                               736      (538)    2,009    (5,742)
Net income (loss) per share - basic,
 continuing operations                   0.00     (0.00)     0.01     (0.03)
Net income (loss)                         736      (528)    2,009    (9,212)
Net income (loss) per share - basic      0.00     (0.00)     0.01     (0.05)
Total assets                           17,188    18,401    17,188    18,401
Working capital                        10,103    16,501    10,103    16,501
Capital expenditures - continuing
 operations                                56        78       142       273

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

/T/

(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 $1.8 million for the nine month period ended September
30, 2015 compared to $4.0 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 September 30, 2015 compared to $0.8 million
for the same period in 2014. The decrease in G&A is primarily due to lower staffing levels, lower occupancy
costs in the UK and overhead charged to the abandonment programme.

/T/

A breakdown of G&A expense is as follows:

                                     Three Months Ended   Nine Months Ended
                                        September 30        September 30
($000's)                               2015      2014      2015      2014
----------------------------------------------------------------------------
Wages and salaries                        227        403      885      2,179
Occupancy                                  77        149      240        318
Administrative                            235        241      793      1,359
Travel                                      -          1        2         16
Overhead recovery                         (43)         -     (110)        93
----------------------------------------------------------------------------
                                          496        794    1,810      3,965
----------------------------------------------------------------------------
----------------------------------------------------------------------------

/T/

Exploration & Evaluation Expenditures

Exploration and evaluation ("E&E") expenditures were a recovery of $0.2 million and $1.9 million in the three
and nine month periods ended September 30, 2015 compared to expenses of $0.2 and $1.1 million for the
corresponding periods in 2014. The decrease is related to lower decommissioning obligations following signing
of an abandonment contract with Offshore Installation Services Ltd. ("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 $18 thousand for the nine month period ended September 30, 2015 compared to $43 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 September 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 nine month period ended September 30, 2015 cash flow used in operations was $2.8 million compared to
cash flow used in operations of $3.8 million for the corresponding period in 2014. Cash flow used in operations
decreased due to lower G&A costs and a $2.0 million foreign exchange gain in 2015 as a result of a significant
decline year to date in the value of the Canadian dollar relative to the US dollar, partially offset by actual
decommissioning costs incurred in 2015. Excluding foreign exchange gains and losses, cash flows used in
operations in nine month period ended September 30, 2015 increased to $4.8 million compared to $4.0 million for
the corresponding period in 2014 due to actual decommissioning costs incurred in 2015.

In the nine month period ended September 30, 2015, Antrim had net income from continuing operations of $2.0
million compared to a net loss from continuing operations of $5.7 million for the corresponding period in 2014.
Net income increased due to lower 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 $2.0 million in nine month period ended September 30, 2015 compared to a loss of $0.3
million for the corresponding period in 2014.

The Company reported other comprehensive loss of $2.1 million in the nine month period ended September 30,
2015, compared to other comprehensive loss of $7.2 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 Antrim Resources (N.I.) Limited (the "ARNIL Sale").
The ARNIL sale was completed on April 24, 2014 at which time the Company settled its outstanding obligations
under its bank loan and oil swap agreements. In the nine month period ended September 30, 2014, Antrim had a
net loss from discontinued operations of $3.5 million.

Financial Resources and Liquidity

Antrim had a working capital surplus at September 30, 2015 of $10.1 million compared to a working capital
surplus of $15.1 million as at December 31, 2014. Working capital decreased due to general and administrative
expenses and actual decommissioning costs incurred in the period.

Contractual Obligations, Commitments and Contingencies

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

/T/

($000's)                               2015   2016   2017   2018  Thereafter
----------------------------------------------------------------------------
Office Leases                            78    312    289      3           -
Ireland                                   -      -      -      -           -
United Kingdom
  Fyne                                   10      -      -      -           -
  Erne                                    -     55      -      -           -
----------------------------------------------------------------------------
Total                                    88    367    289      3           -
----------------------------------------------------------------------------
----------------------------------------------------------------------------

/T/

FEL 1/13 in Ireland has a 15 year term, with an initial three-year term followed by three four-year terms.The
initial three year term of the FEL expires in early July 2016. At least three months before the end of the
initial term a work programme for the second term must be proposed. The work programme to extend the licence
into the second term has yet to be submitted. Under the current licence terms, that programme must include the
drilling of an exploration well.

Outlook

The Company continues to search for 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.

/T/

Summary of Quarterly Results

                               Revenue,  Cash Flow              Net Income
($000's, except per share       Net of    Used in   Net Income  (Loss) Per
 amounts)                      Royalties Operations   (Loss)   Share - Basic
----------------------------------------------------------------------------
                               (Note 1)   (Note 1)
2015
Third quarter                          -    (2,173)        736          0.00
Second quarter                         -    (1,122)        812          0.00
First quarter                          -        469        461          0.00
                              ----------------------------------------------
                                       -    (2,826)      2,009          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)
                              ----------------------------------------------
                              ----------------------------------------------

/T/

Note 1: Continuing operations only

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

/T/

--  In the third quarter of 2015, the Company recognized a $1.1 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 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.

/T/

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 and retroactive tax changes.

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, the anticipated increase of
Antrim's working interest in the Skellig block to 100%, 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 or pursue farm-out opportunities, 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 (including for the Skellig block), 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 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 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.

/T/

Antrim Energy Inc.
Condensed Interim Consolidated Balance Sheets
As at September 30, 2015 and December 31, 2014 (unaudited)
(Amounts in US$ thousands)
----------------------------------------------------------------------------
                                                September 30    December 31
                                          Note          2015           2014
                                              ------------------------------
Assets
  Current assets
    Cash and cash equivalents                         11,193         15,420
    Restricted cash                                       12             12
    Accounts receivable                  5, 12         4,521            163
    Prepaid expenses                                     123            205
                                                      15,849         15,800

Property, plant and equipment                3             8             18
Exploration and evaluation assets            4         1,331          1,283
                                              ------------------------------

                                                      17,188         17,101
                                              ------------------------------
                                              ------------------------------
Liabilities
  Current liabilities
  Accounts payable and accrued
   liabilities                                         5,746            736
                                              ------------------------------
                                                       5,746            736
                                              ------------------------------

Decommissioning obligations                  5             -          4,913
                                              ------------------------------
                                                       5,746          5,649
                                              ------------------------------

Shareholders' equity
Share capital                                6       361,922        361,922
Contributed surplus                                   21,929         21,892
Accumulated other comprehensive loss                  (4,893)        (2,837)
Deficit                                             (367,516)      (369,525)
                                              ------------------------------

                                                      11,442         11,452
                                              ------------------------------

Total Liabilities and Shareholders'
 Equity                                               17,188         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 nine months ended September 30, 2015 and 2014 (unaudited)
(Amounts in US$ thousands, except per share data)
----------------------------------------------------------------------------

                                     Three Months Ended  Nine Months Ended
                                        September 30        September 30
                                Note     2015      2014      2015      2014
                                    ----------------------------------------

Revenue                                     -         -         -         -

Expenses
General and administrative         9      496       794     1,810     3,965
Depletion and depreciation         3        4         4         9        35
Share-based compensation           7        4        97        37       369
Exploration and evaluation         5     (184)      221    (1,881)    1,092
Finance income                             (6)      (12)      (28)      (18)
Finance costs                               2        15        18        43
Foreign exchange loss (gain)           (1,052)     (581)   (1,974)      256
                                    ----------------------------------------
Income (loss) from continuing
 operations before income
 taxes                                    736      (538)    2,009    (5,742)
Income tax expense                          -         -         -         -
                                    ----------------------------------------
Income (loss) from continuing
 operations after income taxes            736      (538)    2,009    (5,742)
Income (loss) from
 discontinued operations          13        -        10         -    (3,470)
                                    ----------------------------------------
Net income (loss) for the
 period                                   736      (528)    2,009    (9,212)
                                    ----------------------------------------

Other comprehensive income
Items that may be subsequently
 reclassified to profit or
 loss:
Foreign currency translation
 adjustment                              (991)     (499)   (2,056)     (298)
Items reclassified to profit
 or loss:
Foreign currency translation
 adjustment - disposal                      -       (94)        -    (6,868)
                                    ----------------------------------------
Other comprehensive income
 (loss) for the period                   (991)     (593)   (2,056)   (7,166)
                                    ----------------------------------------
Comprehensive income (loss)
 for the period                          (255)   (1,121)      (47)  (16,378)
                                    ----------------------------------------
                                    ----------------------------------------

Net income (loss) per common
 share
Basic and diluted - continuing
 operations                        8     0.00     (0.00)     0.01     (0.03)
Basic and diluted -
 discontinued operations           8        -         -         -     (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 nine months ended September 30, 2015 and 2014 (unaudited)
(Amounts in US$ thousands)
----------------------------------------------------------------------------

                                     Three Months Ended  Nine Months Ended
                                        September 30        September 30
                                Note     2015      2014      2015      2014
                                    ----------------------------------------
Operating Activities
Income (loss) from continuing
 operations after income taxes            736      (538)    2,009    (5,742)
Items not involving cash:
  Depletion and depreciation       3        4         4         9        35
  Share-based compensation         7        3        97        36       369
  Accretion of decommissioning
   obligations                     5        -        13        12        36
  Non-cash items included in
   exploration and evaluation
   expenditures                    5     (181)      220    (1,892)    1,048
  Foreign exchange loss                     -        95         -       456
Change in non-cash working
 capital items - continuing
 operations                       10      958       198       767      (204)
Decommissioning costs incurred         (2,735)        -    (3,000)        -
                                    ----------------------------------------
Cash provided by (used in)
 operating activities -
 continuing operations                 (1,215)       89    (2,059)   (4,002)
Cash provided by (used in)
 operating activities -
 discontinued operations                    -       (85)        -     1,958
Cash provided by (used in)
 operating activities                  (1,215)        4    (2,059)   (2,044)
                                    ----------------------------------------

Financing Activities
Payments on long-term debt
 facility                                   -         -         -   (24,650)
Financial derivative
 settlements                                -         -         -   (11,452)
                                    ----------------------------------------
Cash provided by (used in)
 financing activities -
 discontinued operations                    -         -         -   (36,102)
                                    ----------------------------------------
Investing Activities
Exploration and evaluation
 assets additions                         (56)      (78)     (142)     (273)
Change in restricted cash                   -     1,105         -       867
Cash proceeds from disposal of
 assets                           13        -         -         -    57,293
                                    ----------------------------------------
Cash used in investing
 activities - continuing
 operations                               (56)    1,027      (142)   57,887
Cash used in investing activities -
 discontinued operations                    -         -         -    (3,859)
                                    ----------------------------------------
Cash provided by (used in)
 investing activities                     (56)    1,027      (142)   54,028
                                    ----------------------------------------

Effects of foreign exchange on cash
 and cash equivalents                  (1,073)     (723)   (2,026)     (189)
                                    ----------------------------------------

Net increase (decrease) in cash and
 cash equivalents                      (2,344)      308    (4,227)   15,693
Cash and cash equivalents -
 beginning of period                   13,537    16,467    15,420     1,082
                                    ----------------------------------------
Cash and cash equivalents -
 end of period                         11,193    16,775    11,193    16,775
                                    ----------------------------------------

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 nine months ended September 30, 2015 and 2014 (unaudited)
(Amounts in US$ thousands)
----------------------------------------------------------------------------

                                            Accumulated
                                               Other
                        Share  Contributed Comprehensive
                  Note Capital   Surplus   Income (Loss)   Deficit   Total
                      ------------------------------------------------------
Balance, December
 31,                   361,922      21,527         4,673   (359,410) 28,712
2013
Net loss for the
 period                      -           -             -     (9,212) (9,212)
Other
 comprehensive
 loss                        -           -        (7,166)         -  (7,166)
Share-based
 compensation        7       -         369             -          -     369
                      ------------------------------------------------------
Balance,
 September 30,
2014                   361,922      21,896        (2,493)  (368,622) 12,703
                      ------------------------------------------------------

Balance, December
 31,                   361,922      21,892        (2,837)  (369,525) 11,452
2014
Net income for
 the period                  -           -             -      2,009   2,009
Other
 comprehensive
 loss                        -           -        (2,056)         -  (2,056)
Share-based
 compensation        7       -          37             -          -      37
                      ------------------------------------------------------
Balance,
 September 30,
2015                   361,922      21,929        (4,893)  (367,516) 11,442
                      ------------------------------------------------------
                      ------------------------------------------------------

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 nine months ended September 30, 2015 and 2014 (unaudited)
(Amounts in US$ thousands)
----------------------------------------------------------------------------

/T/

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 nine months ended September 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 November 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

/T/

                                             September 30       December 31
                                                     2015              2014
                                        ------------------------------------
   Opening balance                                     18                64
   Additions                                            -                 -
   Depletion and depreciation                          (9)              (42)
   Foreign currency translation                        (1)               (4)
                                        ------------------------------------
   Closing balance                                      8                18
                                        ------------------------------------
                                        ------------------------------------

4) Exploration and evaluation assets

                                             September 30       December 31
                                                     2015              2014
                                        ------------------------------------
   Opening balance                                  1,283             1,125
   Additions                                          142               320
   Foreign currency translation                       (94)             (162)
                                        ------------------------------------
   Closing balance                                  1,331             1,283
                                        ------------------------------------
                                        ------------------------------------

/T/

Exploration and evaluation assets at September 30, 2015 and December 31, 2014 relate to the Company's 25%
interest in Ireland Frontier Exploration Licence 1/13. In September 2015, the Company was advised by the
operator of the licence that it intended to withdraw from the licence and transfer its 75% interest to the
Company. The Company anticipates obtaining at no further cost a 100% working interest in the licence and
operatorship, subject to finalization and government approval of the transfer.

5) Decommissioning obligations

/T/

                                                September 30    December 31
                                                        2015           2014
                                              ------------------------------
Opening balance                                        4,913          4,130
Additions                                                  -              -
Accretion                                                 12             49
Change in estimate                                    (1,892)         1,058
Decommissioning costs incurred                        (3,000)             -
Foreign currency translation                             (33)          (324)
                                              ------------------------------
Closing balance                                            -          4,913
                                              ------------------------------
                                              ------------------------------

/T/

At September 30, 2015, the Company's estimated net undiscounted decommissioning obligations are $nil (December
31, 2014 - $4,937). The change in estimate in 2015 is related to entering into a contract in June 2015 for a
multi-client, multi-well abandonment program completed in the third quarter of 2015. Amounts due at September
30, 2015 from current and previous joint venture partners for their share of the decommissioning costs are
recorded as accounts receivable (see note 12).

The present value of the decommissioning obligation at December 31, 2014 was calculated using a risk-free
interest rate of 0.50% and an inflation rate of 2.0%.

6)  Share capital

/T/

Authorized
Unlimited number of common voting shares

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

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

/T/

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 nine months ended September 30, 2015 was $37 (2014 - $369).

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

/T/

                                 Nine Months Ended      Nine Months Ended
                                 September 30, 2015     September 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 (1,980,000)       0.75
Expired                          (290,000)       1.02    (50,000)       0.35
                              ----------------------------------------------
Outstanding at end of period    3,905,000        0.61  5,545,000        0.65
                              ----------------------------------------------
                              ----------------------------------------------

/T/

8) Earnings per share

/T/

                             Three Months Ended        Nine Months Ended
                                September 30             September 30
                                  2015        2014         2015        2014
                          --------------------------------------------------

Income (loss) from
 continuing operations             736        (538)       2,009      (5,742)
Income (loss) from
 discontinued operations             -          10            -      (3,470)

                          --------------------------------------------------
Net income (loss) for the
 period                            736        (528)       2,009      (9,212)
                          --------------------------------------------------
                          --------------------------------------------------

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
 commonshares - 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       (0.00)        0.01       (0.03)
From discontinued
 operations                          -        0.00            -       (0.02)
                          --------------------------------------------------
Total loss per share              0.00       (0.00)        0.01       (0.05)
                          --------------------------------------------------
                          --------------------------------------------------

/T/

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.

9) General and administrative expenses

/T/

                                     Three Months Ended   Nine Months Ended
                                        September 30        September 30
                                         2015       2014     2015       2014
                                    ----------------------------------------
Wages and salaries                        227        403      885      2,179
Occupancy                                  77        149      240        318
Administrative                            235        241      793      1,359
Travel                                      -          1        2         16
Overhead recovery                         (43)         -     (110)        93
                                    ----------------------------------------
                                          496        794    1,810      3,965
                                    ----------------------------------------
                                    ----------------------------------------

/T/

10) Supplemental cash flow information

/T/

                                  Three Months Ended    Nine Months Ended
                                     September 30          September 30
                                --------------------------------------------
                                      2015        2014      2015       2014
(Increase)/decrease of assets:
  Trade and other receivables       (4,451)        145    (4,458)      (132)
  Inventory and prepaid expenses        55          31        61         86
  Other current assets                 425           -         5          -
Increase/(decrease) of
 liabilities:
  Trade and other payables           4,929          22     5,159       (158)
                                --------------------------------------------
                                       958         198       767       (204)
                                --------------------------------------------
                                --------------------------------------------

Cash and cash equivalents are
 comprised of:
  Cash in bank                      11,193       1,775    11,193      1,775
  Short-term deposits                    -      15,000         -     15,000
                                --------------------------------------------
                                    11,193      16,775    11,193     16,775
                                --------------------------------------------
                                --------------------------------------------

/T/

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 September 30, 2015 as follows:

/T/

                                        2015   2016   2017   2018 Thereafter
----------------------------------------------------------------------------
Office Leases                             78    312    289      3          -
Ireland                                    -      -      -      -          -
United Kingdom
  Fyne                                    10      -      -      -          -
  Erne                                     -     55      -      -          -
----------------------------------------------------------------------------
Total                                     88    367    289      3          -
----------------------------------------------------------------------------
----------------------------------------------------------------------------

/T/

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 and 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:

/T/

                                                 September 30    December 31
                                                         2015           2014
                                              ------------------------------
Cash and cash equivalents                              11,193         15,420
Restricted cash                                            12             12
Accounts receivable                                     4,521            163
                                              ------------------------------
                                                       15,726         15,595
                                              ------------------------------
                                              ------------------------------

/T/

No accounts receivable are past due or considered impaired. Accounts receivable includes $4,487 to be recovered
from current and previous joint venture partners for their share of the Company's 2015 abandonment program and
subsequent to September 30, 2015, these amounts were collected.

(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 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 September 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 September 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.

/T/

The capital structure of the Company consists of:

                                                 September 30    December 31
                                                         2015           2014
                                              ------------------------------

Cash and cash equivalents                              11,193         15,420
Shareholders' equity                                   11,442         11,452

/T/

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. 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:

/T/

                                     Three Months Ended  Nine Months Ended
                                        September 30        September 30
                                          2015     2014       2015     2014
                                    ----------------------------------------
Discontinued operations
Revenue                                      -        -          -    2,465

Expenses
Direct production and operating
 expenditures                                -        -          -    1,692
Depletion and depreciation                   -        -          -      844
Finance and administrative costs             -        -          -    5,126
Loss on financial derivative                 -        -          -    3,439
Gain on disposal of assets                   -      (10)         -   (5,166)
                                    ----------------------------------------
Income (loss) from discontinued
 operations                                  -       10          -   (3,470)
                                    ----------------------------------------
                                    ----------------------------------------

/T/

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]
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).

FOR FURTHER INFORMATION PLEASE CONTACT:

Anthony Potter
President, Chief Executive Officer and Chief Financial Offic
Antrim Energy Inc.
Telephone: + 1 403 264-5111
E-mail: [email protected]

OR

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

Antrim Energy Inc.

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