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Antrim Energy Inc. (TSX:AEN)(AIM:AEY) ("Antrim") is pleased to provide an
operational and strategic update, including:




--  the signing of a Conditional Letter Agreement to sell a 30% interest in
    its UK North Sea Causeway Field; 
--  an update on the plans to develop the UK North Sea Fyne Field; 
--  immediate drilling plans in Argentina; and, 
--  the divestment of minor non-operated interests also in Argentina. 



United Kingdom 

Causeway Field 

Antrim has signed a Conditional Letter Agreement ("CLA") with Valiant Petroleum
plc to sell a 30% interest in the Northern North Sea Causeway property. In
return, Antrim will receive US$21.75 million contributed to the development
costs of bringing the field to production startup. 


Completion of the transaction is subject to several conditions, including
sanction of the Field Development Plan ("FDP") and the consent of the UK
Department of Energy and Climate Change ("DECC").


As part of the transaction, Antrim will transfer related tax losses to Valiant,
and, subject to formal DECC and partner consent, operatorship of the field. The
CLA provides that Valiant will endeavour to finalize a revised FDP with respect
to the development of the Causeway Field for submission to DECC during 2010.
Following completion of the transaction, Antrim will remain a 35.5% working
interest holder in the Causeway Field.


Fyne Field 

The divestiture of an interest in the Northern North Sea Causeway property
allows Antrim to concentrate on the development of its 'core' UK asset, the Fyne
Area located in the Central North Sea in block 21/28a. In addition to the 21
million barrels of proved plus probable reserves (16 million barrels net to
Antrim) in Fyne (McDaniel and Associates Consultants Ltd., 31 December 2008),
Antrim holds 100% interest in three adjacent licences comprising the Greater
Fyne Area. Antrim's strategy in this core area is to accelerate its development
by working closely with industry partners.


Antrim is currently in discussion with FPSO providers as well as local existing
infrastructure owners to select the most efficient production export route for
the Fyne Field. An FPSO pre-qualification process has been conducted and
engineering studies are being undertaken for an alternative subsea tieback
scheme to nearby third party infrastructure. The production system is being
engineered to handle up to 20,000 barrels of oil per day ("bopd") directly from
the Fyne Field, with potential capacity add-ons to handle additional volume from
the satellite fields. 


Antrim intends to select the optimum development scheme and progress FDP
submission this year.


In addition to the Fyne development, Antrim is maturing drilling prospects on
its surrounding licences (the 'Greater Fyne Area', Antrim 100%) with a view to
drilling in 2011. These licences hold a best estimate of 54.9 million barrels
recoverable prospective resources with a range of 29.7 million barrels (low
estimate) to 105.5 million barrels (high estimate). These prospective resources
have been risked for chance of discovery but not for chance of development. If a
discovery is made, there is no certainty that it will be developed, or if it is
developed, there is no certainty as to the timing of such development.


As previously reported, Antrim is in discussion with several potential industry
partners to accelerate the development of the Fyne and Greater Fyne areas.


Argentina 

Antrim's interest in Argentina has also shifted with a greater focus on its core
assets in the southern region of Tierra del Fuego (Antrim 25.78%). An eight well
drilling program commenced this week, with all wells planned in or nearby the
Los Flamencos Gas Field. The wells will all be completed this year and are
designed to increase gas and liquids production from the Los Flamencos pool. 


The new wells, funded entirely from current cash flow, are intended to boost
production from this field and any increased gas volumes will be shipped to the
Argentine mainland. The Company has applied for "Gas Plus" pricing incentives
for its new Los Flamencos gas production, which, if approved by the Federal
authorities, will permit the Company to sell its gas in the higher-priced
industrial market. 


New gas production from the Los Flamencos Field will also allow the joint
venture to conserve the gas cap currently being produced from the Los Patos
Field and thus improve the Los Patos oil recovery.


Additional export capacity from the Tierra del Fuego area is anticipated later
this year with the completion of a 600 million cubic feet per day capacity gas
pipeline across the Straits of Magellan that will tie into the national gas
network accessing the high demand Buenos Aries Province. Antrim, as part of a
larger Tierra del Fuego consortium of companies, has contributed to the
construction of the new pipeline.


As part of the Company's re-focus in Argentina, Antrim has sold its non-
operated 40% working interest in the Puesto Guardian Concession, Salta Province
effective 1st January 2010, for a consideration in the form of a US$ 1.36
million promissory note. In Antrim's assessment, the Puesto Guardian Field was
reaching the end of its economic life, with net production to Antrim in the
first nine months of 2009 averaging 229 bopd compared to 261 bopd for the same
period in 2008. The purchaser, a subsidiary of Tripetrol Petroleum SA, will
retain responsibility of all abandonment and environmental remediation work on
the concession. 


Effective 25th February, 2010, Antrim also relinquished its non-operated 70%
working interest in the Medianera Concession and its non-operated 70% working
interest in the adjacent Tres Nidos Sur Exploration Permit located in Rio Negro
Province. The Medianera Concession, as previously reported, was shut-in early in
2009. Well abandonment and work obligations on the properties have been assumed
by the operator of both concessions.


Following the sale of the Puesto Guardian interests, Antrim's daily production
in Argentina is expected to average approximately 1,800 net barrels of oil
equivalent per day ("boepd"). Production volumes are expected to increase again
to in excess of 2,000 boepd with continued drilling in Tierra del Fuego.


Future strategy 

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


Antrim expects to be active in the recently announced 26th UK offshore licensing
round, building on the success already established in the Greater Fyne Area. 


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


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


Antrim is in a strong financial position with USD $31 million in unrestricted
cash and no debt.


Forward-Looking Statements 

Some of the statements in this announcement are forward-looking. Forward-looking
statements include statements regarding the intent, belief and current
expectations of Antrim Energy Inc. When used in this announcement, the words
"expects," "believes," "anticipate," "plans," "may," "will," "should",
"scheduled", "targeted", "estimated" "intends to", "endeavour to" and similar
expressions, and the negatives thereof, whether used in connection with the
completion of the transaction contemplated by the CLA, the development of
Causeway, the development of Fyne, drilling activity, future production or
otherwise, are intended to identify forward-looking statements. Such statements
are not promises or guarantees, and are subject to risks and uncertainties that
could cause actual outcome to differ materially from those suggested by any such
statements. The reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect. All such forward looking statements
involve substantial known and unknown risks and uncertainties, certain of which
are beyond Antrim's control. Please refer to Antrim's Annual Information Form
for the year ended December 31, 2008 and dated March 30, 2009 and available for
viewing at www.sedar.com, for a list of risk factors. Antrim's actual results
could differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurances can be given that any
of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that Antrim will derive therefrom.
All subsequent forward-looking statements, whether written or oral, attributable
to Antrim or persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. Furthermore, the forward-looking
statements contained in this news release are made as at the date of this news
release. 


The term "boe" may be misleading, particularly if used in isolation. A boe
conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. 


Qualified Person Review

In accordance with AIM guidelines, Mr. Terry Lederhouse, P. Eng and Vice
President Commercial of Antrim, is the qualified person that has reviewed the
technical information contained in this news release.

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