Antrim Energy has provided an operational update on its exploration and development activities for the second quarter 2009.

Increased average production in Argentina to 1,764 boepd in Q2, current production is 2,000 boepd Increased licence holdings in the yne Area, UK North Sea Average gas price in Argentina increased 68% to $1.56 per mcf from $0.93 in Q2 2008 Financial flexibility with strong cash position of US $30.6 million and no debt In the first half of 2009, average production in Argentina increased to 1,677 barrels of oil equivalent per day ('boepd') compared to 1,448 boepd in the first half of 2008. Oil and gas revenue decreased to $5.3 million for the six months ended June 30, 2009 compared to $6.0 million for the same period in 2008. Revenues decreased as a result of lower oil production and lower oil prices partially offset by higher gas production and higher gas prices. Antrim incurred a cash flow from operations deficiency of $0.4 million for the six months ended June 30, 2009 compared to positive cash flow of $0.5 million for the same six month period in 2008. In addition to the reduction in revenue second quarter 2009 cash flow was also impacted by higher operating expenses. Current production in Argentina is 2,000 boepd.

United Kingdom Work continues on Antrim's two major North Sea properties, Fyne (Antrim operated, 75% working interest) and Causeway (Antrim operated, 65.5% working interest). A Field Development Plan ('FDP') for the approximately 20 million barrel (gross) Fyne Field is being prepared. The FDP envisages oil production from three producing wells two of which were drilled in 2008. Production systems and an export route are currently under evaluation including production through existing infrastructure located between 7 and 21km from the Fyne Field and the deployment of an independent floating production storage and offloading system ('FPSO'). As previously announced, Antrim was awarded an additional block, 21/24b, as part of the UK 25th Seaward Licensing Round. The Fyne Field forms the core of a group of Antrim owned and operated licenses, the Greater Fyne Area, in the Central North Sea including several licenses awarded in the UK 25th Seaward Licensing Round (blocks 21/24b, 21/24c, 21/28b and 21/29c). Antrim is currently in the process of seeking a partner to assist in funding the Fyne development.

Significant progress has been made on Antrim's Causeway FDP (submitted to the UK Department of Energy and Climate Change ('DECC') in December 2008) with the objective of tying into existing subsea facilities adjacent to the Dunlin platform. This would provide for significant cost savings compared with those in the previously submitted FDP. Further geological and geophysical work has been completed including reprocessing and interpretation of Causeway 3D seismic data and the changes will be included in the updated FDP. On April 22, 2009, the United Kingdom government announced a package of reforms to its North Sea fiscal regime as part of the 2009 budget. The Causeway and Fyne projects will receive economic benefits from these measures.

Argentina The pipeline linking the Company's gas producing fields in Tierra del Fuego with the San Martin gas sales line, across the Straits of Magellan, has allowed Antrim to deliver increasing volumes of gas to the Argentine mainland at higher prices. The system is currently delivering 24.3 (net 6.3) million cubic feet per day ('mmcf/d') to mainland markets compared to 20.0 (net 5.2) mmcf/d at the end of the first quarter. Antrim's focus in the second quarter 2009 has been on increasing production from its Tierra del Fuego property through well tie-ins with this work ongoing during the third quarter 2009. Antrim anticipates production in 2009 to average approximately 1,850 boepd. The lower production forecast is due to reduced demand for natural gas by mainland industrial users and delays in well tie-ins because of inclement weather conditions.

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