Antrim Energy Inc. Announces 2013 Second Quarter Financial and Operational Results

Marketwired

CALGARY, ALBERTA--(Marketwired - Aug. 14, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

Antrim Energy Inc. ("Antrim" or "the Company") (AEN.TO)(AEY.L), an international oil and gas exploration and production company, today reported its financial and operational results for the three and six month period ended June 30, 2013.

All financial figures are unaudited and in US dollars unless otherwise noted.

HIGHLIGHTS:

  • Causeway production rates average gross 2,283 bbls/day (net 668 bbls/day) for second quarter of 2013 - gross 2,807 bbls/day (net 821 bbls/day) for first half of 2013

  • Oil revenue in the first half of 2013 of $17.1 million and cash flow from operations of $7.8 million

  • Sale of Tanzania option for $7.5 million in July 2013

  • Ireland seismic program started in July 2013

Overview of Continuing Operations

Causeway Licences

Licence P201 Block 211/22a South East Area and P1383 Block 211/23d, Antrim 35.5%

The Causeway Licences include the Causeway Field and the West Causeway area. Production from the Causeway Field averaged 2,283 gross barrels of oil per day ("bopd") (Antrim net 668 bopd) in the second quarter of 2013 compared to nil in 2012. During the quarter, production was interrupted for thirteen days due to a third party well coming on stream. Uninterrupted production averaged 2,645 bopd (Antrim net 773 bopd) during the quarter. 

Production from the Causeway Field averaged 2,807 bopd in the first half of 2013 compared to nil in 2012, after production commenced in November 2012. During the first half of the year, production was interrupted for four weeks due to platform shutdowns and well tie-in operations related to another field. 

Starting in late August 2013, the North Cormorant platform is expected to be shut down for a scheduled maintenance program. This shut-down is expected to interrupt production from the Causeway Field for approximately six weeks.

Oil production is transported by pipeline to the North Cormorant production platform where it is processed before being exported to the Sullom Voe terminal via the Brent Pipeline System for sale. In the first half of 2013, the Company recognized oil revenue of $17.1 million.

Rig operations to complete the water injector for the Causeway Field were completed in February 2013. Anticipated startup of the downhole electrical submersible pump ("ESP") will follow completion of topside modifications on the North Cormorant production platform, and is scheduled for the fourth quarter of 2013. The water injection well is expected to commence operation in 2014.

As part of the sale of a 30% working interest in the Causeway Licences to Valiant Petroleum plc ("Valiant") in October 2011, Antrim entered into a Differential Lifting Agreement ("DLA") giving Valiant a temporary right to 6.25% of Antrim's share of produced oil. Antrim's share of oil produced will be reduced to 29.25% until a cumulative value of $8.9 million after-tax is received by Valiant. Once satisfied, Antrim's working interest in production will revert back to 35.5% from 29.25%.

Under the terms of the Fionn Field Supplementary Agreement signed with Valiant in January 2012, Antrim had an option for three months following first oil production from the Causeway Field to opt out of participating in the Fionn Field development and sell its 35.5% working interest share to Valiant for the cost of its 35.5% working share of the Fionn Field pre-investment costs, or to confirm its continued participation by repaying its share of the Fionn pre-investment costs plus interest. 

In February 2013, Antrim announced that it had elected to opt out of participating in further development of the Fionn Field. Subject to all necessary approvals from the UK Department of Energy and Climate Change ("DECC"), Antrim will withdraw from the Fionn Field subarea and will not incur any further liabilities. The Company has also been released by the Operator of any further obligations with respect to decommissioning of well abandonment liabilities for two suspended wells in the Fionn Field subarea.

Contender Licence

P201 Block 211/22a Contender Area, Antrim 8.4%

On January 14, 2013, Antrim announced that first oil production had been achieved from the Cormorant East Field 85 days after discovery of the field. Production is processed through the North Cormorant platform before being exported to the Sullom Voe terminal. The Cormorant East Field is initially being produced under primary depletion with a single production well, with the potential to install a water injection scheme and/or additional production wells at a later date. Future drilling locations are being considered by the partners.

Production from the Cormorant East Field averaged 568 gross bopd in the second quarter of 2013 compared to nil in 2012. Production from the Cormorant East Field averaged 625 gross bopd in the first half of 2013 compared to nil in 2012. During the period, pressure problems experienced in the well have resulted in shut-ins and reduced production volumes. Further, production during the period was interrupted for nine days due to a shut down on the Cormorant Alpha platform.

Under the terms of the farm-out agreement with the Operator, 100% of the drilling, completion and tie in costs of the Contender Well were funded by the Operator. Antrim will receive its share of production after Antrim's working interest share of the completion and tie in costs are recovered from production revenue. 

Ireland

Licensing Option 11/5 Blocks 44/4, 44/5 (part), 44/9, 44/10, 44/14, 44/15, Antrim 25%

Antrim acquired the Licensing Option in the 2011 Atlantic Margin Licensing Round. The Licensing Option includes Blocks 44/4, 44/5 (part), 44/9, 44/10, 44/14 and 44/15, an area of 1,409 km2. Antrim has licensed, reprocessed and interpreted 2D seismic data over the blocks and identified a Cretaceous deep sea fan complex similar in seismic character to many of the recent Cretaceous discoveries offshore West Africa.

In April 2013, the Company farmed out a 75% interest in, and operatorship, of the Licensing Option to Kosmos Energy Ltd. ("Kosmos") in exchange for Kosmos carrying the full costs of a planned 3D seismic program within the licence area (the "Skellig Block") and re-imbursement to Antrim of a portion of the exploration costs incurred on the blocks to date. Antrim retained a 25% interest. The transaction was approved by the Department of Communications, Energy and Natural Resources of Ireland ("DCENR"). 

On July 15, 2013, DCENR approved the conversion of the Licensing Option to a Frontier Exploration Licence ("FEL"). The FEL has a 15 year term, with an initial three-year term followed by three four-year terms, following a mandatory 25% relinquishment of the Licensing Option area. 

The approved work programme for the initial three year term of the FEL involves acquisition of 3D seismic over the FEL area followed by seismic processing, interpretation and geological studies. Seismic acquisition commenced on July 10, 2013, and is expected to be completed by the end of September 2013.

Tanzania

Production Sharing Agreement - Pemba and Zanzibar

In July 2013, the Company announced the sale of its option to acquire up to a 30% interest in the production sharing agreement for the Pemba-Zanzibar exploration licence offshore and onshore Tanzania. Cash consideration paid to the Company was $7.5 million. There were no wells, production, reserves or resources associated with the transaction. 

Fyne Licence

P077 Block 21/28a - Fyne and Crinan, Antrim 100%

In late March 2013 the Company announced that it would not proceed with development of the Fyne Field with an FPSO. Since that time, the Company signed a non-binding heads of agreement with Enegi Oil Plc ("Enegi") and Advanced Buoy Technology ("ABTechnology") to undertake engineering studies and preparation of a FDP using buoy technology. The Company and Enegi-ABTechnology intend to execute a binding joint development agreement, the terms of which will include that there will be no costs to the Company prior to FDP approval. Upon approval of the FDP by DECC, Enegi-ABTechnology will earn the right to acquire 50% working interest in the licence. The Company will remain Operator.

On July 2, 2013, the Company announced that DECC agreed to amend the terms of the Fyne Licence to allow for a revised Field Development Plan ("FDP") for the Fyne Field to be submitted no later than January 31, 2014. DECC's consent to this amendment includes conditions, amongst other things, that the FDP submission is in its final form, the environmental statement is cleared, the Company is approved as a production operator, there is satisfactory evidence of project financing, and first production is achieved prior to November 25, 2016. 

In July 2013, the Company relinquished, at DECC's request, the Crinan Prospective Area. The Crinan Prospective Area had been assigned proved plus probable reserves of 1.89 million barrels of oil (net to Antrim), as estimated by McDaniel & Associates Consultants Ltd. effective as of December 31, 2012. The costs associated with the Crinan Prospective area were written off in March 2012.

Corporate

In June 2013, the Company announced that it had taken steps to significantly reduce its ongoing G&A expenses, including a reduction of head office personnel costs by approximately 50%.

Financial Discussion of Continuing Operations (unaudited)

    Three Months Ended
June 30
    Six Months Ended
June 30
 
    2013     2012     2013     2012  
Financial Results ($000's except per share amounts)                        
Cash flow from (used in) operations (1)   1,149     (3,177 )   7,761     (4,779 )
Cash flow from (used in) operations per share (1)   0.01     (0.02 )   0.04     (0.03 )
Net income (loss) - continuing operations   930     (6,373 )   (1,923 )   (62,464 )
Net income (loss)   930     (6,572 )   (1,923 )   (61,993 )
Net income (loss) per share - basic, continuing operations   0.01     (0.03 )   (0.01 )   (0.34 )
Total assets   115,274     145,617     115,274     145,617  
Working capital (deficiency)   (7,273 )   41,669     (7,273 )   41,669  
Capital expenditures - continuing operations   3,850     8,694     17,330     14,737  
                         
Common shares outstanding (000's)                        
End of period   184,731     184,316     184,731     184,316  
Weighted average - basic   184,731     184,269     184,731     184,192  
Weighted average - diluted   184,731     185,307     184,999     185,463  

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

Financial Resources, Liquidity and Going Concern

There are a number of material uncertainties that raise significant doubts as to the Company's ability to continue as a going concern, including the performance of the producing wells, oil prices, ability to finish the planned development program for Causeway within budget, ability to secure additional financing, relinquishment of commitments on certain licences and settlement of contingencies. 

In January 2013, the Company entered into a $30 million payment swap transaction which is subject to a number of financial and operating covenants. In addition, funds received from the swap arrangement are subject to restrictions as to their use and subsequent to March 31, 2013 additional restrictions were imposed following lower than anticipated production volumes. To reduce the impact of these restrictions the Company has taken steps to reduce its ongoing general and administrative costs and in July 2013 sold its option to acquire up to a 30% interest in the production sharing agreement for the Pemba-Zanzibar exploration licence for $7.5 million. The Company continues to work with the lender to reduce the impact of these restrictions, however, there is no certainty that restricted funds will be made available which may cast further doubt on the Company's ability to continue as a going concern. The restrictions may impact the Company's ability to fund capital expenditures.

If the lender does not reduce the restrictions the Company has other viable options such as issuing new equity and/or debt, selling and/or acquiring assets and controlling capital expenditure programs. 

As at June 30, 2013, Antrim had a working capital deficiency of $7.3 million compared to a working capital deficiency of $10.7 million as at December 31, 2012.

Accounts payable and accrued liabilities were $8.0 million at June 30, 2013 primarily related to costs for the development of the Causeway Field, compared to $18.1 million as at December 31, 2012. 

Although there have been improvements in the global economy and financial markets, restrictions on availability of credit remain and may limit Antrim's ability to access debt or equity financing for its exploration and development projects. Antrim forecasts cash flows against a range of macroeconomic and financing market scenarios in an effort to identify future commitments and arrange financing, if necessary. 

Antrim's planned capital program for 2013 is primarily costs associated with the ongoing development of the Causeway Field and the Cormorant East Field. 

Outlook

Antrim expects to see increased production from the Causeway Field following deployment of the ESP in the second half of 2013. A water injection scheme is scheduled to commence operation in 2014.

Following the discovery of the Cormorant East Field by the Contender Well, Antrim anticipates at least one appraisal well, downdip of the discovery well and a plan to explore the adjacent fault compartments.

Recent seismic studies on the Skellig block in the Porcupine Basin offshore Southwest Ireland have high graded the Dunree Prospect. Antrim and Kosmos anticipate completing acquisition of 3D seismic data within the area by the end of 2013.

About Antrim

Antrim Energy Inc. is a Canadian, Calgary based junior oil and gas exploration and production company with assets in the UK North Sea and Ireland. Antrim is listed on the Toronto Stock Exchange (AEN) and on the London Stock Exchange's Alternative Investment Market (AEY). Visit www.antrimenergy.com for more information. 

Forward-Looking and Cautionary Statements

This press release and any documents incorporated by reference herein contain 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 press release and any documents incorporated by reference herein should not be unduly relied upon. Such forward-looking statements and information speak only as of the date of this press release or the particular document incorporated by reference herein and Antrim does not undertake any obligation to publicly update or revise any forward-looking statements or information, except as required by applicable laws.

In particular, this press release and any documents incorporated by reference herein, contain specific forward-looking statements and information pertaining to the quantity of and future net revenues from Antrim's reserves of oil, natural gas liquids ("NGL") and natural gas production levels. This press release may also contain specific forward-looking statements and information pertaining to Antrim's plans for exploring and developing its licences, including exploration of the Skellig block, future development plans with respect to Causeway and Cormorant East properties, factors affecting production processed at the North Cormorant platform, 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 press release and any documents incorporated by reference herein, Antrim has made assumptions regarding Antrim's ability to obtain additional drilling rigs and other equipment in a timely manner, obtain regulatory approvals, future oil and natural gas production levels from Antrim's properties and the price obtained from the sales of such production, the level of future capital expenditure required to exploit and develop reserves, 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, Antrim's ability to meet its obligations under the payment swap and the forward sale of 657,350 barrels Brent oil crude, 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, platform shutdowns affecting production levels, 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 substantial capital requirements and operations and to repay its obligations under the payment swap and Brent oil commodity swap, 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 of adverse results from litigation, the accuracy of oil and gas reserve estimates and estimated production levels as they are affected by the Antrim's exploration and development drilling and estimated decline rates, in particular the future production rates at the Causeway and Cormorant East Fields in the UK North Sea. 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, 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 in Antrim's Annual Information Form for the year ended December 31, 2012. Readers are specifically referred to the risk factors described in 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.

The calculation of barrels of oil equivalent ("boe") is based on a conversion rate of six thousand cubic feet of natural gas ("mcf") to one barrel of crude oil ("bbl"). Boe's may be misleading, particularly if used in isolation. A boe conversion ratio 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.

In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Vice President, Operations for Antrim, is the qualified person that has reviewed the technical information contained in this press release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.

Antrim Energy Inc.
Consolidated Balance Sheet
As at June 30, 2013 (unaudited)
(Amounts in US$ thousands)
 
 
    Note   June 30
 2013
    December 31 2012  
Assets                
  Current assets                
    Cash and cash equivalents       1,607     1,503  
    Restricted cash   3   9,163     808  
    Accounts receivable       174     332  
    Inventory and prepaid expenses   4   4,787     5,877  
        15,731     8,520  
                 
Property, plant and equipment   5   91,784     81,069  
Exploration and evaluation assets   6   7,759     6,931  
        115,274     96,520  
Liabilities                
  Current liabilities                
    Accounts payable and accrued liabilities       8,020     18,165  
    Current portion of long-term debt   7   11,225     -  
    Current portion of financial derivative   14   2,798     -  
    Deferred revenue       961     1,089  
        23,004     19,254  
                 
Long-term debt   7   13,096     -  
Financial derivative   14   815     -  
Decommissioning obligations   8   12,900     10,270  
        49,815     29,524  
                 
Going concern   1            
Commitments and contingencies   13            
Subsequent event   15            
                 
Shareholders' equity                
Share capital       361,922     361,922  
Contributed surplus       21,316     20,626  
Accumulated other comprehensive income       4,352     4,656  
Deficit       (322,131 )   (320,208 )
        65,459     66,996  
        115,274     96,520  

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

Antrim Energy Inc.
Consolidated Statement of Comprehensive Income (Loss)
For the three and six months ended June 30, 2013 and 2012 (unaudited)
(Amounts in US$ thousands, except per share data)
 
 
                       
        Three Months Ended
June 30
    Six Months Ended
June 30
 
    Note   2013     2012     2013     2012  
                             
Revenue       5,060     -     17,051     -  
                             
Expenses                            
Direct production and operating expenditures       1,044     -     2,308     -  
General and administrative expenses       986     1,554     2,379     3,025  
Depletion and depreciation   5   2,600     22     9,679     46  
Share-based compensation   9   281     71     530     183  
Exploration and evaluation       160     127     1,934     127  
Impairment       -     -     -     54,700  
Reduction in the fair value of financial assets       -     10,040     -     10,040  
Gain on disposal of Argentina assets       -     (5,894 )   -     (5,894 )
Finance income       -     (123 )   (2 )   (208 )
Finance costs   11   1,617     90     4,189     142  
Gain on financial derivative   14   (2,311 )   -     (1,932 )   -  
Foreign exchange (gain) loss       (247 )   486     (111 )   303  
Income (loss) from continuing operations before income taxes       930     (6,373 )   (1,923 )   (62,464 )
Income tax expense       -     -     -     -  
Income (loss) from continuing operations after income taxes       930     (6,373 )   (1,923 )   (62,464 )
Income (loss) from discontinued operations       -     (199 )   -     471  
Net income (loss) for the period       930     (6,572 )   (1,923 )   (61,993 )
                             
Other comprehensive income (loss)                            
Items that may be subsequently reclassified to profit or loss:                            
  Foreign currency translation adjustment       (229 )   (3,284 )   (304 )   2,065  
Items reclassified to profit or loss:                            
  Foreign currency translation adjustment - disposal       -     3,213     -     3,213  
Other comprehensive income (loss) for the period       (229 )   (71 )   (304 )   5,278  
Comprehensive income (loss) for the period       701     (6,643 )   (2,227 )   (56,715 )
                             
Net income (loss) per common share                            
Basic & diluted - continuing operations   10   0.01     (0.03 )   (0.01 )   (0.34 )
Basic & diluted - discontinued operations   10   -     (0.00 )   -     0.00  
                             

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

Antrim Energy Inc.
Consolidated Statement of Cash Flows
For the three and six months ended June 30, 2013 and 2012 (unaudited)
(Amounts in US$ thousands)
 
 
                             
        Three Months Ended
June 30
    Six Months Ended
June 30
 
    Note   2013     2012     2013     2012  
Operating Activities                            
Income (loss) from continuing operations after income taxes       930     (6,373 )   (1,923 )   (62,464 )
Items not involving cash:                            
  Depletion and depreciation   5   2,600     22     9,679     46  
  Share-based compensation   9   281     71     530     183  
  Interest from long-term debt facility   7   1,279     -     2,640     -  
  Accretion of decommissioning obligations   8   51     39     97     74  
  Amortization of transaction costs   7   237     -     237     -  
  Change in financial derivative   14   (2,481 )   -     (2,402 )   -  
  Foreign exchange loss (gain)       (1,748 )   (1,082 )   (1,097 )   (1,464 )
  Impairment       -     -     -     54,700  
  Reduction in the fair value of financial assets       -     10,040     -     10,040  
  Gain on disposal of Argentina assets       -     (5,894 )   -     (5,894 )
Changes in non-cash working capital items - continuing operations   12   (10,164 )   2,937     (10,407 )   (5,776 )
Cash provided by (used in) operating activities - continuing operations       (9,015 )   (240 )   (2,646 )   (10,555 )
Cash provided by operating activities - discontinued operations       -     (1,441 )   -     (209 )
Cash used in operating activities       (9,015 )   (1,681 )   (2,646 )   (10,764 )
                             
Financing Activities                            
Issue of common shares       -     70     -     70  
Proceeds from long-term debt facility   7   -     -     30,000     -  
Issuance costs on long-term debt facility       -     -     (1,423 )   -  
Cash provided by financing activities       -     70     28,577     70  
                             
Investing Activities                            
Capital expenditures       (3,850 )   (8,694 )   (17,330 )   (14,737 )
Change in restricted cash       13,475     5,611     (8,355 )   17,249  
Cash proceeds from the disposal of Argentina assets       -     9,976     -     9,976  
Cash (used in) provided by investing activities - continuing operations       9,625     6,893     (25,685 )   12,488  
Cash used in investing activities - discontinued operations       -     (453 )   -     (1,121 )
Cash (used in) provided by investing activities       9,625     6,440     (25,685 )   11,367  
                             
Effects of foreign exchange on cash and cash equivalents       (26 )   (954 )   (142 )   (204 )
                             
Net increase in cash and cash equivalents       584     3,875     104     469  
Cash and cash equivalents - beginning of period       1,023     43,699     1,503     47,105  
Cash and cash equivalents - end of period   12   1,607     47,574     1,607     47,574  

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

Antrim Energy Inc.
Consolidated Statement of Changes in Equity
For the three and six months ended June 30, 2013 and 2012 (unaudited)
(Amounts in US$ thousands)
 
 
   

Note
  Number of common shares   Share capital   Contributed
surplus
  Accumulated other comprehensive income    
Deficit
   
Total
 
                                   
Balance, December 31, 2011       184,116,078   361,587   19,579   (5,971 )   (168,007 )   207,188  
Net loss for the period       -   -   -   -     (61,993 )   (61,993 )
Capital distribution       -   -   -   -     (17,657 )   (17,657 )
Other comprehensive income       -   -   -   5,278     -     5,278  
Share-based compensation   9   -   -   257   -     -     257  
Stock options exercised       200,000   125   (55 ) -     -     70  
Balance, June 30, 2012       184,316,078   361,712   19,781   (693 )   (247,657 )   133,143  
                                   
Balance, December 31, 2012       184,731,076   361,922   20,626   4,656     (320,208 )   66,996  
Net loss for the period       -   -   -   -     (1,923 )   (1,923 )
Other comprehensive loss       -   -   -   (304 )   -     (304 )
Share-based compensation   9   -   -   690   -     -     690  
Balance, June 30, 2013       184,731,076   361,922   21,316   4,352     (322,131 )   65,459  

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

Contact:
Antrim Energy Inc.
Stephen Greer
President & CEO
+ 1 403 264-5111
greer@antrimenergy.com

Antrim Energy Inc.
Anthony Potter
Chief Financial Officer
+ 1 403 264-5111
potter@antrimenergy.com
www.antrimenergy.com

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