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Press release from Marketwire

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

Thursday, November 14, 2013

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

19:34 EST Thursday, November 14, 2013

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

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

Antrim Energy Inc. ("Antrim" or "the Company") (TSX:AEN)(AIM:AEY), an international oil and gas exploration and production company, today reported its financial and operational results for the three and nine month period ended September 30, 2013.

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

HIGHLIGHTS:

  • Causeway production rates average gross 1,439 bbls/day (net 421 bbls/day) for third quarter of 2013. Year to date average gross 2,334 bbls/day (net 683 bbls/day)
  • Oil revenue of $22.5 million and cash flow from operations of $9.1 million
  • Sale of Tanzania option for $7.5 million in July 2013
  • Ireland seismic program completed in September 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. 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. Production from the Causeway Field averaged 1,439 gross barrels of oil per day ("bopd") (Antrim net 421 bopd) in the third quarter of 2013 compared to nil in 2012. During the quarter production was interrupted for 33 days due to scheduled maintenance of the North Cormorant platform. Uninterrupted production averaged 2,243 bopd (Antrim net 656 bopd) during the quarter.

Production from the Causeway Field averaged 2,334 gross bopd (Antrim net 683 bopd) for the nine months ended September 30, 2013 compared to nil for the comparative period in 2012. During the nine months ended September 30, 2013 production was interrupted for 8.5 weeks due to platform shutdowns and well tie-in operations related to another field.

On October 23, 2013 production resumed from the Causeway Field. Anticipated startup of the downhole ESP is now scheduled by the operator for early 2014 following delays related to the platform shutdown and water injection riser installation works in the fourth quarter. The water injection well is expected by the operator to commence operation in Q3 2014.

Further delays in completing the Causeway ESP and water injection facilities together with additional significant capital cost overruns on the project caused the Company to record a $12.1 million impairment charge in the third quarter of 2013.

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%.

In February 2013, Antrim announced that it had elected to opt out of participating in further development of the Fionn Field. Following receipt of all necessary approvals from the UK Department of Energy and Climate Change ("DECC"), Antrim withdrew from the Fionn Field subarea in September 2013.. The Company retained liability for the decommissioning or well abandonment liabilities of two wells and has been released by the Operator of any further obligations with respect to decommissioning of two other suspended wells in the Fionn Field subarea.

The Company recognized in the third quarter of 2013 an impairment charge of $7.0 million relating to the West Causeway licence as no further activity is planned for this licence prior to its expiry.

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 (the "Contender well"), with the potential to run an electrical submersible pump and to install a water injection scheme and/or additional production wells at a later date. A future drilling location has been identified and is scheduled to be drilled mid 2014.

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 plus 10% are recovered from production revenue.

Production from the Cormorant East Field has been constrained for mechanical reasons and averaged 290 gross bopd in the third quarter of 2013 compared to nil in 2012. Production from the Cormorant East Field averaged 508 gross bopd for the nine months ended September 30, 2013 compared to nil in 2012. During the nine months ended September 30, 2013 pressure problems experienced in the well resulted in shut-ins and reduced production volumes and production was interrupted for 5.5 weeks due to interruptions associated with shut down of North Cormorant and Cormorant Alpha platforms. On October 16, 2013 production resumed from the Cormorant East Field.

Ireland

Frontier Exploration Licence 1-13 , Antrim 25%

Antrim acquired a Licensing Option in the 2011 Atlantic Margin Licensing Round which included Blocks 44/4, 44/5 (part), 44/9, 44/10, 44/14 and 44/15 covering an area of 1,409 km2 (the "Skellig Block"). Antrim 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 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"). FEL 1-13 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 remaining licence area is 1,051.75 km2.

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 was completed by the end of September 2013.

Tanzania

Production Sharing Agreement - Pemba and Zanzibar

In July 2013, the Company sold 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 following a significant escalation of expected future development costs. The Company subsequently signed a joint development agreement with Enegi Oil Plc ("Enegi") and Advanced Buoy Technology ("ABTechnology") to undertake engineering studies and preparation of a FDP using buoy technology. The terms of the agreement 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 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 Nine Months Ended
September 30 September 30
2013 2012 2013 2012
Financial Results ($000's except per share amounts)
Cash flow from (used in) operations (1) 1,358 (472 ) 9,119 (5,251 )
Cash flow from (used in) operations per share (1) 0.01 (0.00 ) 0.05 (0.03 )
Net income (loss) - continuing operations (16,067 ) (5,240 ) (17,990 ) (67,704 )
Net income (loss) (16,067 ) (5,396 ) (17,990 ) (67,389 )
Net income (loss) per share - basic, continuing operations (0.09 ) (0.03 ) (0.10 ) (0.37 )
Total assets 101,144 148,338 101,144 148,338
Working capital (deficiency) (14,383 ) 21,013 (14,383 ) 21,013
Capital expenditures - continuing operations 1,687 21,526 19,017 36,263
Common shares outstanding (000's)
End of period 184,731 184,731 184,731 184,731
Weighted average - basic 184,731 184,433 184,731 184,273
Weighted average - diluted 184,731 185,450 184,787 185,519
(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.

Cash Flow and Net Loss

In the nine month period ended September 30, 2013, Antrim generated cash flow from operations of $9.1 million ($0.05 per share) compared to a cash deficiency from operations of $5.3 million ($0.03 per share) in the same period in 2012. Cash flow from operations increased due to the recognition of revenue from Causeway production.

In the three month period ended September 30, 2013, Antrim generated cash flow from operations of $1.4 million ($0.01 per share) compared to a cash deficiency from operations of $0.5 million ($0.00 per share) in the same period in 2012. Cash flow from operations increased due to the recognition of revenue from Causeway production.

In the nine month period ended September 30, 2013 Antrim had a net loss from continuing operations of $18.0 million compared to a net loss from continuing operations of $67.7 million in the same period in 2012. The net loss decreased primarily due to the recognition of revenue from Causeway production and a gain of $7.5 million on the disposal of the Tanzania option, higher impairment costs recorded in 2012 and a reduction in 2012 in the fair value of financial assets partially offset by a gain on disposal of the Company's Argentina operations.

In the third quarter of 2013, Antrim had a net loss from continuing operations of $16.1 million compared to a net loss from continuing operations of $5.2 million in 2012. Net loss increased due to Causeway and West Causeway impairment charges recorded in 2013 partially offset by the recognition of revenue from Causeway production and a gain of $7.5 million on the disposal of the Tanzania option.

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 compliance with debt covenants, the performance of producing wells and related infrastructure, 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. See Going Concern on page 1 of the Company's Management's Discussion and Analysis for additional information.

As at September 30, 2013, Antrim had a working capital deficiency including debt of $14.4 million compared to a working capital deficiency of $10.7 million as at December 31, 2012. Accounts payable and accrued liabilities were $6.1 million at September 30, 2013 primarily related to costs for the development of the Causeway Field, compared to $18.2 million as at December 31, 2012.

Antrim's planned capital program for the remainder of 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 early 2014. A water injection scheme is scheduled to commence operation in Q3 2014.

Following the discovery of the Cormorant East Field by the Contender Well, Antrim anticipates drilling at least one appraisal well in 2014, 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 processing of 3D seismic data acquired within the area by Q1 2014.

In addition to ongoing discussions between the Company and its lender to mitigate the impact of restrictions on cash balances and existing loan terms requiring further cash reserves, the Company is reviewing its options, including possible further divestments including a possible divestment of all or a part of its Causeway asset, and has engaged Carlingford, a division of GFI Brokers Limited to advise and assist the Company with this process. There can be no assurance, however, that additional capital funding in the form of additional equity, debt, sale and/or farm-out arrangements will be available to the Company.

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 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 throughout this press release and in Antrim's Annual Information Form for the year ended December 31, 2012. Readers are specifically referred to the risk factors described in Antrim's MD&A under "Risk Factors" 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.

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 September 30, 2013 (unaudited)
(Amounts in US$ thousands)
September 30 December 31
Note 2013 2012
Assets
Current assets
Cash and cash equivalents 5,972 1,503
Restricted cash 3 9,969 808
Accounts receivable 32 332
Inventory and prepaid expenses 4 5,317 5,877
21,290 8,520
Property, plant and equipment 5 78,754 81,069
Exploration and evaluation assets 6 1,100 6,931
101,144 96,520
Liabilities
Current liabilities
Accounts payable and accrued liabilities 6,144 18,165
Current debt 7 23,834 -
Current portion of financial derivative 15 3,043 -
Deferred revenue 2,652 1,089
35,673 19,254
Financial derivative 15 1,965 -
Decommissioning obligations 8 13,684 10,270
51,322 29,524
Going concern 1
Commitments and contingencies 14
Subsequent event 16
Shareholders' equity
Share capital 361,922 361,922
Contributed surplus 21,359 20,626
Accumulated other comprehensive income 4,739 4,656
Deficit (338,198 ) (320,208 )
49,822 66,996
Total Liabilities and Shareholders' Equity 101,144 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 nine months ended September 30, 2013 and 2012 (unaudited)
(Amounts in US$ thousands, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
Note 2013 2012 2013 2012
Revenue 5,458 - 22,509 -
Expenses
Direct production and operating expenditures 1,673 - 3,981 -
General and administrative 1,209 1,225 3,588 4,250
Depletion and depreciation 5 2,306 24 11,985 70
Share-based compensation 9 20 430 550 613
Exploration and evaluation 156 1,185 2,090 1,312
Impairment 19,101 2,304 19,101 57,004
Reduction in the fair value of financial assets - - - 10,040
Gain on disposal of assets 10 (7,499 ) - (7,499 ) (5,894 )
Finance income - (94 ) (2 ) (302 )
Finance costs 12 1,390 40 5,579 182
Loss on financial derivative 2,309 - 377 -
Foreign exchange loss 860 126 749 429
Income (loss) from continuing operations before income taxes (16,067 ) (5,240 ) (17,990 ) (67,704 )
Income tax expense - - - -
Income (loss) from continuing operations after income taxes (16,067 ) (5,240 ) (17,990 ) (67,704 )
Income (loss) from discontinued operations - (156 ) - 315
Net loss for the period (16,067 ) (5,396 ) (17,990 ) (67,389 )
Other comprehensive income (loss)
Items that may be subsequently reclassified to profit or loss:
Foreign currency translation adjustment 387 5,193 83 7,257
Items reclassified to profit or loss:
Foreign currency translation adjustment - disposal - - - 3,213
Other comprehensive income (loss) for the period 387 5,193 83 10,470
Comprehensive loss for the period (15,680 ) (203 ) (17,907 ) (56,919 )
Net loss per common share
Basic & diluted- continuing operations 11 (0.09 ) (0.03 ) (0.10 ) (0.37 )
Basic & diluted - discontinued operations 11 - - - -
Antrim Energy Inc.
Consolidated Statement of Cash Flows
For the three and nine months ended September 30, 2013 and 2012 (unaudited)
(Amounts in US$ thousands)
Three Months Ended Nine Months Ended
September 30 September 30
Note 2013 2012 2013 2012
Operating Activities
Loss from continuing operations after income taxes (16,067 ) (5,240 ) (17,990 ) (67,704 )
Items not involving cash:
Depletion and depreciation 5 2,306 24 11,985 70
Share-based compensation 9 20 430 550 613
Interest from long-term debt facility 7 1,009 - 3,649 -
Accretion of decommissioning obligations 8 47 22 144 96
Amortization of transaction costs 7 332 - 569 -
Change in financial derivative 15 1,374 - (2,125 ) -
Foreign exchange loss (gain) 735 1,988 735 524
Impairment 19,101 2,304 19,101 57,004
Reduction in the fair value of financial assets - - - 10,040
Gain on disposal of assets (7,499 ) - (7,499 ) (5,894 )
Changes in non-cash working capital items - continuing operations 13 (326 ) (1,140 ) (10,733 ) (6,916 )
Cash provided by (used in) operating activities - continuing operations 1,032 (1,612 ) (1,614 ) (12,167 )
Change in non-cash working capital items - discontinued operations - (156 ) - (365 )
Cash used in operating acitivities 1,032 (1,768 ) (1,614 ) (12,532 )
Financing Activities
Issue of common shares - 116 - 186
Proceeds from long-term debt facility 7 - - 30,000 -
Issuance costs on long-term debt facility - - (1,423 ) -
Payments on long-term debt facility 7 (1,828 ) - (1,828 ) -
Cash used in financing acitivities (1,828 ) 116 26,749 186
Investing Activities
Capital expenditures (1,687 ) (21,526 ) (19,017 ) (36,263 )
Change in restricted cash (806 ) (404 ) (9,161 ) 16,845
Cash proceeds from disposal of assets 7,499 - 7,499 9,976
Cash (used in) provided by investing activities - continuing operations 5,006 (21,930 ) (20,679 ) (9,442 )
Cash (used in) provided by investing activities - discontinued operations - - - (1,121 )
Cash (used in) provided by investing acitivities 5,006 (21,930 ) (20,679 ) (10,563 )
Effects of foreign exchange on cash and cash equivalents 155 1,380 13 1,176
Net increase (decrease) in Cash and cash equivalents 4,365 (22,202 ) 4,469 (21,733 )
Cash and cash equivalents - beginning of period 1,607 47,574 1,503 47,105
Cash and cash equivalents - end of period 13 5,972 25,372 5,972 25,372
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 nine months ended September 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 - - - (67,389 ) (67,389 )
Capital distribution - - - (17,657 ) (17,657 )
Other comprehensive income - - 10,470 - 10,470
Share-based compensation 9 - 727 - - 727
Stock options exercised 614,998 335 (149 ) - - 186
184,731,076 361,922 20,157 4,499 (253,053 ) 133,525
Balance, September 30, 2012
Balance, December 31, 2012 184,731,076 361,922 20,626 4,656 (320,208 ) 66,996
Net loss for the period - - - - (17,990 ) (17,990 )
Other comprehensive income - - - 83 - 83
Share-based compensation 9 - - 733 - - 733
Stock options exercised - - - - -
Balance, September 30, 2013 184,731,076 361,922 21,359 4,739 (338,198 ) 49,822
The accompanying notes are an integral part of the interim consolidated financial statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Antrim Energy Inc
Stephen Greer
President & CEO
+ 1 403 264-5111
403-264-5113 (FAX)
greer@antrimenergy.com


Antrim Energy Inc.
Anthony Potter
Chief Financial Officer
+ 1 403 264-5111
403-264-5113 (FAX)
potter@antrimenergy.com
www.antrimenergy.com


RFC Ambrian Limited
Sarah Wharry
+44 (0) 20 3440 6800


Buchanan
Tim Thompson
+44 (0) 20 7466 5000
antrim@buchanan.uk.com


Buchanan
Tom Hufton
+44 (0) 20 7466 5000
antrim@buchanan.uk.com

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