Mr. Anthony Potter reports

ANTRIM ENERGY INC. ANNOUNCES 2015 FIRST QUARTER RESULTS

Antrim Energy Inc. has released its financial results for the three-month period ended March 31, 2015.

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

Highlights:

• Significant resource potential assigned to leads within the Skellig licence (Antrim 25 per cent), offshore Ireland;
• Prospect inventory prepared by Kosmos (operator of the Skellig licence) in December, 2014, includes several leads, and highlights three prospects including two tilted, Jurassic fault blocks and a Cretaceous submarine fan;
• Strong working capital balance ($14.2-million) at March 31, 2015;
• Continue to evaluate new opportunities for transformative upside potential.

Ireland

Frontier exploration licence 1 to 13, Antrim 25 per cent

Antrim acquired a licensing option in the 2011 Atlantic Margin Licensing Round, covering an area of 1,409 square kilometres (the Skellig block). Antrim licensed, reprocessed and interpreted 2-D seismic data over the blocks, and identified a Cretaceous deep sea fan complex similar in seismic character to many of the recent Cretaceous oil discoveries offshore West Africa.

In April, 2013, the company farmed out a 75-per-cent interest in, and operatorship of, the licensing option to Kosmos Energy Ltd. in exchange for Kosmos carrying the full costs of a planned 3-D seismic program within the licence area and reimbursement to Antrim of a portion of the exploration costs incurred on the blocks to date. Antrim retained a 25-per-cent 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 3-D seismic was acquired in 2013, and results from the 3-D seismic program reinforced the 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.

On July 29, 2014, Antrim announced the results of an independent prospective resources report for the Skellig block. These prospective resources were evaluated by McDaniel & Associates Consultants Ltd. in accordance with National Instrument 51-101 in a report dated effective June 30, 2014. Prospective resources were assigned to 17 leads within the Skellig block.

The associated table provides an aggregate summary of the prospective resources for the 17 independent leads evaluated within the entire property.

         PROSPECTIVE RESOURCES (1) (2) (3) (4) (5) -- TOTAL ALL LEADS   
       
                                                    Property          Antrim
                                                      risked          risked
                                               mean estimate   mean estimate

Crude oil (Mbbl)                                      59,396          14,849
Natural gas (MMcf)                                   992,865         248,216
Condensate (Mbbl)                                     22,330           5,582
Cumulative thousand barrels of oil                                          
equivalent (Mboe)                                    247,203          61,800

The associated table provides an aggregate risked mean estimate of the prospective resources for the two largest independent leads (C and M-3), which represent 46.5 per cent of the total risked mean property barrels of oil equivalent of prospective resources.

       PROSPECTIVE RESOURCES (1) (2) (3) (4) (5) -- LEAD C AND M-3

                                              Lead C and M-3          Antrim
                                                      risked          risked
                                               mean estimate   mean estimate

Crude oil (Mbbl)                                      31,908           7,977
Natural gas (MMcf)                                   439,970         109,993
Condensate (Mbbl)                                      9,661           2,415
Cumulative thousand barrels of oil                                          
equivalent (Mboe)                                    114,896          28,724

(1) There is no certainty that any portion of the prospective resources    
    will be discovered. If discovered, there is no certainty that it will  
    be economically viable or technically feasible to produce any portion  
    of the resources.                                                      
(2) The columns marked as risked have been risked for chance of          
    discovery, but have not been risked 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. The chance of discovery assigned to each of the 17 leads  
    ranged from 8 per cent to 25 per cent and averaged 12.56 per cent.                             
(3) The Antrim risked mean estimate reflects Antrim's 25-per-cent working        
    interest share of the gross prospective resource estimates shown in the
    Property risked mean estimate column; or the combined prospective resource
    estimates shown for the subsidiary Lead C and M-3 risked mean estimate.
    All other columns in the table reflect the gross 100-per-cent prospective
    resources of the licence (of which Antrim's current working interest is
    25 per cent).                             
(4) Gas was converted to barrels of oil equivalent at a ratio of 6,000 cubic 
    feet to one barrel.
(5) The total risked mean is equal to the aggregate sum of the unrisked    
    mean (arithmetic average) estimate for each lead multiplied by the     
    chance of discovery for the lead.

The prospect inventory prepared by Kosmos in December, 2014, 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. A second Jurassic prospect identified by Kosmos has yet to be reviewed by McDaniel pending receipt of additional information. Sophisticated additional detailed seismic analysis is planned for 2015 to mitigate drilling risk among the top three identified prospects including trace inversion, AVO (amplitude versus offset) mapping and modelling, spectral decomposition, and attribute extraction.

FEL 1-13 has a 15-year term, with an initial three-year term followed by three four-year terms. At least three months before the end of the initial term, a work program for the second term must be proposed. That program must include the drilling of an exploration well. At the end of the initial three-year term (July 4, 2016), 25 per cent of the acreage must be relinquished.

Fyne licence

P077 block 21/28a -- Fyne, Antrim 100 per cent

The company is in discussion with DECC with respect to relinquishment and possible reapplication for the licence. The carrying value of the Fyne licence at March 31, 2015, is nil (Dec. 31, 2014: nil).

The Fyne licence includes three suspended wells and the Erne licence one suspended well. The estimated decommissioning obligation for these wells at March 31, 2015, is based on a stand-alone abandonment program to be completed in 2016. The company is currently evaluating options to abandon these wells as part of a 2015 or 2016 multiclient, multiwell abandonment program, which the company believes could reduce the company's net share of abandonment costs from $4.7-million to $2.8-million.

Erne licence

P1875 block 21/29d -- Erne, Antrim 50 per cent

The Erne licence started in January, 2011, and is a promote licence with a drill-or-drop commitment. The Erne wells drilled in late 2011 met all the commitments on the licence. A discovery was made with the 21/29d-11 well and also in the updip sidetrack 21/29d-11z well. These discoveries 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 initial four-year term of the licence expired in January, 2015, prior to which 50 per cent of the licence area was relinquished. The carrying value of the Erne licence at March 31, 2015, is nil (Dec. 31, 2014: nil).

Financial discussion of continuing operations

                            FINANCIAL RESULTS
                     ($000s except per share amounts) 
                                                         Three months ended 
                                                                   March 31, 
                                                              2015     2014 
                                                           
Cash flow used in operations (1)                               469   (1,179)
Cash flow used in operations per share (1)                    0.00    (0.01)
Net income (loss) -- continuing operations                     461   (1,538)
Net income (loss) per share -- basic, continuing                             
operations                                                    0.00    (0.01)
Net income (loss)                                              461   (8,461)
Net income (loss) per share -- basic                          0.00    (0.05)
Total assets                                                15,784   91,865 
Working capital                                             14,249   (5,072)
Capital expenditures -- continuing operations                   28      142  
                                                                            
(1) Cash flow from operations and cash flow from operations per share are  
    non-international financial reporting standards measures.

Cash flow and net loss from continuing operations

In the first quarter of 2015, cash flow from operations was $500,000, compared with cash flow used in operations of $1.2-million for the corresponding period in 2014. Cash flow increased due to a $1.2-million foreign exchange gain in the first quarter of 2015 as a result of a significant decline in the period in the value of the Canadian dollar relative to the U.S. dollar. Excluding foreign exchange gains and losses, cash flow used in operations in the first quarter of 2015 was $800,000, compared with $1.2-million for the corresponding period in 2014.

In the first quarter of 2015, Antrim had net income from continuing operations of $500,000, compared with a net loss from continuing operations of $1.5-million for the corresponding period in 2014. Net income increased due to foreign exchange gains, and lower general and administrative costs.

Financial resources and liquidity

Antrim had a working capital surplus at March 31, 2015, of $14.2-million, compared with a working capital surplus of $15.1-million as at Dec. 31, 2014. Working capital decreased due to general and administrative expenses incurred in the period.

Outlook

The company will continue to evaluate and derisk the Irish Skellig licence with a view to farming down or otherwise reducing its interest before a well is drilled. Sophisticated additional detailed seismic analysis is planned for the remainder of 2015 to mitigate drilling risk among the top three identified prospects including trace inversion, AVO mapping and modelling, spectral decomposition, and attribute extraction. When combined with prior structural and stratigraphic mapping, these analyses should provide significant insight and guidance with respect to any future drilling program. In the context of low oil prices and inability to achieve first oil from the Fyne licence prior to November, 2016, the company anticipates little capital spending in 2015 in the U.K. North Sea with the exception of well abandonment costs.

The company intends to use its strong balance sheet and licence holding to acquire opportunities, either asset specific or corporate, where an acquisition or a corporate combination would enhance shareholder value. The company has good access to international mergers and acquisition opportunities, and evaluated a number of opportunities in 2014 and the first quarter of 2015. The company plans to look for additional 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.

The board of Antrim views the company's strong financial position as a competitive advantage in the current volatile oil price environment, and the company will continue to seek ways to reduce the company's general and administrative costs to further protect its financial position. G&A costs in 2015 are budgeted to be approximately 50 per cent of G&A in 2014.

We seek Safe Harbor.