Antrim Energy Inc. Announces $45 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Feb. 24, 2011) -

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Antrim Energy Inc. ("Antrim" or the "Company") (TSX:AEN)(AIM:AEY) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. and including Mackie Research Capital Corporation, RBC Capital Markets Inc., CIBC World Markets Inc. and Salman Partners Inc. (collectively, the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis, 42,000,000 common shares ("Common Shares") at an issue price of $1.07 per Common Share for gross proceeds to Antrim of $44,940,000 (the "Offering"). The Company has also granted the Underwriters an option, exercisable in whole or in part, for a period commencing on the closing of the Offering and ending 30 days after the closing date, to purchase up to an additional 6,300,000 Common Shares at the Issue Price for additional gross proceeds of up to $6,741,000.

Proceeds from the Offering will be used to fund the Company's ongoing capital expenditure program and for general corporate purposes.

The Common Shares shall be offering in all provinces of Canada, other than the province of Quebec, by way of a short form prospectus, and in other jurisdictions pursuant to applicable exemptions from registration and prospectus requirements. Closing of the Offering is scheduled to occur on March 17, 2011, and is subject to certain conditions including the approval of the Toronto Stock Exchange and the receipt of necessary regulatory approvals.

About Antrim Energy Inc.

Antrim Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada.

Antrim's strategy is to pursue a bilateral strategy of balancing longer term and capital-intensive investments in the UK North Sea with shorter investment cycle on-shore exploration and production opportunities. Antrim also considers other global exploration opportunities as they arise.

Additional information concerning Antrim Energy is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ADVISORY: Certain information regarding Antrim set forth in this news release, including the closing of the Offering, the use of proceeds of the Offering and management's assessment of Antrim's future plans and operations may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Antrim's control, including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, industry conditions, volatility of commodity prices, environmental risks, the lack of availability of qualified personnel or management, inability to obtain drilling rigs or other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected, stock market volatility, delays resulting from our inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof. Readers are cautioned that the foregoing list of factors is not exhaustive. Antrim's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance 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, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Additional information on these and other factors that could affect Antrim's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or Antrim's website (www.antrimenergy.com).

The forward-looking statements contained in this document are made as at the date of this news release and Antrim does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.