Antrim Energy Inc. ATGYF

Pescod Today

[MaxPowerJr]

ANTRIM ENERGY (T-AEN) $6.40 +0.42 OILEXCO INC. (T-OIL) $13.92 -0.03 There’s more than a few Canadian mid-size junior oil and gas firms that have found their niche in exploring in the North Sea, as a home of huge waves, bad weather, but also subject to stable governments with not outrageous tax policies. Today there were lots of joy to be reported by both Antrim Energy and Oilexco Inc. Antrim (one of analyst Warren Verbonac’s favorites along with Ithaca Energy) announced that their drilling has been completed on their Central Causeway Well which Antrim has a 65% interest in and the notice that the well will be cased in preparation for testing program which was expected to commence later this week. Needless to say, this is good news. The well was drilled directionally to 12,260 feet to test the Jurassic Brent sandstones in the Central Causeway fault which is about 4 kilometers southwest of Antrim’s 2006 East Causeway oil discovery, which tested 14,500 bopd. Meanwhile, more news out on Oilexco and Fred Kozak, the Canaccord analyst who was one of the first to follow the Oilexco story and be one of the most accurate in predicting what next, today writes, “Oilexco announced a second successful test on the Huntington well located at 22/14b-5. The uphole Forties sand was tested at 5577 bbl/ d of oil plus 3.4 mmcf/d of natural gas.” Kozak writes, “Combined with the testing of the lower Fulmar sand, which was tested at 4624 bbl/d, this drill stem test of the Forties confirms our contention that Huntington is a major new discovery for Oilexco, which has 40% of the Block…” “More importantly, the Huntington discovery has removed a level of risk for Oilexco’s adjacent 72.7%-operated block which also has two distinct oil prospects on Block 22/13b.