Antrim Energy Inc. ATGYF

Cannacord Capitals

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On March 30, Antrim Energy released its 2008 year-end results. Included in the reporting were financial and operational results as well as year-end reserve estimates. The results were mostly as expected, with the company generating an earning loss and minimal cash flow due to a small production base in Argentina. However, Antrim has approximately $35 million of cash and has a minimal program for 2009 that will not require the company to seek further financing.

In 2008 the company delineated its North Sea opportunities, drilling at Causeway and Fyne and Dandy. In 2009, the company will harvest its cash flow and spend as little money as possible, awaiting a better economic environment in which to pursue North Sea development. We note that the company is operator of both of its major North Sea projects  and controls the timing of capital expenditure programs so is not at risk of facing future cash calls for expensive drilling and testing operations.

We maintain our HOLD rating and target price of C$0.50.(CANNACORD CAPITALS) Our target price is based on a 15% after tax value for the company’s 2P reserves in Argentina plus estimated cash balances and no longer includes Causeway, due to the delayed timing of first oil, now

expected in 2011.

The next catalysts for Antrim Energy will be the approval of Phase 1 of the Field Development Plan for Causeway oil field, which is expected to occur in the first half of 2009.

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