Antrim Energy Inc. ATGYF

Medianera Next/PDP Comparison

[geomean]

All are awaiting the completion of the 2nd Medianera well and testing of both the first and second Medianera wells. My initial comparison will be to PDP's results on its early wells. If AEN's 70% WI Medianera flow rates are comparable to PDP's 100% w/i from Puesto Morales/Rinconada, a rough valuation comparable would be PDP 45MM O/S now selling for @$20 AEN 95MM O/S - add @ $6-7 to PPS For reference here is the key language from the initial PDP PR on its first tests "The RN.PM.x-1003 well was spudded in late October 2005, drilled to a depth of 1,645 meters and was cased in early November after logging of the well bore. It was the second of Petrolifera’s planned five-well program prior to year-end 2005. Testing of the 1003 well was commenced within the past forty-eight hours following the arrival of a service rig. During the late evening of November 23, 2005 a 16.6 meter interval in the well was straddled with packers and a swabbing operation was initiated. After the fifth swab the well commenced to flow and after eight hours was flowing 100 percent crude oil with a flowing tubing pressure of 200 psi through a two inch line and at an extrapolated calculated rate of approximately 24 bbl/hour or 576 bbl/d. Subsequently, the well was shut in with a consequent rise in tubing pressure. The calculated density of the recovered oil was 850 grams/liter inferring a gravity of approximately 35 degrees API, consistent with the quality of oil produced in the region. During the day on November 24, 2005 a series of short five minute flow tests was conducted over a two hour period. Based on these short-duration flow tests, the well flowed at extrapolated calculated rates ranging from 750 bbl/d to 2,400 bbl/d on one-half inch to two inch chokes, respectively. A stabilized flow rate has not yet been established. There is a risk that stabilized flow rates will be less than the flow test rates and in the opinion of management it is more likely than not that the stabilized flow rate, when established, will be closer to the lower end of the extrapolated calculated range when the well is placed onstream. Well head pressures were consistent with earlier results and the impact of altering choke sizes during the testing program. Testing of another interval above that evaluated in the aforementioned test is presently underway. The zone to be tested was the primary target of the well and, in the opinion of management, is considered to be prospective based on shows, mud logs and log analysis. Results of tests on this interval will be publicly released to shareholders when completed. Two additional zones in the Quintuco Formation, which is up hole from the primary objective of the well, will also be tested." https://www.petrolifera.ca/documents/news2005/PDP-2005-11-25.pdf The second PDP PR indicated the first two wells had flow rates between roughly 900 and 1200 BOPD. https://www.petrolifera.ca/documents/news2005/PDP-2005-12-05.pdf I realize that this is not a detailed comparison of the fields, sizes, etc., but it gives a rough idea of the potential significance Medianera could have.