Company response CALGARY, ALBERTA--(Marketwired - Nov. 24, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Antrim Energy Inc. ("Antrim" or "the Company") (TSX VENTURE:AEN)(AIM:AEY), an international oil and gas exploration company, notes the announcement made earlier today by Sound Oil plc ("Sound Oil") that it intends to launch a public offer ("the Intended Offer") to acquire the entire issued share capital of Antrim for shares of Sound Oil.
Antrim advises that its board of directors (the "Board") will carefully review and evaluate the announcement and Intended Offer consistent with its fiduciary duties and in consultation with its legal and financial advisers. The Board will consider the Intended Offer as set out in the announcement with a view toward pursuing the course of action which best maximizes shareholder value. The Board will respond once it has completed this process.
The Company has previously stated that it intends to use its strong balance sheet and licence holding to pursue opportunities either asset specific or corporate where an acquisition or a corporate combination would enhance shareholder value. Prior to the announcement, Antrim confirms that it received an expression of interest from Sound Oil and has attempted to engage in preliminary discussions with Sound Oil to allow Antrim the opportunity to independently assess, in detail, the business and assets of Sound Oil as well as the merits, if any, of a potential combination. The Company was and remains concerned by Sound Oil's previous unwillingness to allow the Company to undertake normal due diligence procedures which the Board considers important for achieving a fair outcome in the interest of all of Antrim shareholders. The Company invites Sound Oil to engage with Antrim in a conventional dialogue.
About Antrim
Antrim Energy Inc. is a Canadian, Calgary based junior oil and gas exploration company with assets in the UK North Sea and Ireland. Antrim is listed on the TSX Venture Exchange (AEN) and on the London AIM market (AEY). Visit www.antrimenergy.com for more information.