TIDMAEY 
 
Interim Financial Report - First Quarter 2016 
 
FOR:  ANTRIM ENERGY INC. 
 
TSX VENTURE SYMBOL:  AEN 
AIM SYMBOL:  AEY 
 
May 25, 2016 
 
INTERIM FINANCIAL REPORT - FIRST QUARTER 2016 
 
HIGHLIGHTS 
 
/T/ 
 
=-  Strong cash position, no debt, substantially lower G&A costs and limited 
    financial commitments moving forward 
=-  Obtain 100% interest in the highly prospective Skellig Block, Ireland 
    (subject to finalization and government approval) 
=-  Continue to evaluate M&A opportunities 
 
/T/ 
 
MANAGEMENT'S DISCUSSION AND ANALYSIS 
 
This management's discussion and analysis ("MD&A") provides a detailed explanation of Antrim Energy Inc.'s (the 
"Company" or "Antrim") operating results for the three months ended March 31, 2016 compared to the same period 
ended March 31, 2015 and should be read in conjunction with the audited consolidated financial statements of 
Antrim for the year ended December 31, 2015. This MD&A has been prepared using information available up to May 
24, 2016. The interim consolidated financial statements of the Company have been prepared in accordance with 
International Financial Reporting Standards ("IFRS"). Unless otherwise noted all amounts are reported in United 
States ("US") dollars. 
 
Non-IFRS Measures 
 
Cash flow used in operations and cash flow used in operations per share do not have standard meanings under 
IFRS and may not be comparable to those reported by other companies. Antrim utilizes cash flow from operations 
to assess operational and financial performance, to allocate capital among alternative projects and to assess 
the Company's capacity to fund future capital programs. 
 
Cash flow used in operations is defined as cash flow used in operating activities before changes in working 
capital. Cash flow used in operations per share is calculated as cash flow used in operations divided by the 
weighted-average number of outstanding shares. Reconciliation of cash flow used in operations to its nearest 
measure prescribed by IFRS is provided below. 
 
/T/ 
 
                                                        Three Months Ended 
                                                             March 31 
($000's)                                                    2016       2015 
=--------------------------------------------------------------------------- 
Cash flow used in operating activities                      (984)       226 
Less: change in non-cash working capital                      40       (243) 
=--------------------------------------------------------------------------- 
Cash flow from (used in) operations                       (1,024)       469 
=--------------------------------------------------------------------------- 
 
/T/ 
 
Excluding foreign exchange gains and losses, cash flow used in operations in the first quarter of 2016 was $0.3 
million compared to $0.8 million for the corresponding period in 2015. 
 
Overview of Operations 
 
Corporate 
 
Antrim, with its current cash resources, no debt and no decommissioning obligations, continues to maintain a 
strong financial position. Working capital at March 31, 2016 was US$9.2 million, including cash and cash 
equivalents of US$9.4 million. 
 
Antrim continues to search for M&A opportunities, using a structured approach in its evaluation. Key criteria 
include strategic fit, focus on near term appraisal / development, use of funds, transformative potential with 
upside potential for Antrim shareholders and current or near term cash flow. In a period of significant 
commodity price volatility, ensuring that the opportunity remains viable in a low oil and gas price environment 
is a key component in the evaluation. 
 
In Ireland, the Company has a 100% working interest in Frontier Exploration Licence ("FEL") 1/13, subject to 
finalization and government approval of the transfer of Kosmos Energy Ireland's ("Kosmos") interest to Antrim. 
Antrim was one of the first companies to realize the oil and gas potential in the southern Porcupine Basin. The 
Porcupine Basin is the conjugate basin to the eastern Canadian Orphan Basin/Flemish Pass area, where several 
significant oil discoveries have recently been made. Studies of these conjugate margins have demonstrated many 
similarities in terms of source rock, maturation, hydrocarbon migration, reservoir characteristics and trap 
formation. 
 
The Company has identified two highly prospective Jurassic fault blocks and one Cretaceous submarine fan system 
in the FEL 1/13 licence, as well as numerous other leads. To move exploration of FEL 1/13 forward, Antrim is 
seeking to extend the first exploration phase of the licence as well as farm-out a portion of its interest in 
the licence to a new operator. In February 2016 the first round results of the Ireland 2015 Atlantic Margin 
Licensing Round were announced. In total, 14 new licensing options were awarded with successful participants 
including Eni, ExxonMobil, Statoil and BP, confirming very strong industry interest in this frontier 
exploration play. A second announcement of results from the licensing round is expected in May 2016. 
 
Ireland 
 
Frontier Exploration Licence ("FEL") 1/13, Antrim 100% 
 
In 2013, Kosmos farmed-in to Antrim's Licencing Option over the Skellig Block and acquired 75% interest in and 
operatorship of FEL 1/13 in exchange for carrying the full costs of a 3-D seismic programme and re-imbursement 
of a portion of Antrim's past exploration costs. Results from the subsequent 3-D seismic reinforced Antrim's 
interpretation based on 2-D seismic and strongly indicated the presence of Lower Cretaceous slope fan and 
channel deposits similar in geometry and seismic character to many of the recent Cretaceous oil discoveries 
offshore West Africa. The licence prospect inventory includes two tilted Jurassic fault blocks and a Cretaceous 
submarine fan, as well as several other leads. 
 
In September 2015, Antrim was advised by Kosmos of its intention to withdraw from all of its licence interests 
in Ireland to focus on other recent discoveries in their African portfolio. The Company has applied for and 
anticipates obtaining at no further cost a 100% working interest in and operatorship of the licence, subject to 
finalization and government approval of the transfer of Kosmos interest in FEL 1/13 to Antrim. 
 
FEL 1/13 has a 15 year term, with an initial three-year term followed by three four-year terms. The initial 
three-year term expires in early July 2016 and Antrim has submitted a request to extend the first exploration 
term by an additional two years pending government approval and agreement on an additional technical work 
program. The Company is also currently seeking a new farm-in partner and operator to complete any additional 
technical work necessary during the extension period with the ultimate goal that a well commitment could be 
made at the end of the revised first exploration phase. In the current commodity price environment the cost of 
drilling an exploration well on the licence has decreased considerably from when the licence was first awarded 
in 2013. As part of a farm-out transaction Antrim would seek a carry on the first exploration well. 
 
Fyne Licence 
 
P077 Block 21/28a - Fyne, Antrim 100% 
 
United Kingdom (UK) Seaward Licences require licensees to permanently abandon all suspended wells prior to 
licence expiry. In the third quarter of 2015 the Company successfully permanently plugged and abandoned three 
suspended wells on the Fyne Licence and one suspended well on the Erne Licence in the UK Central North Sea. The 
well abandonment campaign was completed as part of a larger abandonment programme allowing Antrim to share 
certain common costs offering significant cost savings. 
 
The Company is in discussion with the UK Oil and Gas Authority (OGA), formerly DECC, with respect to 
relinquishment and possible reapplication for the licence. The carrying value of the Fyne Licence at March 31, 
2016 is $nil (December 31, 2015 - $nil). 
 
Erne Licence 
 
P1875 Block 21/29d - Erne, Antrim 100% 
 
Previous discoveries on the Erne Licence are not commercial on their own, but may be economic to develop as tie- 
backs to an adjacent production facility if such a facility were available. Antrim's interest in the Erne 
licence increased to 100% after its partner withdrew from the licence following completion of the Erne well 
abandonment. The carrying value of the Erne Licence at March 31, 2016 is $nil (December 31, 2015 - $nil). 
 
/T/ 
 
Financial Discussion of Operations 
 
                                                        Three Months Ended 
                                                             March 31 
($000's except per share amounts)                           2016        2015 
=--------------------------------------------------------------------------- 
Financial Results 
Cash flow from (used in) operations (1)                   (1,024)        469 
Cash flow from (used in) operations per share (1)          (0.01)       0.00 
Net income (loss)                                           (913)        461 
Net income (loss) per share - basic                        (0.00)       0.00 
Total assets                                              11,130      15,784 
Working capital                                            9,234      14,249 
Capital expenditures                                         114          28 
 
Common shares outstanding 
End of period                                            184,731     184,731 
Weighted average - basic                                 184,731     184,731 
Weighted average - diluted                               184,731     184,731 
 
/T/ 
 
(1) Cash flow from operations and cash flow from operations per share are Non-IFRS Measures. Refer to "Non-IFRS 
Measures" in Management's Discussion and Analysis. 
 
General and Administrative 
 
General and administrative ("G&A") costs decreased to $0.4 million in the first quarter of 2016 compared to 
$0.8 million for the corresponding period in 2015. The decrease in G&A is primarily due to lower salary and 
administrative expenses as part of the Company's ongoing efforts to reduce annual G&A. 
 
/T/ 
 
A breakdown of G&A expense is as follows: 
                                                        Three Months Ended 
                                                             March 31 
($000's)                                                     2016       2015 
=--------------------------------------------------------------------------- 
Wages and salaries                                            161        444 
Occupancy                                                      75         83 
Administrative                                                183        250 
Travel                                                          4          - 
=--------------------------------------------------------------------------- 
                                                              423        777 
=--------------------------------------------------------------------------- 
 
/T/ 
 
Exploration & Evaluation Expenditures 
 
Exploration and evaluation ("E&E") expenditures were a recovery of $16 thousand in the first quarter of 2016 
compared to an expense of $14 thousand for the corresponding period in 2015. The recovery relates to previous 
exploration expenditures in the UK less licence fees incurred in the current period. 
 
Gain on Disposal of Assets 
 
Gain on disposal of assets in the first quarter of 2016 includes $123 thousand related to an insurance claim 
for damaged office equipment. Proceeds from the claim were received in May 2016. Property, plant and equipment 
additions in the first quarter of 2016 relate to the acquisition of replacement equipment. 
 
Income Taxes 
 
The Company follows the liability method of accounting for income taxes. As at March 31, 2016, no deferred 
income tax assets were recorded due to uncertainty with respect to the ability of Antrim to generate sufficient 
taxable income to utilize the unrecognized losses. 
 
Cash Flow and Net Loss from Operations 
 
In the first quarter of 2016 cash flow used in operations was $1.0 million compared to cash flow from 
operations of $0.5 million for the corresponding period in 2015. Cash flow used in operations increased due to 
a $0.6 million foreign exchange loss in the first quarter of 2016 as a result of a strengthening of in the 
value of the Canadian dollar relative to the US dollar. Excluding foreign exchange gains and losses, cash flow 
used in operations in the first quarter of 2016 was $0.3 million compared to $0.8 million for the corresponding 
period in 2015. 
 
In the first quarter of 2016, Antrim had a net loss of $0.9 million compared to net income of $0.5 million for 
the corresponding period in 2015. Net loss increased due to foreign exchange losses in 2016 compared to foreign 
exchange gains in 2015. 
 
Foreign Exchange and Other Comprehensive Income (Loss) 
 
The reporting currency of the Company is the US dollar while the Company's operating costs and certain of the 
Company's payments in order to maintain property interests are made in the local currency of the jurisdiction 
where the applicable property is located. The Company's continuing activities in Canada, Ireland and United 
Kingdom are accounted for using the Canadian dollar, Euro and British pound sterling as the functional 
currency, respectively. As a result of these factors, fluctuations in these currencies relative to the US 
dollar could result in unanticipated fluctuations in the Company's financial results. The Company incurred a 
foreign exchange loss of $0.6 million in first quarter of 2016 compared to a gain of $1.2 million for the 
corresponding period in 2015. 
 
The Company reported other comprehensive income of $0.7 million in first quarter of 2016, compared to other 
comprehensive loss of $1.2 million for the corresponding period in 2015. Other comprehensive income increased 
due to foreign currency translation adjustments. 
 
Financial Resources and Liquidity 
 
Antrim had a working capital surplus at March 31, 2016 of $9.2 million compared to a working capital surplus of 
$9.6 million as at December 31, 2015. Working capital decreased due to general and administrative expenses 
incurred in the period. 
 
Contractual Obligations, Commitments and Contingencies 
 
Antrim has several commitments in respect of its petroleum and natural gas properties and operating leases, 
including operating costs, as at March 31, 2016 as follows: 
 
/T/ 
 
                                       2016       2017       2018 Thereafter 
=--------------------------------------------------------------------------- 
Office Leases                           248        283          -          - 
Ireland                                   -          -          -          - 
United Kingdom 
Fyne                                      -          -          -          - 
Erne                                      -          -          -          - 
=--------------------------------------------------------------------------- 
Total                                   248        283          -          - 
=--------------------------------------------------------------------------- 
 
/T/ 
 
FEL 1/13 in Ireland has a 15 year term, with an initial three-year term followed by three four-year terms. The 
initial three year term of the FEL expires in early July 2016 and under the licence terms the work program to 
extend the licence into the second term must include the drilling of an exploration well. Antrim has submitted 
a request to extend the first exploration term by an additional two years pending government approval and 
agreement on an additional technical work program. 
 
Outlook 
 
The Company has been examining various strategic alternatives, including potential business combinations, to 
maximize shareholder value. The Company has also been actively engaged in reviewing various options for its 
appraised, but undeveloped UK oil and gas assets. No assurance can be provided that from either of these 
initiatives a satisfactory opportunity will be identified and if one is identified, that a transaction could be 
closed on terms acceptable to the Company. 
 
The Company has submitted an application to extend the first exploration term of its Ireland licence by an 
additional two years, pending government approval and agreement on an additional technical work program. The 
Company is also seeking a new farm-in partner and operator to complete any additional technical work necessary 
during the extension period to further de-risk the identified leads and prospects on the licence. No assurance 
can be provided that an extension or farm-out of the Ireland licence can be concluded in a timely manner on 
terms acceptable to the Company. 
 
The Company continues to manage its general and administrative expenses, implementing where possible further 
cost reductions. 
 
/T/ 
 
Summary of 
 Quarterly 
 Results 
 
                                     Cash Flow 
                                   Provided By                    Net Income 
                   Revenue, Net      (Used In)     Net Income     (Loss) Per 
                   of Royalties     Operations         (Loss)  Share - Basic 
=--------------------------------------------------------------------------- 
 
2016 
First quarter                 -        (1,024)          (913)         (0.00) 
                ------------------------------------------------------------ 
                              -        (1,024)          (913)         (0.00) 
                ------------------------------------------------------------ 
 
2015 
Fourth quarter                -          (164)          (169)         (0.00) 
Third quarter                 -        (2,173)            736           0.00 
Second quarter                -        (1,122)            812           0.00 
First quarter                 -            469            461           0.00 
                ------------------------------------------------------------ 
                              -        (2,990)          1,840           0.01 
                ------------------------------------------------------------ 
 
2014 
Fourth quarter                -          (815)          (903)         (0.00) 
Third quarter                 -          (109)          (528)         (0.00) 
Second quarter                -        (2,510)          (223)         (0.00) 
First quarter                 -        (1,179)        (8,461)         (0.05) 
                ------------------------------------------------------------ 
                              -        (4,613)       (10,115)         (0.05) 
                ------------------------------------------------------------ 
 
/T/ 
 
Key factors relating to the comparison of net income for the first quarter of 2016 to previous quarters are as 
follows: 
 
/T/ 
 
=-  In the first quarter of 2016, the Company recognized a $0.6 million 
    foreign exchange loss as a result of an increase in the value of the 
    Canadian dollar relative to the US dollar; 
=-  In the third quarter of 2015, the Company recognized a $1.1 million 
    foreign exchange gain as a result of a significant decrease in the value 
    of the Canadian dollar relative to the US dollar; 
=-  In the second quarter of 2015, the Company recognized a $1.7 million 
    recovery of E&E costs following lower expected decommissioning 
    obligations associated with signing the OIS contract in June 2015; 
=-  In the first quarter of 2015, the Company recognized a $1.2 million 
    foreign exchange gain as a result of a significant decrease in the value 
    of the Canadian dollar relative to the US dollar; 
=-  In the fourth quarter of 2014, the Company incurred $0.7 million in 
    severance to an executive who exercised an option to voluntarily 
    terminate employment upon closing of the ARNIL sale; 
=-  In the second quarter of 2014, the Company recognized a $5.2 million 
    gain on disposal of assets primarily with respect to the recognition in 
    income of foreign currency translation adjustments previously included 
    in accumulated other comprehensive income; 
=-  In the first quarter of 2014, the Company incurred $7.6 million in 
    finance costs and loss on financial derivative related to the Company's 
    bank loan and oil hedge obligations; 
 
/T/ 
 
Risks and Uncertainties 
 
The oil and gas industry involves a wide range of risks which include but are not limited to the uncertainty of 
finding new commercial fields, securing markets for existing reserves, commodity price fluctuations, exchange 
and interest rate costs and changes to government regulations, including regulations relating to prices, taxes, 
royalties, land tenure, allowable production and environmental protection and access to off-shore production 
facilities. The oil and natural gas industry is intensely competitive and the Company competes with a large 
number of companies that have greater resources. 
 
Substantial Capital Requirements 
 
The Company's ability to establish reserves in the future will depend not only on its ability to develop its 
present properties but also on its ability to select and acquire suitable exploration or producing properties 
or prospects. The acquisition and development of properties also requires that sufficient funds, including 
funds from outside sources, will be available in a timely manner. The availability of equity or debt financing 
is affected by many factors, many of which are outside the control of the Company. World financial market 
events and the resultant negative impact on economic conditions, particularly with respect to junior oil and 
gas companies, have increased the risk and uncertainty of the availability of equity or debt financing. 
 
Foreign Operations 
 
A number of risks are associated with conducting foreign operations over which the Company has no control, 
including currency instability, potential and actual civil disturbances, restriction of funds movement outside 
of these countries, changes of laws affecting foreign ownership and existing contracts, environmental 
requirements, crude oil and natural gas price and production regulation, royalty rates, OPEC quotas, potential 
expropriation of property without fair compensation and retroactive tax changes. 
 
Further discussions regarding the Company's risks and uncertainties, can be found in the Company's Annual 
Information Form dated April 22, 2016 which is filed on SEDAR at www.sedar.com. 
 
Forward-Looking and Cautionary Statements 
 
This MD&A contains certain forward-looking statements and forward-looking information which are based on 
Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of 
such statements or information. Forward-looking statements often, but not always, are identified by the use of 
words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" 
and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be 
achieved and other similar expressions. These statements are not guarantees of future performance and involve 
known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events 
to differ materially from those anticipated in such forward-looking statements and information. Antrim believes 
that the expectations reflected in those forward-looking statements and information are reasonable but no 
assurance can be given that these expectations will prove to be correct and such forward-looking statements and 
information included in this MD&A should not be unduly relied upon. Such forward-looking statements and 
information speak only as of the date of this MD&A and Antrim does not undertake any obligation to publicly 
update or revise any forward-looking statements or information, except as required by applicable laws. 
 
This MD&A may contain specific forward-looking statements and information pertaining to Antrim's plans for 
exploring and developing its licences, including exploration of the Skellig block, the anticipated increase of 
Antrim's working interest in the Skellig block to 100%, potential transactions, commodity prices, foreign 
currency exchange rates and interest rates, capital expenditure programs and other expenditures, supply and 
demand for oil, NGLs and natural gas, expectations regarding Antrim's ability to raise capital or pursue farm- 
out opportunities, to continually add to reserves through acquisitions and development, the schedules and 
timing of certain projects, Antrim's strategy for growth, Antrim's future operating and financial results, 
treatment under governmental and other regulatory regimes and tax, environmental and other laws. 
 
With respect to forward-looking statements contained in this MD&A, Antrim has made assumptions regarding: 
Antrim's ability to obtain additional drilling rigs and other equipment in a timely manner, obtain regulatory 
approvals (including for the Skellig block), the consideration received in Antrim's sale of its Causeway asset 
will not change materially as a result of post-closing adjustments, the level of future capital expenditure 
required to exploit and develop resources and Antrim's reliance on industry partners for the development of 
some of its properties, the general stability of the economic and political environment in which Antrim 
operates and the future of oil and natural gas pricing. In respect to these assumptions, the reader is 
cautioned that assumptions used in the preparation of such information may prove to be incorrect. 
 
Antrim's actual results could differ materially from those anticipated in these forward-looking statements and 
information as a result of assumptions proving inaccurate and of both known and unknown risks, including risks 
associated with the exploration for and development of oil and natural gas reserves such as the risk that 
drilling operations may not be successful, unanticipated delays with respect to the development of Antrim's 
properties, operational risks and liabilities that are not covered by insurance, volatility in market prices 
for oil, NGLs and natural gas, changes or fluctuations in oil, NGLs and natural gas production levels, changes 
in foreign currency exchange rates and interest rates, the ability of Antrim to fund its capital requirements, 
Antrim's reliance on industry partners for the development of some of its properties, risks associated with 
ensuring title to the Company's properties, liabilities and unexpected events inherent in oil and gas 
operations, including geological, technical, drilling and processing problems, the risk that the consideration 
from the ARNIL Sale is reduced as a result of post-closing adjustments and the accuracy of oil and gas resource 
estimates as they are affected by the Antrim's exploration and development drilling. Additional risks include 
the ability to effectively compete for, among other things, capital, acquisitions of reserves, undeveloped 
lands and skilled personnel, incorrect assessments of the value of acquisitions, Antrim's success at 
acquisition, exploitation and development of reserves, changes in general economic, market and business 
conditions in Canada, North America, Ireland, the United Kingdom, Europe and worldwide, actions by governmental 
or regulatory authorities including changes in income tax laws or changes in tax laws, royalty rates and 
incentive programs relating to the oil and gas industry and more specifically, changes in environmental or 
other legislation applicable to Antrim's operations, and Antrim's ability to comply with current and future 
environmental and other laws, adverse regulatory rulings, order and decisions and risks associated with the 
nature of the Common Shares. 
 
Many of these risk factors, other specific risks, uncertainties and material assumptions are discussed in 
further detail throughout this MD&A and in Antrim's Annual Information Form for the year ended December 31, 
2015. Readers are specifically referred to the risk factors described in this MD&A under "Risks and 
Uncertainties" and in other documents Antrim files from time to time with securities regulatory authorities. 
Copies of these documents are available without charge from Antrim or electronically on the internet on 
Antrim's SEDAR profile at www.sedar.com. Readers are cautioned that this list of risk factors should not be 
construed as exhaustive. 
 
In accordance with AIM guidelines, Mr. Murray Chancellor, C. Eng., MICE and Managing Director, United Kingdom 
for Antrim, is the qualified person that has reviewed the technical information contained in this MD&A. Mr. 
Chancellor has over 26 years operating experience in the upstream oil and gas industry. 
 
/T/ 
 
Antrim Energy Inc. 
Condensed Interim Consolidated Balance Sheets 
As at March 31, 2016 and December 31, 2015 (unaudited) 
(Amounts in US$ thousands) 
 
                                                      March 31  December 31 
                                              Note        2016         2015 
                                                  -------------------------- 
Assets 
  Current assets 
    Cash and cash equivalents                            9,417        9,895 
    Restricted cash                                         11           12 
    Accounts receivable                                    150           49 
    Prepaid expenses                                        76          107 
                                                  -------------------------- 
                                                         9,654       10,063 
 
Property, plant and equipment                  3           115            6 
Exploration and evaluation assets              4         1,361        1,307 
                                                  -------------------------- 
 
                                                        11,130       11,376 
                                                  -------------------------- 
Liabilities 
  Current liabilities 
    Accounts payable and accrued liabilities               420          446 
                                                  -------------------------- 
                                                           420          446 
                                                  -------------------------- 
 
Shareholders' equity 
Share capital                                  5       361,922      361,922 
Contributed surplus                                     21,932       21,930 
Accumulated other comprehensive loss                    (4,546)      (5,237) 
Deficit                                               (368,598)    (367,685) 
                                                  -------------------------- 
 
                                                        10,710       10,930 
                                                  -------------------------- 
 
Total Liabilities and Shareholders' Equity              11,130       11,376 
                                                  -------------------------- 
 
Commitments and contingencies                  10 
 
/T/ 
 
The accompanying notes are an integral part of the condensed interim consolidated financial statements. 
 
/T/ 
 
Antrim Energy Inc. 
Condensed Interim Consolidated Statements of Comprehensive Loss 
For the three months ended March 31, 2016 and 2015 (unaudited) 
(Amounts in US$ thousands, except per share data) 
 
                                                        Three Months Ended 
                                                             March 31 
                                                  Note      2016       2015 
                                                      ---------------------- 
 
Revenue                                                        -          - 
 
Expenses 
General and administrative                         8         423        777 
Depletion and depreciation                         3          10          3 
Share-based compensation                           6           2         (1) 
Exploration and evaluation                                   (16)        14 
Loss (gain) on disposal of assets                           (123)         - 
Finance and other income                                      (7)       (14) 
Finance costs                                                  2          8 
Foreign exchange loss (gain)                                 622     (1,248) 
                                                      ---------------------- 
Income (loss) before income taxes                           (913)       461 
Income tax expense                                             -          - 
                                                      ---------------------- 
Net income (loss) for the period                            (913)       461 
                                                      ---------------------- 
 
Other comprehensive income 
Items that may be subsequently reclassified to 
 profit or loss: 
  Foreign currency translation adjustment                    691     (1,174) 
                                                      ---------------------- 
Other comprehensive loss for the period                      691     (1,174) 
                                                      ---------------------- 
Comprehensive loss for the period                           (222)      (713) 
                                                      ---------------------- 
 
Net income (loss) per common share                 7       (0.00)      0.00 
 
/T/ 
 
The accompanying notes are an integral part of the condensed interim consolidated financial statements. 
 
/T/ 
 
Antrim Energy Inc. 
Condensed Interim Consolidated Statements of Cash Flows 
For the three months ended March 31, 2016 and 2015 (unaudited) 
(Amounts in US$ thousands) 
 
                                                        Three Months Ended 
                                                             March 31 
                                                  Note      2016       2015 
                                                      ---------------------- 
Operating Activities 
Income (loss) after income taxes                            (913)       461 
Items not involving cash: 
  Depletion and depreciation                       3          10          3 
  Share-based compensation                         6           2         (1) 
  Accretion of decommissioning obligations                     -          6 
  Gain on disposal of assets                                (123)         - 
Change in non-cash working capital items           9          40       (243) 
                                                      ---------------------- 
Cash provided by (used in) operating activities             (984)       226 
                                                      ---------------------- 
 
Investing Activities 
Property, plant and equipment additions                     (114)         - 
Exploration and evaluation assets additions                    -        (28) 
                                                      ---------------------- 
Cash used in investing activities                           (114)       (28) 
                                                      ---------------------- 
 
Effects of foreign exchange on cash and cash 
 equivalents                                                 620     (1,274) 
                                                      ---------------------- 
 
Net decrease in cash and cash equivalents                   (478)    (1,076) 
Cash and cash equivalents - beginning of period            9,895     15,420 
                                                      ---------------------- 
Cash and cash equivalents - end of period                  9,417     14,344 
                                                      ---------------------- 
 
/T/ 
 
The accompanying notes are an integral part of the condensed interim consolidated financial statements. 
 
/T/ 
 
Antrim Energy Inc. 
Condensed Interim Consolidated Statements of Changes in Equity 
For the three months ended March 31, 2016 and 2015 (unaudited) 
(Amounts in US$ thousands) 
 
                                             Accumulated 
                                                Other 
                         Share  Contributed Comprehensive 
                   Note Capital   Surplus        Loss      Deficit   Total 
                       ----------------------------------------------------- 
Balance, December 
 31,                    361,922      21,892        (2,837) (369,525) 11,452 
2014 
Net income for the 
 period                       -           -             -       461     461 
Other 
 comprehensive 
 loss                         -           -        (1,174)        -  (1,174) 
Share-based 
 compensation       6         -          (1)            -         -      (1) 
                       ----------------------------------------------------- 
Balance, March 31, 
 2015                   361,922      21,891        (4,011) (369,064) 10,738 
                               --------------------------------------------- 
 
Balance, December 
 31,                    361,922      21,930        (5,237) (367,685) 10,930 
2015 
Net loss for the 
 period                       -           -             -      (913)   (913) 
Other 
 comprehensive 
 loss                         -           -           691         -     691 
Share-based 
 compensation       6         -           2             -         -       2 
                       ----------------------------------------------------- 
Balance, March 31, 
 2016                   361,922      21,932        (4,546) (368,598) 10,710 
                       ----------------------------------------------------- 
 
/T/ 
 
The accompanying notes are an integral part of the condensed interim consolidated financial statements. 
 
Antrim Energy Inc. 
 
Notes to Condensed Interim Consolidated Financial Statements 
For the three months ended March 31, 2016 and 2015 (unaudited) 
(Amounts in US$ thousands) 
 
1) Nature of Operations 
 
Antrim Energy Inc. ("Antrim" or the "Company") is a Calgary based oil and natural gas company. Through 
subsidiaries, the Company conducts exploration activities in Ireland and the United Kingdom. Antrim Energy Inc. 
is incorporated and domiciled in Canada. The Company's common shares are listed on the TSX Venture Exchange 
("TSXV") and the London AIM market ("AIM") under the symbols "AEN" and "AEY", respectively. The address of its 
registered office is 1600, 333 - 7th Avenue S.W, Calgary, Alberta, Canada. 
 
2) Basis of Presentation 
 
a) Statement of compliance 
 
These condensed interim consolidated financial statements for the three months ended March 31, 2016 have been 
prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting, and have 
been prepared following the same accounting policies as the annual consolidated financial statements for the 
year ended December 31, 2015. The condensed interim consolidated financial statements should be read in 
conjunction with the annual consolidated financial statements for the year ended December 31, 2015, which have 
been prepared in accordance with International Financial Reporting Standards ("IFRS"). 
 
The policies applied in these condensed interim consolidated financial statements are based on IFRS issued and 
outstanding as at May 24, 2016, the date the Board of Directors approved the interim consolidated financial 
statements. 
 
b) Presentation currency 
 
In these condensed interim consolidated financial statements, unless otherwise indicated, all dollar amounts 
are expressed in United States ("US") dollars. The Company has adopted the US dollar as its presentation 
currency to facilitate a more direct comparison to North American oil and gas companies with international 
operations. 
 
c) Critical accounting judgments and key sources of estimation uncertainty 
 
The timely preparation of financial statements requires that management make estimates and assumptions and use 
judgment regarding assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled 
transactions and events as at the date of the financial statements. Accordingly, actual results may differ from 
estimated amounts as future confirming events occur. 
 
Significant estimates and judgments used in the preparation of the financial statements are described in the 
Company's consolidated annual financial statements for the year ended December 31, 2015. 
 
d) Changes in accounting policies 
 
The interim consolidated financial statements are prepared on a historical cost basis except as detailed in the 
accounting policies disclosed in the Company's consolidated financial statements for the year ended December 
31, 2015. 
 
3) Property, plant and equipment 
 
/T/ 
 
                                                      March 31  December 31 
                                                          2016         2015 
                                                  -------------------------- 
Opening balance                                              6           18 
Additions                                                  114            - 
Depletion and depreciation                                 (10)         (11) 
Foreign currency translation                                 5           (1) 
                                                  -------------------------- 
Closing balance                                            115            6 
                                                  -------------------------- 
 
4) Exploration and evaluation assets 
                                                      March 31  December 31 
                                                          2016         2015 
                                                  -------------------------- 
Opening balance                                          1,307        1,283 
Additions                                                    -          159 
Foreign currency translation                                54         (135) 
                                                  -------------------------- 
Closing balance                                          1,361        1,307 
                                                  -------------------------- 
 
/T/ 
 
Exploration and evaluation assets at March 31, 2016 and December 31, 2015 relate to the Company's Ireland 
Frontier Exploration Licence 1/13 (FEL 1/13). In 2015 the Company's joint venture partner relinquished its 
interest in the licence. The Company has submitted an application to extend the first phase of the licence for 
an additional two years and is seeking a new joint venture partner to participate in the licence. If the 
Company is not able to extend the licence and a qualified joint venture partner is not found to participate in 
the licence, the carrying value of the licence may be impaired and the exploration and evaluation costs written 
off to net earnings. 
 
/T/ 
 
5) Share capital 
 
Authorized 
Unlimited number of common voting shares 
 
Common shares issued                                  Number of       Amount 
                                                         Shares            $ 
                                                  -------------------------- 
 
Balance, March 31, 2016 and December 31, 2015       184,731,076      361,922 
                                                  -------------------------- 
 
/T/ 
 
6) Share-based compensation 
 
The Company has a program whereby it may grant options to its directors, officers and employees to purchase up 
to 10% of the issued and outstanding number of common shares. The exercise price of each option is no less than 
the market price of the Company's stock on the date of grant. Stock option terms are determined by the 
Company's Board of Directors but options typically vest evenly over a period of three years from the date of 
grant and expire five years after the date of grant. 
 
Share-based compensation for the three months ended March 31, 2016 was $2 (2015 - recovery of $1). 
 
The following table illustrates the number and weighted average exercise prices of and movements in share 
options under the option program during the period. 
 
/T/ 
 
                        Three Months Ended           Three Months Ended 
                          March 31, 2016               March 31, 2015 
                   ---------------------------- ---------------------------- 
                                    Weighted                     Weighted 
                                     average                      average 
                                    exercise                     exercise 
                       Number      price Cdn $      Number      price Cdn $ 
                   ---------------------------- ---------------------------- 
Outstanding - 
 beginning of 
 period               3,425,000       0.55         5,345,002       0.65 
Granted                   -             -              -             - 
Forfeited             (170,000)       0.60         (800,002)       0.73 
Expired                   -             -          (290,000)       1.02 
                   ---------------------------- ---------------------------- 
Outstanding - end 
 of period            3,255,000       0.55         4,255,000       0.61 
                   ---------------------------- ---------------------------- 
7)Earnings per share 
 
                                                      Three Months Ended 
                                                           March 31 
                                                          2016          2015 
                                                  -------------------------- 
Net income (loss) for the period                          (913)          461 
                                                  -------------------------- 
 
Basic earnings per share: 
Issued common shares                               184,731,076   184,731,076 
Effect of share options exercised                            -             - 
                                                  -------------------------- 
Weighted average number of common shares - basic   184,731,076   184,731,076 
                                                  -------------------------- 
 
Diluted earnings per share: 
Weighted average number of common shares - basic   184,731,076   184,731,076 
Effect of outstanding options                                -             - 
                                                  -------------------------- 
Weighted average number of common shares - diluted 184,731,076   184,731,076 
                                                  -------------------------- 
 
Basic and diluted income (loss) per common share         (0.00)         0.00 
 
/T/ 
 
There have been no other transactions involving common shares or potential common shares between the reporting 
date and the date of completion of these financial statements. 
 
For the periods ended March 31, 2016 and 2015, all stock options were anti-dilutive and were not included in 
the diluted common share calculation. 
 
/T/ 
 
8) General and administrative expenses 
                                                      Three Months Ended 
                                                           March 31 
                                                           2016         2015 
                                                  -------------------------- 
Wages and salaries                                          161          444 
Occupancy                                                    75           83 
Administrative                                              183          250 
Travel                                                        4            - 
                                                  -------------------------- 
                                                            423          777 
                                                  -------------------------- 
 
/T/ 
 
9) Supplemental cash flow information 
 
/T/ 
 
                                                      Three Months Ended 
                                                           March 31 
                                                          2016         2015 
                                                  -------------------------- 
(Increase)/decrease of assets: 
  Trade and other receivables                               30           54 
  Inventory and prepaid expenses                            36           55 
Increase/(decrease) of liabilities: 
  Trade and other payables                                 (26)        (352) 
                                                  -------------------------- 
                                                            40         (243) 
                                                  -------------------------- 
 
Cash and cash equivalents are comprised of: 
  Cash in bank                                           1,417        4,644 
  Short-term deposits                                    8,000        9,700 
                                                  -------------------------- 
                                                         9,417       14,344 
 
/T/ 
 
10) Commitments and contingencies 
 
The Company has net commitments in respect of its petroleum and natural gas properties and operating leases, 
including operating costs, as at March 31, 2016 as follows: 
 
/T/ 
 
                                    2016        2017        2018  Thereafter 
=--------------------------------------------------------------------------- 
Office Leases                        248         283           -           - 
Ireland                                -           -           -           - 
United Kingdom 
  Fyne                                 -           -           -           - 
  Erne                                 -           -           -           - 
=--------------------------------------------------------------------------- 
Total                                248         283           -           - 
=--------------------------------------------------------------------------- 
 
/T/ 
 
FEL 1/13 in Ireland has a 15 year term, with an initial three-year term followed by three four-year terms. The 
initial three year term of the FEL expires in early July 2016 and under the licence terms the work program to 
extend the licence into the second term must include the drilling of an exploration well. The Company has 
submitted a request to extend the first exploration term by an additional two years pending government approval 
and agreement on an additional technical work program. 
 
11) Financial instruments and financial risks 
 
Financial instruments 
 
Financial assets and financial liabilities are initially recognized at fair value and are subsequently 
accounted for based on their classification. The classification categories, which depend on the purpose for 
which the financial instruments were acquired and their characteristics include held-for-trading, available-for- 
sale, held-to-maturity, loans and receivables, investments, and other liabilities. Except in very limited 
circumstances, the classification is not changed subsequent to initial recognition. 
 
The Company's financial instruments consist of cash, cash equivalents, restricted cash, accounts receivable and 
accounts payable.  Cash and cash equivalents, restricted cash and accounts receivable are classified as loans 
and receivables and are accounted for at amortized cost.  Accounts payable are classified as other liabilities 
and are accounted for at amortized cost.  Due to the short-term maturity of these financial instruments, fair 
values approximate carrying amounts. 
 
Financial risks 
 
The Company is exposed to financial risks encountered during the normal course of its business.  These 
financial risks are composed of credit risk, liquidity risk and market risk including commodity price and 
foreign currency exchange risks. 
 
(a) Credit risk 
 
The Company is exposed to the risk that its counterparties will fail to discharge their obligations to the 
Company on its cash, cash equivalents, accounts receivable and certain non-current assets. 
 
Cash and cash equivalents and restricted cash are on deposit with reputable Canadian and international banks, 
and therefore the Company does not believe these financial instruments are subject to material credit risk. 
 
The extent of the Company's credit risk exposure is identified in the following table: 
 
/T/ 
 
                                     March 31    December 31 
                                         2016           2015 
                                    ------------------------- 
Cash and cash equivalents               9,417          9,895 
Restricted cash                            11             12 
Accounts receivable                       150             49 
                                    ------------------------- 
                                        9,578          9,956 
                                    ------------------------- 
 
/T/ 
 
No accounts receivable are past due or considered impaired. 
 
(b) Liquidity risk 
 
The Company is exposed to liquidity risk from the possibility that it will encounter difficulty meeting its 
financial obligations. The Company manages this risk by forecasting cash flows in an effort to identify future 
liabilities and arrange financing, if necessary. It may take many years and substantial cash expenditures to 
pursue exploration and development activities on all of the Company's existing undeveloped properties. 
Accordingly, the Company will need to raise additional funds from outside sources in order to explore and 
develop its properties. There is no assurance that adequate funds from debt and equity markets will be 
available to the Company in a timely manner. 
 
As at March 31, 2016 the Company's financial liabilities are due within one year. 
 
(c) Market risk 
 
Market risk consists of commodity price risk and foreign currency exchange risk. 
 
Commodity price risk 
 
At March 31, 2016 the Company had no outstanding commodity contracts. 
 
Foreign currency exchange risk 
 
The Company is exposed to fluctuations in foreign currency exchange rates as many of the Company's financial 
instruments are denominated in United States dollars, Canadian dollars and British pounds sterling. As a 
result, fluctuations in the United States dollar against the Canadian dollar and British pound sterling could 
result in unanticipated fluctuations in the Company's financial results. The Company seeks to minimize foreign 
exchange risk by holding cash and cash equivalents in United States dollars when not required in support of 
current operations. 
 
Capital management 
 
The Company's objective when managing its capital is to safeguard the Company's ability to continue as a going 
concern, maintain adequate levels of funding to support its exploration and development program, and provide 
flexibility in the future development of its business. The ability of the Company to successfully carry out its 
business plan is dependent upon the continued support of its shareholders, attracting joint venture partners, 
the discovery of economically recoverable reserves and the ability of the Company to obtain financing to 
develop reserves. The Company maintains and adjusts its capital structure based on changes in economic 
conditions and the Company's planned requirements. The Company may adjust its capital structure by issuing new 
equity and/or debt, selling assets, and controlling capital expenditure programs. The Company intends to fund 
its planned capital program through existing cash resources. 
 
The Company's capital structure at March 31, 2016 consisted of cash and cash equivalents and shareholders' 
equity. Shareholders' equity includes shareholders' capital, contributed surplus, and accumulated other 
comprehensive loss and deficit. 
 
/T/ 
 
The capital structure of the Company consists of: 
                                                       March 31  December 31 
                                                           2016         2015 
                                                  -------------------------- 
Cash and cash equivalents                                 9,417        9,895 
Shareholders' equity                                     10,710       10,930 
 
/T/ 
 
Current restrictions on the availability of credit may limit the Company's ability to access debt or equity 
financing for its projects. The Company forecasts cash flows against a range of macroeconomic and financing 
market scenarios in an effort to identify future liabilities and arrange financing, if necessary. Although the 
Company may need to raise additional funds from outside sources, if available, in order to develop its oil and 
gas properties, the Company seeks to maintain flexibility to manage financial commitments on these assets. 
 
Methods employed to adjust the Company's capital structure could include any, all or a combination of the 
following activities: 
 
(i) Issue new shares through a public offering or private placement; 
 
(ii) Issue equity linked or convertible debt; 
 
(iii) Raise fixed or floating rate debt; 
 
(iv) Sell or farm-out existing exploration assets. 
 
DIRECTORS 
 
Stephen Greer (1) (3) 
Chairman 
 
Erik Mielke (1) (2) (3) 
Independent Director 
 
Jim Perry (1) (2) (3) (4) 
Independent Director 
 
Anthony Potter 
Director 
Antrim Energy Inc. 
 
Jay Zammit (2) (4) 
Partner, 
Burstall Winger Zammit LLP 
 
(1) Member of the Audit Committee 
 
(2) Member of the Compensation Committee 
 
(3) Member of the Reserves Committee 
 
(4) Member of the Corporate Governance Committee 
 
OFFICERS 
 
Anthony Potter 
President, Chief Executive Officer and Chief Financial Officer 
 
Adrian Harvey 
Corporate Secretary 
 
STOCK EXCHANGE LISTINGS 
 
TSX Venture Exchange (TSXV): Trading Symbol "AEN" 
 
London Stock Exchange (AIM): Trading Symbol "AEY" 
 
HEAD OFFICE 
 
610, 301 8th Avenue SW 
Calgary, Alberta 
Canada T2P 1C5 
Main: +1 403 264 5111 
Fax: + 1 403 264 5113 
info@antrimenergy.com 
www.antrimenergy.com 
 
The Company's website is not incorporated by reference in and does not form a part of this report. 
 
LONDON OFFICE 
 
Ashbourne House, The Guildway 
Old Portsmouth Road, Artington 
Guildford, Surrey 
United Kingdom GU3 1LR 
Main: +44 (0) 1483 307 530 
Fax: +44 (0) 1483 307 531 
 
INTERNATIONAL SUBSIDIARIES 
 
Antrim Energy Ltd. 
Antrim Exploration (Ireland) Limited 
Antrim Energy (UK) Limited 
Antrim Energy (Ventures) Limited 
 
LEGAL COUNSEL 
 
Burstall Winger Zammit LLP 
Calgary, Alberta 
 
BANKERS 
 
Toronto-Dominion Bank of Canada 
 
AUDITORS 
 
PricewaterhouseCoopers LLP 
Calgary, Alberta 
 
INDEPENDENT ENGINEERS 
 
McDaniel & Associates Consultants Ltd. 
 
REGISTRAR AND TRANSFER AGENT 
 
Inquiries regarding change of address, registered shareholdings, stock transfers or lost certificates should be 
direct to: 
 
CST Trust Company 
Calgary, Alberta 
inquiries@cantstockta.com 
 
Copies of the quarterly report are in the process of being despatched to shareholders who have requested a hard 
copy and have been posted on the Company's website (www.antrimenergy.com) and on SEDAR (www.sedar.com). 
 
For further information, please contact: 
 
Anthony Potter 
President, Chief Executive Officer and Chief Financial Officer 
Antrim Energy Inc. 
Telephone: + 1 403 264 5111 E-mail: potter@antrimenergy.com 
 
Nominated Advisor 
RFC Ambrian Limited 
Will Souter or Indra Ruthramoorthy 
Telephone: +612 9250 0020 
 
 
 
 
Antrim Energy Inc. 
 

(END) Dow Jones Newswires

May 25, 2016 02:00 ET (06:00 GMT)

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