PRESS RELEASE

4 July 2008

Valiant Petroleum plc 

Causeway Development Well

Antrim Energy Inc, the operator of the Causeway field located in blocks 211/22a South East and 211/23d in which Valiant Petroleum plc ("Valiant") is a 14% partner, today issued the following press release.

ANTRIM ENERGY DRILLS SUCCESSFUL DEVELOPMENT WELL AT CAUSEWAY, UK NORTH SEA

CALGARY, ALBERTA (July 4, 2008) - Antrim Energy Inc. ("the Company") (TSX: AEN; AIM: AEY), an international oil and gas exploration and production company, today released drilling results from its Causeway well 211/23d-18 (Antrim 65.5%) in the UK North Sea. The 23d-18 well drilled a significant oil column, including a new oil accumulation in the Etive Formation.  

The 23d-18 well, which was drilled directionally, 60 ft structurally below 23d-17z, penetrated an oil column of 50 ft with 25 ft TVD, net oil pay in the Ness Formation and an oil column of 15 ft with 8ft TVD, ft net oil pay in the underlying Etive Formation. Porosity and permeability measurements indicate high quality reservoirs with average porosity of 20% and permeability measured up to approximately 800 mD.

Modular Dynamics Testing over the oil bearing sandstones in both formations flowed light oil with no water. The equivalent Ness section in the discovery well tested light oil (32 degrees API) at rates up to 7000 bopd with no water. The Etive section in 23d-18 represents a new oil accumulation not previously reported from this area of the Causeway structure. 

The 23d-18 well is currently being cased and will be retained as a development well to provide pressure support to the 23d-17z discovery well, which tested at a combined rate of up to 14,500 bopd.

"We are pleased this well encountered an oil column in the high quality Etive Sandstone estimated to be approximately 60ft structurally below the projected elevation in the vicinity of the discovery well, commented Stephen Greer, President and CEO. "This discovery in the Etive Formation in 23d-18 could represent a significant addition to the Causeway resource base. The drilling results represent another important step toward first production, expected in late 2009 from the Causeway property." 

Operations are continuing to install a 7-inch production liner in the 211/23d-18 well with an anticipated rig release date early next week. To date the well has been drilled ahead of schedule and under budget. No additional wells are planned before oil is produced under this proposed phase of the development. 

Once operations have been completed on the Causeway 23d-18 well the drilling rig, which is currently under contract to Antrim, will move to the UK central North Sea to continue the successful appraisal drilling program on Antrim's Fyne Field.

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