Antrim Energy Inc. has entered into an agreement with Crown Point Ventures Ltd. (Crown Point) whereby Crown Point will acquire all of the issued and outstanding common shares ("Antrim Argentina Shares") of Antrim's Argentina subsidiary, Antrim Argentina S.A. ("Antrim Argentina"), by way of plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement").

Under the terms of the Arrangement, it is expected that Crown Point will directly or indirectly acquire all of the issued and outstanding Antrim Argentina Shares for total consideration of approximately $53.75 million comprised of $10.26 million in cash (subject to certain adjustments) (the "Cash Consideration") and the issuance of 35,761,307 common shares of Crown Point ("Crown Point Shares") at a deemed price of $1.216 per Crown Point Share. The assets of Antrim Argentina consist of a 25.78% non-operated interest in the Tierra Del Fuego Concessions, a 50.1% operated interest in the Cerro de Los Leones exploration license and approximately $7.35 million estimated working capital.

Tags: Antrim Energy Inc., Crown Point Ventures Ltd