Will be interesting to see when they are planning to drill...

Will be interesting to see when they are planning to drill Yellow Rose now, with extra cash to fund it, i expect things will be full steam ahead on that front now, regards The Tinhopper



Level 2, 5 Ord Street Telephone: + 61 8 9324 2177 West

Perth WA 6005 Facsimile: + 61 8 9324 1224 Website:www.antaresenergy.comPO Box 690 Email: [email protected] West Perth WA 6872
ASX/NEWS RELEASE 25 August 2008
PLACEMENT TO STRATEGIC US OIL AND GAS INVESTOR
The Board of Antares Energy Limited is delighted to announce that it has executed a
strategic agreement with HEP Oil GP. L.L.C. (HEP) whereby Antares will issue 24 million
shares to HEP at a price of $0.10 to raise $2.4 million.

The funds raised will be used primarily to fund the Company's future participation in the
Yellow Rose project.

The price of $0.10 represents a 43% premium to the closing price for Antares shares on
Friday 22 August 2008.

Antares expects the transaction to be completed this week following the receipt of funds
and the allotment of the new shares to HEP. This will be advised to the ASX when
allotment occurs. After allotment HEP will hold a 13% interest in the Company.

Antares has the intent of achieving the following strategic goals so as to achieve the
greatest possible value of its assets for its shareholders:
1. US single focus on a proven oil and gas region - achieved
2. US based office and management - achieved
3. US based strategic investor - achieved
4. US listing
Managing Director James Cruickshank stated:
"To raise these funds at a 43% premium in the current market environment speaks
volumes for the quality that HEP sees in Antares' four projects, and Yellow Rose in
particular. Antares is very pleased to have an investor of HEP's caliber with its vast
successful experience in the US oil and gas industry taking a strategic stake in
Antares and looks forward to a long and mutually successful future."

Contact:
James Cruickshank, Executive Director, Antares Energy Limited Tel: + (61) (0) 419 903 452 or + (1) 214 762 2202 For more information: www.antaresenergy.com_____________________________________________________________________________

ANTARES ENERGY A.C.N. 009 230 835