The company made a $930,000 (£597,000) profit from operations in the second quarter after starting production off the UK, where it has been grappling with soaring costs amid fierce competition from bigger fish.
The Canadian independent hopes to make further progress this year on two fields east of Shetland that are now in production and on its exploration acreage offshore Ireland.
However, it noted: "There are a number of material uncertainties that raise significant doubts as to the company's ability to continue as a going concern."
The issues highlighted in its quarterly results announcement provide a checklist of areas in which oil and gas firms could face challenges. Antrim said the uncertainties include "the performance of the producing wells, oil prices, ability to finish the planned development program for Causeway within budget, ability to secure additional financing, relinquishment of commitments on certain licences and settlement of contingencies".
It added: "The oil and natural gas industry is intensely competitive and the company competes with a large number of companies that have greater resources."
The comments will be studied with interest in Scotland, which is reaping the rewards from booming investment in the North Sea. Majors including BP are developing bumper new fields in areas like west of Shetland to capitalise on strong demand for oil and gas. Their activity is stoking competition for resources such as rigs and skilled staff.
Founded in the 1990s, Antrim has acquired interests in a range of UK licences. However, the company's experience underlines how difficult firms may find it to turn exploration interests into producing assets.
Antrim made a $135m loss in 2012 after recording a $123m impairment charge against the value of its oil and gas interests.
This included a $50m provision against the valuation of the company's interest in the Ffion field in the North Sea.
Antrim decided expected costs associated with its development had risen so much the project no longer met its economic criteria.
Antrim also provided $54.7m against the valuation of the Fyne field and related interests. This followed a substantial increase in the projected capital costs of developing the field using a Floating Production Storage and Offloading Vessel. After recording $17m oil sales income in the first half of 2013, compared with none in the preceding two years, things may be looking up for Antrim. It expects increased production from the Causeway field in the second half, following deployment of a specialised pump. Antrim's share of production from the field averaged 668 barrels of oil per day in the second quarter. It has a 35.5% interest. Ithaca Energy has 64.5%.
Antrim expects an appraisal well to be drilled on Cormorant East, which came onstream in January. It will share in revenues when its portion of relevant costs has been recovered.
It also agreed with Enegi Oil and ABT Technology to investigate plans to bring Fyne onstream with unmanned buoys.
In April, the company sold a 75% stake in a licence it has in the Porcupine Basin area off Ireland, to Kosmos Energy. The firms are acquiring 3D seismic data on the licence.A spokesman for Antrim did not elaborate on the results.