Atlantic Petroleum P/F - Fyrirtækjafréttir

Atlantic Petroleum announces revised oil production forecast and financial guidance for 2009

Tórshavn, Faroe Islands, 1st October 2009 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the international upstream oil and gas company, announces that due to
ongoing production optimisation on the Chestnut field the company reduces its
forecasted oil production for 2009, related to Chestnut, from 560,000 bbls to
around 505,000 bbls (barrels net to Atlantic Petroleum). The production has
proactively been reduced to prudently manage reservoir off-take in relation to
injected water volumes and gas production. The Chestnut field has overall
performed very well with a stable production level, and reserves are estimated
to be within the upper end of expectations. 

Ettrick has, due to commissioning of the gas compression system, been producing
at flare-constrained rates which has an impact on the production forecast for
2009. The production is expected to be normalised within the next week.
However, since the Ettrick field commenced production in August the field's
production potential has proved very positive, in line with or better than
expected and it is therefore possible that the initial production deficit
relative to forecast will be recouped during the remainder of the year. 

Atlantic Petroleum's previous total production estimate for 2009 from the
Company's Chestnut and Ettrick fields amounted to a total of 725,000 to 825,000
barrels net to Atlantic Petroleum. On the basis of the above, the Company's new
total production estimate for 2009 totals 700,000 to 740,000 barrels net to
Atlantic Petroleum. 

At the time of Atlantic Petroleum's announcement of 21st August 2009 regarding
the interim report for the six months ended 30th June 2009, the Company
expected EBIT of DKK 50-60 MM before deduction of unsuccessful
exploration/appraisal costs, and cash flow from operating activities in excess
of DKK 100 MM in 2009. These estimates were based on an oil price of USD 72 for
2H 2009. In light of the changed production estimate the Company now expects
EBIT of DKK 40-50 MM before deduction of unsuccessful exploration/appraisal
costs. Cash flow from operating activities is still expected to exceed DKK 100
MM. The revised financial guidance is based on an average oil price of USD
70/bbl for the remainder of the year. At an oil price of USD 60/bbl for the
remainder of the year, EBIT will be reduced to DKK 30-40 MM, while at an oil
price of USD 80/bbl, EBIT will increase to DKK 55-65 MM. 

Wilhelm Petersen, CEO: “It is important to emphasize that although the 2009
production estimate for the Chestnut field is reduced, the Chestnut field is
performing very well and will continue to be an important cash contributor for
the Company in the years to come. Further, we are very pleased that the Ettrick
field has now been brought on stream and that the potential of the field is at
the high end of our expectations.“ 

Further details can be obtained from Wilhelm Petersen, CEO, tel +298 350 100
(wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350
100 (teiturs@petroleum.fo). This announcement will be available, together with
other information about Atlantic Petroleum, on the Company's website:
www.petroleum.fo. On the website, it is also possible to sign up for the
Company's e-mail newsletter. 

This announcement does not constitute an offer or an invitation to make an
investment in P/F Atlantic Petroleum. Potential investors are recommended to
examine all relevant risks and legal aspects, including in relation to taxation
and currency restrictions that may be of relevance regarding an investment in
shares in P/F Atlantic Petroleum. 

About Atlantic Petroleum
Atlantic Petroleum is a Faroese independent exploration and production (E&P)
company with oil and gas interests in the North Sea, East Irish Sea and Celtic
Sea and on the Faroese Continental Shelf. The Company has interests in 15
licences containing around 30 fields, discoveries, prospects or leads.
Furthermore, Atlantic Petroleum has partnerships with 17 international oil
companies operating in North West Europe. The objective of Atlantic Petroleum
is to develop offshore oil and gas potential in North West Europe on a
commercial basis, and presently the Company engages in activities ranging from
exploration, through appraisal, to development and production. Atlantic
Petroleum's shares are listed on both NASDAQ OMX Iceland and NASDAQ OMX
Copenhagen. 


Announcement  no. 25/2009		                           Issued 01-10-2009

P/F Atlantic Petroleum 		                       Telephone +298 350 100
Gongin 9		                                                Fax +298 350 101
P.O. Box 1228		                              Website: www.petroleum.fo
FO-110 Tórshavn 		                           Mail: petroleum@petroleum.fo
Faroe Islands