Atlantic Petroleum P/F - Fyrirtækjafréttir

Operation update June 2011

Tórshavn, Faroe Islands, 2011-07-05 12:55 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that during the month of June,
Atlantic Petroleum produced a net total of 71,000 barrels of oil equivalents
(boe) from the Chestnut and Ettrick fields. The average daily production was
2,367 boe per day net to the Company. 



Chestnut is currently producing at a reduced rate due to water injection
constraints. Options for reinstating water injection have been considered, and
the drilling of a sidetrack to the existing water injector well and
recompletion of the reservoir section is planned to commence in August. 



Atlantic Petroleum has previously announced a firm well commitment of 4
exploration wells over the next 18 months. The spudding of the first well on
the Foxtrot prospect in Block 49/30b is expected to be in July or August.
Atlantic Petroleum will participate with a 35% working interest and the licence
is operated by Tullow Oil plc. 



Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100
(ben.arabo@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. 



Announcement no. 28/2011

Issued 05-07-2011


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