Atlantic Petroleum P/F - Company Announcement

Operation update September 2011

Tórshavn, Faroe Islands, 2011-10-10 15:31 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that during the month of September, 
Atlantic Petroleum produced a net total of 30,000 barrels of oil equivalents
(boe) from the 
Chestnut and Ettrick fields. The average daily production was 1,000 boe per day
net to the 
Company. Average daily production for 2011 is expected to be within the
announced guidance of 
2,100 - 2,600 boepd.


Chestnut is currently producing at a reduced rate due to water injection
constraints. The drilling of 
a sidetrack to the existing water injector well is planned to be completed in
November to reinstate 
water injection and increase production levels.


On Ettrick a 16 days Aoka Mizu shutdown was successfully completed during
September. In 
relation to the Blackbird development, during October the dive support vessel
Seven Atlantic will 
finalise tie-ins followed by the rock dumping vessel. Commissioning checks and
readiness 
reviews are planned for late October and November prior to the introduction of
hydrocarbons from 
the Blackbird field in late 2011.


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. 40/2011
Issued 10-10-2011


         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