Atlantic Petroleum P/F - Company Announcement

Operation update December 2010

Tórshavn, Faroe Islands, 2011-01-04 10:56 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that during the month of December,
Atlantic Petroleum produced a net total of 96,000 barrels of oil equivalents
(boe) from the Chestnut and Ettrick fields. The average daily production was
3,096 boe per day net to the Company. 

The total production for 2010 amounts to 967,000 boe. Please note that these
numbers are unaudited and may be subject to minor corrections. 



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. 1/2011

Issued 04-01-2011




         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