Atlantic Petroleum P/F - Fyrirtækjafréttir

P/F Atlantic Petroleum has entered into a Term Sheet for an additional Bridge Loan Facility

Tórshavn, Faroe Islands 15th October 2008 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the international upstream oil and gas company, today announced that
it has entered into a Term Sheet for a syndicated additional bridge loan
facility amounting to DKK 140 million. The total bridge loan facilities entered
into by the company now amount to a total of DKK 410 million. In the Term Sheet
for this additional bridge loan facility, which is based on normal market
conditions, it is agreed that this loan shall be paid back on or before the
30th June 2009 and shall be paid back before the previous bridge loans
amounting to DKK 270 million. 

In connection with this syndicated additional bridge loan facility, P/F
Atlantic Petroleum has charged, as security to the lenders: 

(i)	its shares in its wholly owned subsidiary Atlantic Petroleum UK Limited;
and 
(ii)	its inter-company receivables from Atlantic Petroleum UK Limited.
(iii)	that Atlantic Petroleum UK Limited shall procure that liquidity income
into the company is only used to payments with consent from the lenders 
(iv)	P/F Atlantic Petroleum has provided the lenders with a negative pledge.

It is also agreed in the Term Sheet that if a share capital increase is carried
out by P/F Atlantic Petroleum, the proceeds from the share capital increase
shall be used to pay down the amount of this loan. 


Commenting on the Term Sheet for the additional bridge loan facility Wilhelm
Petersen, Managing Director of P/F Atlantic Petroleum, said: "We are very satisfied to have entered into this Term Sheet for a bridge loan
facility which will enable the company to carry on with the planned business
case and strengthen the company's capital base. As previously announced,
Atlantic Petroleum will also be carrying out a share capital increase."


Further Details
Further details can be obtained from Wilhelm Petersen, Managing Director, 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. 
P/F Atlantic Petroleum 	      Telephone +298 350 100      Issued 15-10-2008
Gongin 9                         FO-110 Tórshavn
P.O. Box 1228	               Fax +298 350 101
Faroe Islands	               Website: www.petroleum.fo