Atlantic Petroleum P/F - Company Announcement

New partner in Faroes License 006

Tórshavn, Faroe Islands, 2011-03-01 10:05 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces ExxonMobil Exploration & Production
Faroe Islands Limited will acquire 49% interest in License 006, where Atlantic
Petroleum holds 1% interest. Statoil Faroes AS will retain 50% interest and
operatorship in the license. 


The Ministry of Industry and Trade in the Faroes has approved the transfer of
part of Statoil's stake to ExxonMobil. 

This marks ExxonMobil's first entry into the Faroes, while Statoil has been in
the Faroes since 2000 and is operator of six offshore licenses. The partnership
plans to drill an exploration well on License 006 early in the second half of
2011. Statoil has earlier drilled two wells offshore Faroes. 

Ben Arabo, CEO commented:

“Atlantic Petroleum looks forward to continue its working relationship with
Statoil and to be working together with ExxonMobil on Licence 006. Atlantic
Petroleum is committed to exploring the Faroese shelf and is looking forward to
participating in the Brugdan Deep well later in 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. 6/2011

Issued 01-03-2011




         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