Atlantic Petroleum P/F - Company Announcement

Result of Annual General Meeting 21st March 2009

1.	Ingi Højgaard was elected as Chairman of the General Meeting.

2.	The Chairman of the Board presented the Board of Directors' statement of the
Company's activity during 2008. 

3.	The audited Annual Accounts were presented and approved by the General
Meeting. 

4.	It was decided to carry forward the loss from 2008 to next year.

5.	Two of five Board Members were up for election for a period of two years:
Poul Mohr and Petur Even Djurhuus. They were re-elected. The Board of Directors
decided that Kjartan Hoydal continues as Chairman of the Board and Poul Mohr as
deputy Chairman.. 

6.	As proposed it was decided to re-elect P/F Grannskoðaravirkið INPACT
statsaut. revisorar, R. C. Effersøesgøta 26, 100 Tórshavn as auditors, for the
period until the next Annual General Meeting. 

7.	The proposed inclusion of § 3 D and the proposed amendment of § 3 to the
Articles of Association of the Company was approved. 

A) §3 D is now as follows:

Sub clause 1.
Until the 31st of December 2010 the Board of Directors has authority - in one
or several rounds - to issue convertible bond or other convertible debt
instrument for loans of up to the amount of DKK 56,000,000 which gives the
lender the right to convert his claim of repayment into share capital in the
company. Convertible bonds or other convertible debt instruments can be issued
without any pre-emptive rights for existing shareholders. Based on the decision
of the Board of Directors the payment of convertible bond or other convertible
debt instrument can be made either in cash, fully or partially by way of
conversion of other debt of the Company into convertible bonds or other
convertible debt instrument or in other values than cash, this including that
the Company in connection with the issue of convertible bonds or other
convertible debt instruments against consideration in convertible bonds or
other convertible debt instruments takes over existing enterprises, activity or
company or shares in other company (merger); that the company in connection
with the issue of convertible bonds or other convertible debt instruments
without consideration in convertible bonds or other convertible debt
instruments accepts such other values. 

Sub clause 2. 
The Board of Directors is empowered to increase the share capital accordingly
in case of conversion of the convertible bonds or other convertible debt
instruments into share capital. The Board of Directors decides the terms of the
convertible bond or other convertible debt instrument and the terms for
subscription of shares by conversion of convertible bonds or other convertible
debt instrument into share capital based on the authority delegated in this
clause with the restriction that the following conditions shall apply to the
subscription of said share capital: 

1. The share capital will have the same rights in the Company as the existing
share capital; 
2. The shares shall be made out to a named holder and are negotiable; 
3. The shareholders are not obliged to redeem their shares; 
4. The new shares are also encompassed by the following restriction on
ownership rights and voting rights: 

No shareholder can hold more than 20% of the Company's share capital, and no
one can vote at the general meeting with more than 20% of the votes. Legal
persons who are mutually so closely connected that one of them has decisive
influence on the matters of the other will be considered as one in connection
with this limitation of ownership rights and voting rights so that these legal
persons together only can own and vote for not more than 20% of the share
capital. 

As examples of close connections between legal persons falling under this
clause are 
 • internal relationships between limited companies which according to the
regulations in section 2 in the Companies act are regarded as belonging to the
same group; 
 • internal relationships between other legal persons and limited companies in
which these other legal persons own more than or can votes for more than 50% of
the limited company's share capital; 
 • internal relationships between public institutions. 

5. The shares have a nominal value of DKK 100.00 and multiples hereof. 
6. The shares can be issued without pre-emptive rights of subscription for
existing shareholders. 

B) The fiures in § 3 sub-clause 1 , are now as follows:

•	“31st December 2010”; 
•	“kr. 175.000.000”; 
•	this has been added into the end of § 3 sub-clause 1: “Payment of increase in
the share capital can further fully or partially be made by way of debt
conversion.” 

Apart from this, § 3 remains unchanged. 

The said § 3 has now this wording in full length: 

“Sub clause 1. 
Until the 31st December 2010 the Company's Board of Directors has authority -
in one or several rounds - to increase the Company's share capital with up to
DKK 175.000.000. The increase of the share capital can fully or partially be
made in other values than cash, this including that the company in connection
with the increase of share capital against consideration in shares takes over
other existing enterprise, activity or company or shares in other company
(merger) that the company in connection with the increase of share capital
without consideration in shares accepts such other values. Payment of increase
in the share capital can further fully or partially be made by way of debt
conversion. 

Sub clause 2. 
For subscription of new share capital based on authority in this clause the
following conditions shall apply: 
1. The share capital will have the same rights in the Company as the existing
share capital; 
2. the shares shall be made out to a named holder and are negotiable; 
3. the shareholders are not obliged to redeem their shares; 
4a. The new shares are also encompassed by the following restriction on
ownership- and voting rights: 
No shareholder can hold more than 20% of the company's share capital, and no
one can vote at the general meeting with more than 20% of the votes. Legal
persons, who are mutually so closely connected that one of them has decisive
influence on the matters of 
the other, will be considered as one in connection with this limitation of
ownership- and voting right, so that these legal persons together only can own
and vote for not more than 20% of the share capital. 
As examples of close connection between legal persons which fall under this
clause are: 
 a. internal relationships between limited companies which according to the
regulations in section 2 of the Companies Act are regarded as belonging to the
same group; 
b. internal relationships between other legal persons and limited companies, in
which these other legal persons own more than, or can vote for more than 50% of
the limited company's share capital; 
c. internal relationships between public institutions. 
5 Subscription of new share capital can be made without pre-emptive rights of
subscription for existing shareholders. There are no limitations on the
pre-emptive rights of subscription in the new share capital in future capital
increases, with the exception of the provision stipulated in item 4a. 
6. The shares have a nominal value of DKK 100,00 and multipla hereof. 
7. If an invitation is made to subscribe to new share capital in the Company,
without pre-emptive rights to the present shareholders, the subscription shall
be made at market value. 
8. In case of an oversubscription the company's Board of Directors is free to
decide how the share capital offered for subscription - which is not subscribed
as of pre-emption rights of subscription - shall be divided among those, who
have offered to subscribe. 

Please find enclosed amended Articles of Association in Faroese and
English. In case of any discrepancy between the two versions, the Faroese
version will prevail. 

Further Details
Further details can be obtained from Wilhelm Petersen, Managing Director, tel
+298 350100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel
+298 350100 (teiturs@petroleum.fo). This announcement will be available,
together with other information about Atlantic Petroleum, on the Company's
website: www.petroleum.fo 

Announcement  no. 8/2009		                                Issued 21-03-2009


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

Attachments:

articles 21-03-2009.pdf

articles 21-03-2009.pdf