Atlantic Petroleum P/F - Company Announcement

Operations update November 2011

Tórshavn, Faroe Islands, 2011-12-07 12:06 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that during the month of November,
Atlantic Petroleum produced a net total of 57,000 barrels of oil equivalents
(boe) from the Chestnut, Ettrick and Blackbird fields. The average daily
production was 1,900 boe per day net to the Company. Average daily production
for 2011 is expected to be in the range of 2,000 - 2,300 boepd. 



The Blackbird field was successfully brought on-stream in November ahead of
schedule and within budget. 



The Chestnut field has been producing at reduced rates due to water injection
constraints since early this year. Drilling of a side track to the existing
water injector well to reinstate water injection and increase production levels
was completed in November. 



Production from the Chestnut field was also affected by a shut down due to a
planned five year inspection of the FPSO Sevan Hummingbird. The shut down
affected 12 days in November. This obligatory shut down, which was originally
planned for 2012, was pushed forward to 2011 and will avoid the obligation of
this shut down in 2012 when production levels are expected to be fully
optimised again. 



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. 47/2011

Issued 07-12-2011




         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