Atlantic Petroleum P/F - Fyrirtækjafréttir

Operation update January 2011

Tórshavn, Faroe Islands, 2011-02-02 14:40 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) announces that during the month of January, Atlantic
Petroleum produced a net total of 67,000 barrels of oil equivalents (boe) from
the Chestnut and Ettrick fields. The average daily production was 2,161 boe per
day net to the Company. Technical problems have caused some days with reduced
production onboard the Aoka Mizu FPSO on the Ettrick field. It is expected that
normal production conditions will be reinstated by early February. 





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. 3/2011

Issued 02-02-2011


         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