Atlantic Petroleum P/F - Company Announcement

Operation update August 2011

Tórshavn, Faroe Islands, 2011-09-03 10:57 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that during the month of August,
Atlantic Petroleum produced a net total of 40,000 barrels of oil equivalents
(boe) from the Chestnut and Ettrick fields. The average daily production was
1,290 boe per day net to the Company. 



Chestnut is currently producing at a reduced rate due to water injection
constraints and the drilling of a sidetrack to the existing water injector well
to reinstate water injection is planned to commence this month. 



On Ettrick an Aoka Mizu shutdown for Blackbird tie-ins was successfully
completed in August on plan to the projected 7 days. During this period the new
Blackbird dynamic umbilical was installed into the Aoka Mizu and all necessary
topside control modifications were completed. Some minor Blackbird Aoka Mizu
works will take place during the forthcoming O&M shutdown in mid- September. 



The dive support vessel Seven Atlantic will be mobilising late September to
finalise tie-ins closely followed by the rock dumping vessel in October.
Commissioning checks and readiness reviews are planned for late October and
November prior to the introduction of hydrocarbons in late 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. 38/2011

Issued 03-09-2011


         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