Atlantic Petroleum P/F - Fyrirtækjafréttir

Atlantic Petroleum to maintain its 8.27% equity in Blackbird block 20/2a

Tórshavn, Faroe Islands, 3rd March 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, today announces that its
interest of 8.27% in UK P317 licence, including the Blackbird discovery,
remains unchanged. 

Wilhelm Petersen, Atlantic Petroleum's Managing Director, stated: 
“This is encouraging for Atlantic Petroleum and the partnership as this add
value to Blackbird and the structure of the partnership within the licence will
remain the same.” 


Atlantic Petroleum acquired UK Licence P317, Block 20/2a, in 2003 from Premier
Oil. Premier Oil retained a right to back-in to the licence for a 5.515%
interest in the event of any discovery being made outside the Ettrick field in
return for payment of exploration costs. Since the back-in option has not been
exercised, Atlantic Petroleum's participating interest in the licence remains
unchanged. 

The 20/2a-8 Blackbird well was announced as a discovery in the summer of 2008.
Blackbird is promising and we anticipate that it will be a positive addition to
the Ettrick field. The well encountered 111 feet of net pay in multiple zones
and tested at an average restricted rate of 3,800 bopd through a 34/64 inch
choke. The discovery lies around six kilometres south of the Ettrick field and
work is ongoing regarding  development options. 

Partners in the licence are Nexen (Operator) 79.73%, Bow Valley 12 % and
Atlantic Petroleum 8.27%. 

Further Details
Further details can be obtained from Wilhelm Petersen, Managing Director, tel
+298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager,
tel +298 350 100 (teiturs@petroleum.fo). This announcement is, together with
other information about Atlantic Petroleum, available on the Company's website:
www.petroleum.fo 

Announcement no. 05/2009		                               Issued 03-03-2009

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