Atlantic Petroleum P/F - Company Announcement

Ettrick development update

Tórshavn, Faroe Islands, 10th August 2010 - P/F Atlantic Petroleum (OMX:FO-ATLA)
announces development update of the Ettrick field.

Following the recent tie-in of two further development wells to the Ettrick
FPSO, the oil production from the Ettrick field has increased
significantly from around 22,000 barrels of oil per day to over 28,000 barrels
per day. 

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.