Atlantic Petroleum P/F - Company Announcement

Update on Ettrick Field

Tórshavn, Faroe Islands 12th February 2009 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the international upstream oil and gas company, today announced
reserves booked to the Ettrick Field. The Competent Persons Reserves Report, 
which will be published together with the Annual Financial Statement for 2008
calculates the P50 net reserves to Atlantic Petroleum for the Ettrick field to
2.5 MMBoe from 4.1 MMBoe. The revised reserves relates to low year-end oil
prices and disappointing drilling results that lowered the reserve estimates.
Atlantic Petroleum does not expect any impairment charge for Ettrick Field in
the financial statement for 2008. 

In 2008 we announced the Blackbird discovery which will be a future tie-back to
Ettrick. We anticipate that the Blackbird reserves will slightly compensate for
lower Ettrick reserves. In 2009, we plan to drill an appraisal well on the
Blackbird discovery. 


The Ettrick development consists of a leased floating production, storage and
offloading vessel (FPSO) designed to handle 30,000 bbls/d of oil and 35 mmcf/d
of gas. 


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 will be available,
together with other information about Atlantic Petroleum, on the Company's
website: www.petroleum.fo. 


                                             		  Issued 12-02-2009            
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