Atlantic Petroleum P/F - Company Announcement

Results of Crosby well announced

Tórshavn, Faroe Islands, 24th June 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, announces that the Crosby
110/14d-8 exploration is being plugged and abandoned as a dry hole. The well
was drilled on UK licence P099 in the East Irish Sea Basin with the Ensco 92
jackup rig. 

The well was spudded on 10th June 2009 and was drilled to a total depth of 4572
feet MD. The Triassic Sherwood Sandstone reservoir was encountered but proved
to be water wet. 

Participants in the well are Challenger Minerals (North Sea) Limited 32%
(operator), Dyas UK Limited 20%, First Oil Expro Limited 20%, AFEX Oil and Gas
UK Limited 12.5%, Palace Exploration Company 8% and Atlantic Petroleum UK
Limited 
7.5%. 

Wilhelm Petersen, CEO, commented:
“Whilst the results of the well are disappointing, we recognise that exploring
for oil and gas is associated with risk, and in drilling the Crosby well we are
satisfied that the management of both operational and financial risk has been
successful. As an active E&P company we are, in line with our strategy,
evaluating new development and exploration opportunities on a continuous
basis.” 

Further details can be obtained from Wilhelm Petersen, CEO, 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. On the website, it is also possible to sign up for the
Company e-mail newsletter. 

Announcement no 16/2009 					Issued 24.06.2009

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