Atlantic Petroleum P/F - Company Announcement

Drilling commences on the 13/23a-7 Magnolia exploration well on UK Licence P.1610

Tórshavn, Faroe Islands, 2013-02-25 08:00 CET (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) today announces that the 13/23a-7 Magnolia exploration
well on UK Licence P.1610 spudded yesterday. 

The well is being drilled with the Diamond Offshore Ocean Nomad
semi-submersible rig in a water depth of about 360 ft. The Magnolia prospect
lies in the Inner Moray Firth close to the producing Captain Field with
predicted Lower Cretaceous stacked reservoirs. The well is expected to take
around one month to complete. 

The well is operated by Dana who holds a 45% interest in the licence. Atlantic
Petroleum has 20% equity, with the remaining equity held by Summit 25% and Trap
Oil 10%. 

Ben Arabo, CEO, commented:

“We are pleased to announce the spud of the Magnolia well, following the
completion of our deal to get into the prospect in September last year. 
Magnolia is an exciting prospect, testing a concept which could add significant
resources to Atlantic Petroleum if successful “ 



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. 4/2013

Issued 25-02-2013


         P/F Atlantic Petroleum
         Yviri við Strond 4
         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