Atlantic Petroleum P/F - Company Announcement

Improved loan conditions

Subject to completion of the previously announced capital increase, Atlantic
Petroleum has agreed with its lenders to change the terms of the refinancing
agreement announced in June 2009 

Tórshavn, Faroe Islands, 27th September 2009 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the international upstream oil and gas company, announces that it has
agreed certain amendments to the terms of the loan extension announced on 9th
June 2009 with its lenders. The agreed amendments, which are in the Company's
favour, will come into force upon completion of a capital increase as
previously announced by the Company. Details of the capital increase are
expected to be announced within the coming weeks. 

Commenting on the improved loan conditions, Wilhelm Petersen, CEO of Atlantic
Petroleum, said: 

“We are delighted that it has been possible for the Company to negotiate
improved terms related to the financing of Atlantic Petroleum. The improved
loan conditions will provide the Company with an increased degree of financial
flexibility and can at the same time be seen as a sign of confidence towards
Atlantic Petroleum on behalf of the loan providers of the Company.” 

The improved amendments will take effect on the basis that out of the net
proceeds (provided such net proceeds are obtained) of the expected coming
capital increase the Company shall use an amount, at least equal to the
Company's outstanding loans under its DKK 35 million and DKK 140 million
liquidity loans to repay such loans. 
The due date of the loans remains at 31st December 2010. However, in connection
with entering into the addendum of the loan agreement (and assuming the above
extraordinary repayments have been effected), the lenders have stated to the
Company that they will look positively at entering into negotiations regarding
a possible extension of the final repayment date for the remaining loans. 

Upon the implementation of the amendment, a number of the covenants earlier
undertaken by the Company in the refinancing agreement of 9th June 2009 will
cease to be of effect, including the term allowing the lenders to call in the
loans if the refinancing of the Company has not made material progress within 6
to 9 months. 
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's e-mail newsletter. 


Announcement no 23/2009		                  Issued 27.09.2009

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

This does not constitute an offer or an invitation to make an investment in P/F
Atlantic Petroleum. Potential investors are recommended to examine all relevant
risks and legal aspects, including in relation to taxation and currency
restrictions that may be of relevance regarding an investment in shares in P/F
Atlantic Petroleum.