Atlantic Petroleum P/F - Company Announcement

P/F Atlantic Petroleum - Summons for the Annual General Meeting

The Annual General Meeting of P/F Atlantic Petroleum is hereby called. The
meeting will be held at the premises of Hotel Føroyar, við Oyggjavegin 45, 100
Tórshavn, Faroe Islands 

on Saturday the 21st of March 2009 at 10.00 a.m.

with the following agenda:

1.	Election of Chairman of the Meeting.
2.	The Board of Director's statement of the Company's activity during the
previous accounting year. 
3.	Presentation of audited Annual Accounts for approval
4.	Decision on how to use profit or cover loss according to the approved
Accounts and Annual report. 
The Board of Directors recommends that the loss according to the approved
Accounts is carried forward to next year. 
5.	Election of Board of Directors.
Two Members of the Board are to be elected for a period of two years. The two
Board Members up for election are Poul Mohr and Petur Even Djurhuus. The Board
proposes re-election of these two members. 
6.	Election of accountant, who will sit until the next Annual General Meeting
is held. 
The present accountant of the Company is Sp/f Grannskoðaravirkið INPACT løggilt
grannskoðaravirki, R.C. Effersøesgøta 26, 100 Tórshavn. The board proposes
re-election of the present accountant for the period until the next Annual
General Meeting. 
7.	Proposal to changes in the Articles of Association of the Company.
The Board of Directors proposes the following changes in the Articles of
Association of the Company: 

A) It is proposed to insert this new § 3 D:
Ӥ 3D

Sub clause 1.
Until the 31st of December 2010 the Board of Directors has authority - in one
or several rounds - to issue convertible bond or other convertible debt
instrument for loans of up to the amount of DKK 56,000,000 which gives the
lender the right to convert his claim of repayment into share capital in the
company. Convertible bonds or other convertible debt instruments can be issued
without any pre-emptive rights for existing shareholders. Based on the decision
of the Board of Directors the payment of convertible bond or other convertible
debt instrument can be made either in cash, fully or partially by way of
conversion of other debt of the Company into convertible bonds or other
convertible debt instrument or in other values than cash, this including 
that	the Company in connection with the issue of convertible bonds or other
convertible debt instruments against consideration in convertible bonds or
other convertible debt instruments takes over existing enterprises, activity or
company or shares in other company (merger); 
that	the company in connection with the issue of convertible bonds or other
convertible debt instruments without consideration in convertible bonds or
other convertible debt instruments accepts such other values. 

Sub clause 2.
The Board of Directors is empowered to increase the share capital accordingly
in case of conversion of the convertible bonds or other convertible debt
instruments into share capital. The Board of Directors decides the terms of the
convertible bond or other convertible debt instrument and the terms for
subscription of shares by conversion of convertible bonds or other convertible
debt instrument into share capital based on the authority delegated in this
clause with the restriction that the following conditions shall apply to the
subscription of said share capital: 

1.	The share capital will have the same rights in the Company as the existing
share capital; 

2.	The shares shall be made out to a named holder and are negotiable;

3.	The shareholders are not obliged to redeem their shares;

4.	The new shares are also encompassed by the following restriction on
ownership rights and voting rights: 

No shareholder can hold more than 20% of the Company's share capital, and no
one can vote at the general meeting with more than 20% of the votes. Legal
persons who are mutually so closely connected that one of them has decisive
influence on the matters of the other will be considered as one in connection
with this limitation of ownership rights and voting rights so that these legal
persons together only can own and vote for not more than 20% of the share
capital. 

As examples of close connections between legal persons falling under this
clause are 

•	internal relationships between limited companies which according to the
regulations in section 2 in the Companies act are regarded as belonging to the
same group; 
•	internal relationships between other legal persons and limited companies in
which these other legal persons own more than or can votes for more than 50% of
the limited company's share capital; 
•	internal relationships between public institutions.

5.	The shares have a nominal value of DKK 100.00 and multiples hereof.

6.	The shares can be issued without pre-emptive rights of subscription for
existing shareholders. 

B) It is proposed to make these changes in § 3 sub-clause 1:
o	to change the figure “31st December 2009” to “31st December 2010”;
o	to change the figure “kr. 60.862.000” to “kr. 175.000.000”;
o	to add this sentence into the end of § 3 sub-clause 1: “Payment of increase
in the share capital can further fully or partially be made by way of debt
conversion.” 
Apart from this, § 3 remains unchanged. 

It is therefore proposed to change the said § 3 into this wording in full
length: 

“Sub clause 1.
Until the 31st December 2010 the Company's Board of Directors has authority -
in one or several rounds - to increase the Company's share capital with up to
DKK 175.000.000. The increase of the share capital can fully or partially be
made in other values than cash, this including 
that 	the company in connection with the increase of share capital against
consideration in shares takes over other existing enterprise, activity or
company or shares in other company (merger) 
that	the company in connection with the increase of share capital without
consideration in shares accepts such other values. 
Payment of increase in the share capital can further fully or partially be made
by way of debt conversion. 

Sub clause 2.
For subscription of new share capital based on authority in this clause the
following conditions shall apply: 
1.	The share capital will have the same rights in the Company as the existing
share capital; 
2.	the shares shall be made out to a named holder and are negotiable;
3.	the shareholders are not obliged to redeem their shares;
4a. The new shares are also encompassed by the following restriction on
ownership- and voting rights: 
No shareholder can hold more than 20% of the company's share capital, and no
one can vote at the general meeting with more than 20% of the votes. Legal
persons, who are mutually so closely connected that one of them has decisive
influence on the matters of the other, will be considered as one in connection
with this limitation of ownership- and voting right, so that these legal
persons together only can own and vote for not more than 20% of the share
capital. 
As examples of close connection between legal persons which fall under this
clause are: 
a.	internal relationships between limited companies which according to the
regulations in section 2 of the Companies Act are regarded as belonging to the
same group; 
b.	internal relationships between other legal persons and limited companies, in
which these other legal persons own more than, or can vote for more than 50% of
the limited company's share capital; 
c.	internal relationships between public institutions.
5	Subscription of new share capital can be made without pre-emptive rights of
subscription for existing shareholders. There are no limitations on the
pre-emptive rights of subscription in the new share capital in future capital
increases, with the exception of the provision stipulated in item 4a. 
6.	The shares have a nominal value of DKK 100,00 and multipla hereof.
7.	If an invitation is made to subscribe to new share capital in the Company,
without pre-emptive rights to the present shareholders, the subscription shall
be made at market value. 
8.	In case of an oversubscription the company's Board of Directors is free to
decide how the share capital offered for subscription - which is not subscribed
as of pre-emption rights of subscription - shall be divided among those, who
have offered to subscribe. 

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To be adopted these proposals to change the Articles of Association of the
Company, according to clause 30 sub-clause 3 and clause 78 sub-clause 1 of the
Public Companies Act, needs that at least 2/3 of the votes cast as well as of
the voting share capital represented at the General Meeting assent thereto. 
8.	AOB

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Requisition of admission card and voting paper.
Requisition of admission cards and voting papers can be made on the homepage of
the Company www.petroleum.fo or at the office of the Company, Gongin 9, 100
Tórshavn, or on telephone no. +298  350 100 and/or fax no. +298 350 101.
Admission cards and voting papers should be required, at the latest, by Tuesday
the 17. March 2009 at 4.00 p.m. 
If you can not participate in the General Meeting you can in writing give a
proxy to a third person to represent you at the meeting. Proxy - forms to be
used for this purpose are available on the homepage of the Company
www.petroleum.fo and at the office of the Company Gongin 9, 100 Tórshavn. 

Annual Accountants 2008 and agenda for the meeting with the complete proposals
to be put forward. 
The Annual Accountants 2008, with the auditors' Report and the Annual Report
and the agenda and the complete proposals to be put forward will be available
for inspection at the office of the company Gongin 9, 100 Tórshavn, at the
latest eight days before the General Meeting. 

Share capital, voting rights and financial institute holding accounts on behalf
of the Company. 
The share capital of the Company is DKK 112.573.000 divided into shares of DKK
100 or multipla hereof. 
According to § 5 sub clause 1 of the Articles of Association of the Company,
each shareholder has one vote for each DKK 100 they hold in share capital. 
In § 2 sub-clause 2 of the Articles of Association of the Company, it is stated
that no shareholder can vote on behalf of more than 20% of the share capital of
the Company at the General Meeting. 
§ 11 of the Articles of Association of the Company has the following wording:

“Each shareholder can attend the General Meeting, provided the shareholder has
required an admission card from the Company not later than 5 days prior to the
General Meeting. 
Right to vote at the General Meeting have shareholders, who have required an
admission card and a voting paper from the Company not later than 5 days prior
to the General Meeting. 
A shareholder can give another person written authority to attend the General
Meeting, and vote by proxy. 
The press can also attend the General Meeting”.

The Company has appointed Eik Banki P/F, as holder of accounts. Shareholders
can contact this financial institute at Yviri við Strond 2, 100 Tórshavn or on
the homepage www.eik.fo or on telephone number +298 348 000 to exercise their
financial rights in the company. 

P/F Atlantic Petroleum

The Board of Directors

Announcement no. 06/2009
Issued 04-03-2009

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