Atlantic Petroleum P/F - Company Announcement

Operations update December 2011

Tórshavn, Faroe Islands, 2012-01-04 12:10 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that during the month of December,
Atlantic Petroleum produced a net total of 85,000 barrels of oil equivalents
(boe) from the Chestnut, Ettrick and Blackbird fields. The average daily
production was 2,742 boe per day net to the Company. Average daily production
in 2011 was 2,020 boepd which is within the previously announced guidance range
of 2,000 to 2,300 boepd. 



Ben Arabo, CEO commented:

“We are pleased to end 2011 with strong production from our three fields and
with the 5 new UK licenses offered for award, as announced 30th December. This
gives us an encouraging start to 2012 and we look forward to working on the new
licences and the rest of our acreage portfolio in the New Year.” 



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. 01/2012

Issued 04-01-2012


         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
         E-mail: petroleum@petroleum.fo