Atlantic Petroleum P/F - Company Announcement

Result of Annual General Meeting 19th March 2011

Tórshavn, Faroe Islands, 2011-03-19 14:35 CET (GLOBE NEWSWIRE) -- 
  1. Petur Even Djurhuus was elected Chairman of the General Meeting.
  2. The Chairman of the Board presented the Board of Director's statement of
     the Company's activity during 2010.
  3. The audited Annual Accounts were presented and approved by the General
     Meeting.
  4. It was decided to carry forward the result from 2010 to the next year.
  5. Two of five Board Members were up for election for a period of two years:
     Birgir Durhuus and Poul Mohr. They were re-elected. Mortan Johannesen, as
     previously announced, resigned from the Board and David A. MacFarlane was
     elected in his place.
  6. As proposed it was decided to re-elect Sp/f Grannskoðaravirkið INPACT
     løggilt grannskoðaravirki, R.C. Effersøesgøta 26, 100 Tórshavn as auditors,
     for the period until the next Annual General Meeting.
  7. The General Meeting approved that the Board of Directors of the company be
     authorised to buy 10% of its own shares in the period from 19th March 2011
     to 19th September 2012 at a price that does not deviate from the applicable
     stock price of the shares on NASDAQ OMX Copenhagen with more than 10% when
     purchase takes place.
  8. The General Meeting approved the general guidelines proposed by the Board
     of Directors for the Company's incentive payment to the Board of Directors
     and the Management Board.
  9. The Board withdrew its proposal to change the Articles of Association of
     the Company in accordance with Item 9 of the Annual General Meeting Summons
     announced 14th March 2011 and therefore the proposal wasn't voted upon.
                                    -- o --

At a Board Meeting held immediately after the Annual General Meeting, the Board
constituted Birgir Durhuus as continuing Chairman of the Board, and Jan Evensen
as deputy Chairman. 



English translation of Articles of Association will be available on the Company
website 



Further Details

Further details can be obtained from Ben Arabo, CEO, tel +298 350 100
(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. 9/2011
Issued 19-03-2011


         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

Attachments:

9-2011 Articles of association 19032011 faroese.pdf