Atlantic Petroleum P/F - Company Announcement

Response to questions raised related to whether the extensions of the bridge loans are final or conditional. The extensions are final.

Tórshavn, Faroe Islands, 11th June 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, responds to questions that have
been raised related to announcement no/11 2009 issued 9th June 2009 as to
whether the reported extensions of the bridge loans are final or conditional. 
The bridge loan extensions are final. 

As stated in announcement no/11 2009, the lenders can call in the loans for
full repayment before 31st December 2010 if, among other things, the
refinancing by new senior debt and new share capital is not carried through
within 6 to 9 months, the Company carries out certain investments without prior
approval from the lenders or the Company has not elected three new Board
members prior to 1st July 2009. The new board members will be appointed by the
lenders, one of which shall be the Chairman of the Board. 
The Company has, in announcement no/9 2009 issued 22nd May 2009, reported that
a positive outcome of the refinancing activities was necessary for the
Company's ability to continue as a going concern. The extension of the bridge
loans reported in announcement no/11 2009, and also in this announcement,
confirms the positive outcome of the refinancing activities previously
described and thereby confirms the company's ability to continue as a going
concern. 
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 e-mail newsletter. 

Announcement no 13/2009 		Issued 11.06.2009, 

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