Atlantic Petroleum P/F - Company Announcement

Increased equity in the Perth Field

Tórshavn, Faroe Islands, 2011-11-16 10:16 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) is pleased to announce that its wholly owned
subsidiaryAtlantic Petroleum UK Limited, along with partners DEO U.K. Limited& Faroe Petroleum (U.K.) Limited, has agreed, subject to regulatory
approvals, to assume Maersk Oil U.K. Limited's 19.11% interest in the Perth
field. 

The Perth Field equities post-completion will be DEO Petroleum U.K. Limited
52.03029%, Faroe Petroleum (U.K) Limited 34.61817% and Atlantic Petroleum UK
Limited 13.35154% 



Ben Arabo, CEO commented:

“Atlantic Petroleum is very happy to have the opportunity to increase its
equity in the project at this time. The field development plan for Perth was
submitted to the authorities at the end of September and the operator, DEO is
progressing the approval process which is expected to take about 6 months” 



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. 44/2011

Issued 16-11-2011




         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