Atlantic Petroleum P/F - Fyrirtækjafréttir

Operations update December 2013

Tórshavn, Faroe Islands, 2014-01-06 08:45 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA CSE & Oslo Børs: ATLA) today announces that during the
month of December, Atlantic Petroleum produced a net total of 66,000 barrels of
oil equivalents (boe) from the Chestnut, Ettrick and Blackbird fields. Chestnut
production was affected by adverse weather during the month. The average daily
production was 2,129 boe per day net to the Company. 

Total production in 2013 was 720,000 boe which is lower than the previously
announced production guidance of 725,000 to 800,000 boe. The main issues
relating to the lower production than anticipated were the Chestnut shut-down
during November due to works carried out to repair one of the mooring lines and
slightly later than anticipated first oil from the new Ettrick infill well. 

Despite the lower than anticipated production EBITDAX for the year is expected
to be in the previously announced guidance range of DKK 225MM - DKK 275MM. 



Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group
focused on North West Europe. Atlantic Petroleum currently holds 40 oil and gas
licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has
three fields in production in the UK part of the North Sea. In addition to
this, the Group has one field under development with first oil expected in
2015, two additional potential development projects and a substantial number of
exploration prospects. Atlantic Petroleum participates in joint ventures with
30 reputable, international partners. Atlantic Petroleum's main office is
located in Tórshavn, Faroe Islands, and the Company has subsidiaries and
technical offices in London, UK and Bergen, Norway. Atlantic Petroleum's
existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Børs. 



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.02/2014

Issued 06-01-2014




         P/F Atlantic Petroleum
         Yviri við Strond 4
         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