Atlantic Petroleum P/F - Fyrirtækjafréttir

Result of Annual General Meeting 20th March 2010

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 2009. 
3.	The audited Annual Accounts were presented and approved by the General
Meeting. 
4.	It was decided to carry forward the loss from 2009 to the next year.
5.	Three of five Board Members were up for election for a period of two years:
Mortan Johannesen, Jan E. Evensen and Diana Leo. They were re-elected. 
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 proposed changes in the Articles of Association of the Company, whereby
§ 3 was deleted and replaced with a new § 3, were approved. 

§ 3 has now this wording in full length:

§ 3
Sub clause 1.
Until the 31st December 2014 the Company's Board of Directors has authority -
in one or several rounds - to increase the Company's share capital with up to
DKK 200,000,000 (DKK 200 million) in nominal value by subscription of new share
capital. The increase of the share capital can be made in cash or fully or
partially be made in other values than cash, this including 
that 	the Company in connection with the increase of share capital against
consideration in shares takes over other existing enterprise, activity or
company or shares in other company (merger) 
that	the Company in connection with the increase of share capital without
consideration in shares accepts such other values. 
Payment of increase in the share capital can further fully or partially be made
by way of debt conversion. 

Sub clause 2.
For subscription of new share capital based on authority in this clause the
following conditions shall apply: 
1.	The share capital will have the same rights in the Company as the existing
share capital; 
2.	the shares shall be made out to a named holder and are negotiable;
3.	the shareholders are not obliged to redeem their shares;
4.	The new shares are also encompassed by the following restriction on
ownership- and voting rights: 
No shareholder can hold more than 20% of the company's share capital, and no
one can vote at the general meeting with more than 20% of the votes. Legal
persons, who are mutually so closely connected that one of them has decisive
influence on the matters of the other, will be considered as one in connection
with this limitation of ownership- and voting right, so that these legal
persons together only can own and vote for not more than 20% of the share
capital. As examples of close connection between legal persons which fall under
this clause are: 
•	internal relationships between limited companies which according to the
regulations in section 2 of the Companies Act are regarded as belonging to the
same group; 
•	internal relationships between other legal persons and limited companies, in
which these other legal persons own more than, or can vote for more than 50% of
the limited company's share capital; 
•	internal relationships between public institutions.
5.	Subscription of new share capital can be made without pre-emptive rights of
subscription for existing shareholders. 
6.	The shares have a nominal value of DKK 100 and multipla hereof.
7.	If an invitation is made to subscribe to new share capital in the Company,
without pre-emptive rights to the present shareholders, the subscription shall
be made at market value. 
8.	In case of an oversubscription the Company's Board of Directors is free to
decide how the share capital offered for subscription - which is not subscribed
as of pre-emption rights of subscription - shall be divided among those, who
have offered to subscribe. 

-- o --

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

Please find enclosed the amended Articles of Association in Faroese and
English. In case of any discrepancy between the two versions, the Faroese
version will prevail. 

Further Details
Further details can be obtained from Sigurð í Jákupsstovu, CEO, tel +298 350
100 (sigurdj@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. 6/2010		                               Issued 20-03-2010

P/F Atlantic Petroleum 		                          Telephone +298 350 100
Gongin 9		                                                   Fax +298 350 101
P.O. Box 1228		                                 Website: www.petroleum.fo
FO-110 Tórshavn 		                            E-mail: petroleum@petroleum.fo
Faroe Islands

Priedai:

6-2010 articles of association 20032010 uk.pdf

6-2010 articles of association 20032010 faroese.pdf