Atlantic Petroleum P/F - Fyrirtækjafréttir

Atlantic Petroleum announces increased equity in the Blackbird Field, from the previous 8.27% to current 9.39773%.

Tórshavn, Faroe Islands, 2011-04-05 16:31 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) announces increased equity in the Blackbird Field.
Dana Petroleum Plc (now a wholly owned subsidiary of Korea National Oil
Company) has elected not to participate in the development of the Blackbird
Field in UK Block 20/2a. The remaining partners Nexen, as operator, and
Atlantic Petroleum have decided to develop Blackbird on a sole risk basis and
the Dana equity of 12% in the field will be taken up by Nexen and Atlantic
Petroleum on a pro rata basis. 



Atlantic Petroleum´s equity in Blackbird will increase by 1.12773% from 8.27%
to 9.39773%. 





Ben Arabo, CEO commented:

“We are very pleased to take up more equity in Blackbird. The equity increase
adds to Atlantic Petroleum's reserves and increases near term production.
Blackbird is an attractive project to Atlantic Petroleum, and we believe there
is a potential for a significant upside on the field.” 





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. 11/2011

Issued 05-04-2011


         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