Atlantic Petroleum P/F - Changes board/management/auditors

Atlantic Petroleum announces changes in management

Tórshavn, Faroe Islands, 20th November 2009 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the international upstream oil and gas company, today announces that
the current CEO, Wilhelm Petersen, will leave the Company. 

New constituted CEO is Sigurð í Jákupsstovu, current COO and Technical Manager.
Sigurð í Jákupsstovu holds a M.Sc. in mechanical engineering and a Ph.D. in
reservoir modelling from the Technical University of Denmark. He joined
Atlantic Petroleum in May 2008 and has previously worked as a drilling and
petroleum engineer with Maersk Oil and Gas (1993-1998) and as Director of
Jarðfeingi (Faroese Earth and Energy Directorate) (2003-2008). Further, Sigurð
í Jákupsstovu worked with Atlantic Petroleum during the period 2001 to 2003. 

The changes in management follows a mutual agreement between Atlantic Petroleum
and Wilhelm Petersen. Wilhelm Petersen will leave Atlantic Petroleum with
immediate effect, but will be available for one year on a consulting basis.
However, the change in management also reflects the Board of Directors‘ wish to
form a management team which is optimally geared to the new operating
challenges facing Atlantic Petroleum which over the past fifteen months has
transformed itself to an oil-producing Company. The Board of Directors will
immediately initiate an external search for a new permanent CEO, which in
parallel with the evaluation of internal candidates, is expected to ensure a
timely decision regarding a new permanent CEO. 

Birgir Durhuus, Chairman of the Board of Directors: “I would like to thank
Wilhelm Petersen for his significant contributions to the development of
Atlantic Petroleum. Under his tenure, the Company has developed to become an
international player in the oil and gas industry with two oil fields already in
production, and two further oil fields expected to come into production over
the coming two to three years.“ 

Further Details
Further details can be obtained from Birgir Durhuus, Chairman of the Board of
Directors, tel +45 25 42 43 37. 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. 


About Atlantic Petroleum
Atlantic Petroleum is a Faroese independent exploration and production (E&P)
company with oil and gas interests in the North Sea, East Irish Sea and Celtic
Sea and on the Faroese Continental Shelf. The Company has interests in 15
licences containing 28 fields, discoveries, prospects or leads. Furthermore,
Atlantic Petroleum has partnerships with 17 international oil companies
operating in North West Europe. The objective of Atlantic Petroleum is to
develop offshore oil and gas potential in North West Europe on a commercial
basis, and presently the Company engages in activities ranging from
exploration, through appraisal, to development and production. Atlantic
Petroleum's shares are listed on both NASDAQ OMX Iceland and NASDAQ OMX
Copenhagen. 

Announcement no. 47/2009		                              Issued 20-11-2009


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