Atlantic Petroleum P/F - Fyrirtækjafréttir

Operation update July 2011

Tórshavn, Faroe Islands, 2011-08-01 16:56 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that during the month of July,
Atlantic Petroleum produced a net total of 59,000 barrels of oil equivalents
(boe) from the Chestnut and Ettrick fields. The average daily production was
1,903 boe per day net to the Company. 



Chestnut is currently producing at a reduced rate due to water injection
constraints and the drilling of a sidetrack to the existing water injector well
to reinstate water injection is planned to commence in August. 





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. 31/2011

Issued 01-08-2011


         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