Atlantic Petroleum P/F — AGM Information 2014

Apr 9, 2014

Result of Annual General Meeting 9th April 2014

Result of Annual General Meeting 9th April 2014

Tórshavn, Faroe Islands, 2014-04-09 15:48 CEST (GLOBE NEWSWIRE) --

1. Petur Even Djurhuus was elected Chairman of the Meeting.

2. The Chairman of the Board presented the Board of Director?s statement of

the Company?s activity during 2013. The CEO gave an operations review (see

attached pdf).

3. The audited Annual Accounts were presented and approved by the General

Meeting.

4. The General Meeting approved the remuneration to the Board in A: 2013 and

B: in 2014.

5. It was decided to carry forward the result from 2013 to the next year.

6. The General Meeting approved the proposed changes in the Company?s Articles

of Association. The proposed changes were:

A.To insert the following addendum at the end of §22 of the Articles of

Association of the Company:

?When legislation permits the Company?s annual report will be prepared and

filed in English.?;

but otherwise §22 of the Articles of Association will remain unchanged.

B.To insert the following addendum: ??in Oslo, Norway?? into §6.2, after which

this provision will be as follows:

?The Company?s General Meetings are to be held at the Company?s domicile in the

municipality of Tórshavn, Faroe Islands, in the municipality of Copenhagen,

Denmark, in Oslo, Norway or in London, England.?

but otherwise §6 of the Articles of Association will remain unchanged.

7. According to the Articles of Association all Members of the Board are up for

election for a period of one year, namely: Birgir Durhuus, Jan E. Evensen,

Barbara Yvonne Holm, Diana Leo and David A. MacFarlane.

Birgir Durhuus, Jan E. Evensen, Barbara Yvonne Holm, Diana Leo and David A.

MacFarlane all seek re-election and the Board proposes that they will be

re-elected.

All Board members were re-elected.

8. As proposed it was decided to elect P/F Januar løggilt grannskoðaravirki,

Hoyvíksvegur 5, 100 Tórshavn, as auditors, for the period until the next Annual

General Meeting.

9. The General Meeting approved the proposed changes to the Board of Directors

of the Company to buy own shares. The proposed changes were:

?The Board of Directors is in the period from 9th April 2014 to 8th March 2019

authorized to buy own shares. The Board can, on behalf of the Company, buy own

shares up to a maximum of 10% of the nominal value of the Company?s shares, and

at a price which can not deviate more than 10% from the share?s price on NASDAQ

OMX in Copenhagen at the time of the deal.?

At a Board Meeting held immediately after the Annual General Meeting, the Board

constituted itself with Birgir Durhuus as Chairman and Jan Edin Evensen as

Deputy Chairman.

The Articles of Association in Faroese and the English translation will be

available on the Company website later.

Attached to this announcement is the presentation from the Annual General

Meeting.

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.17/2014

Issued 09-04-2014

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