Atlantic Petroleum P/F — Audit Report / Information 2014

Mar 17, 2015

Atlantic Petroleum YE 2014 Competent Persons Report

Atlantic Petroleum YE 2014 Competent Persons Report

Tórshavn, Faroe Islands, 2015-03-17 15:11 CET (GLOBE NEWSWIRE) --

P/F Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stock Exchange:

ATLA NOK) today announces its Summary Year End 2014 Competent Persons Report

compiled by Gaffney, Cline & Associates (GCA) with respect to its Exploration,

Development and Production assets in the UK, Norway and Ireland.

Highlights:

-- Net Remaining economic 2P reserves (including Kells), as reported by GCA,

have moved from 8.6 mmboe to 7.6 mmboe, a 13% reduction. Over half the

reduction was caused by production during 2014, with the remainder being

due in-field adjustments and economic limit tests.

-- Net 2C Contingent oil resources have increased from 17.1 mmbls to 36.3

mmbls and 2C Contingent gas resources have increased from 21.3 bcf to 43.8

bcf. In terms of barrels of oil equivalent (boe), this results in overall

an increase of 111% from 20.7 mmboe to 43.6 mmboe.

-- Net ?Best? estimate of Prospective Risked Resources has increased from 50.7

mmboe to 53.6 mmboe, a 6% increase.

Ben Arabo, CEO, commented:

?We are delighted that our reserve and resource bookings are now showing the

results of our exploration and appraisal efforts over the last few years. The

movement in our 2C resource estimate is especially pleasing, as it includes our

own recent discoveries like Pegasus and Ivory, and new additions like Polecat.

Our focus in the near term will be on moving these contingent resources into

reserves. We also expect that the reserve position will be further improved

when the Chestnut joint venture completes its assessment of field infill

potential later in the year.?

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group

focused on North West Europe. Atlantic Petroleum currently holds around 34 oil

and gas licences in the UK, Norway, and Ireland, and has three fields in

production in the UK part of the North Sea. In addition to this, the Group has

one field under development with first oil expected in 2016, two additional

potential development projects and a substantial number of exploration

prospects. Atlantic Petroleum participates in joint ventures with 30 reputable,

international partners. Atlantic Petroleum?s main office is located in

Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices

in London, UK and Bergen, Norway. Atlantic Petroleum?s existing shares are

listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

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.10/2015

Issued 17-03-2015

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