Atlantic Petroleum P/F — Capital/Financing Update 2015

Dec 30, 2015

Update on Debt

Update on Debt

Tórshavn, Faroe Islands, 2015-12-30 18:14 CET (GLOBE NEWSWIRE) --

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

announces that the company is not paying a DKK 19.5MM instalment on the DKK

58.5MM debt to Eik Bank this December. The DKK 58.5MM was to be paid back in 3

equal instalments in December 2015, December 2016, and December 2017.

Management is in close dialogue with Eik Bank on resolving the issue, and is

keeping the bank up to date with the progress on the wider issues for the

company and the efforts trying to secure a commercial solution to Orlando, as

updated to the market 24th December.

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 29 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 P/F is based in Tórshavn, Faroe

Islands, and the Company has subsidiaries and 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 550100

(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.39/2015

Issued 30-12-2015

P/F Atlantic Petroleum

Yviri við Strond 4

P.O. Box 1228

FO-110 Tórshavn

Faroe Islands

Telephone +44 208 834 1045

Fax +44 208 834 1125

Website: www.petroleum.fo

E-mail: petroleum@petroleum.fo