Atlantic Petroleum P/F — Earnings Release 2014

Dec 2, 2014

Operations update November 2014

Operations update November 2014

Tórshavn, Faroe Islands, 2014-12-02 12:29 CET (GLOBE NEWSWIRE) --

Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stok Exchange: ATLA

NOK) today announces that during the month of November, Atlantic Petroleum

produced a net total of 43,000 barrels of oil equivalents (boe) from the

Chestnut, Ettrick and Blackbird fields. The average daily production was 1,433

boe per day net to the Company. This is lower than September due to a temporary

operational issue on the Aoka Mizu FPSO which has now been solved.

The Atlantic Petroleum guidance for 2015 and an asset update will be announced

17th 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 41 oil and gas

licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, 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.50/2014

Issued 02-12-2014

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