Atlantic Petroleum P/F — Earnings Release 2014

Nov 4, 2014

Operations update October 2014

Operations update October 2014

Tórshavn, Faroe Islands, 2014-11-04 15:18 CET (GLOBE NEWSWIRE) --

P/F Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stok Exchange:

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

produced a net total of 51,000 barrels of oil equivalents (boe) from the

Chestnut, Ettrick and Blackbird fields. The average daily production was 1,645

boe per day (boepd) net to the Company. This is lower than September due to a

short planned shutdown on Chestnut and minor production interruptions on

Ettrick and Blackbird.

Atlantic Petroleum lowers its production guidance for the year to 1,520 ? 1,600

boepd. This is due to a combination of the second Blackbird well coming

onstream later than planned, longer than anticipated annual shut-down on the

Aoka Mizu FPSO and an operational issue with one of the Chestnut wells. The

plan is to rectify the operational issue on the Chestnut well towards the end

of the year. EBITDAX guidance remains as previously announced (DKK 125MM ?

175MM).

An announcement summarising the results of the 43/13b-7 Pegasus West well test

has been delayed, as testing has been more extensive than originally

anticipated and is now expected in November.

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 46 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.44/2014

Issued 04-11-2014

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