Atlantic Petroleum P/F — Earnings Release 2014

Jul 1, 2014

Operations update June 2014

Operations update June 2014

Tórshavn, Faroe Islands, 2014-07-01 15:34 CEST (GLOBE NEWSWIRE) --

P/F Atlantic Petroleum (OMX: FO-ATLA CSE & Oslo Børs: ATLA) today announces

that during the month of June, Atlantic Petroleum produced a net total of

38,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and

Blackbird fields. The average daily production was 1,267 boe per day net to the

Company.

Production for the month was impacted by the planned annual shutdown of the

Ettrick & Blackbird fields which started on the 23rd June and is expected to

last around 45 days. This will also affect rates during July. Production was

also impacted by the temporary production well issue announced in May, which

will be rectified in July.

We expect production to have a significant boost in August when the Blackbird

PB2 well comes on-stream and the shutdown is completed. A further announcement

regarding the Blackbird PB2 well flow rates will be made later in the month.

Production for first half of 2014 was 319,000 boe. The average daily production

for the first half of 2014 was 1,762 boe per day net to the Company. Cash and

cash equivalents at the end of the first half of the year was DKK 195MM (GBP

21MM). Annual production guidance remains within previously announced

estimates. (1,650 to 1,900 boepd).

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 45 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 Børs.

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.28/2014

Issued 01-07-2014

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