Atlantic Petroleum P/F — Earnings Release 2013

Jan 6, 2014

Operations update December 2013

Operations update December 2013

Tórshavn, Faroe Islands, 2014-01-06 08:45 CET (GLOBE NEWSWIRE) --

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

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

66,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and

Blackbird fields. Chestnut production was affected by adverse weather during

the month. The average daily production was 2,129 boe per day net to the

Company.

Total production in 2013 was 720,000 boe which is lower than the previously

announced production guidance of 725,000 to 800,000 boe. The main issues

relating to the lower production than anticipated were the Chestnut shut-down

during November due to works carried out to repair one of the mooring lines and

slightly later than anticipated first oil from the new Ettrick infill well.

Despite the lower than anticipated production EBITDAX for the year is expected

to be in the previously announced guidance range of DKK 225MM ? DKK 275MM.

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 40 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

2015, 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.02/2014

Issued 06-01-2014

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