Atlantic Petroleum P/F — Earnings Release 2015

Nov 3, 2015

Operations Update October 2015

Operations Update October 2015

Tórshavn, Faroe Islands, 2015-11-03 11:38 CET (GLOBE NEWSWIRE) --

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

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

produced a net total of 45,000 barrels of oil equivalents (boe) from the

Chestnut, Ettrick and Blackbird fields. The average daily production was 1,452

boe per day net to the Company.

The Company now expects total net annual production for 2015 to be around

495,000 boe or 1,356 boe per day, down from its previous guidance of 520,000

boe or 1,420 boe per day.

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 37 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 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.31/2015

Issued 02-11-2015

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