Atlantic Petroleum P/F - Earnings Release 2014

Operations update December 2014

Tórshavn, Faroe Islands, 2015-01-02 17:27 CET (GLOBE NEWSWIRE) --

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

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

produced a net total of 56,000 barrels of oil equivalents (boe) from the

Chestnut, Ettrick and Blackbird fields. The average daily production was 1,806

boe per day net to the Company. This is slightly higher than expected due to

deferral of a work over on one of the production wells and high uptimes on all

fields. Total production in 2014 was 587,000 boe or 1,608 boepd, which is above

the announced production guidance of 1,520 to 1,600 boe.

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 around 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?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

([email protected]). 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.1/2015

Issued 02-01-2015

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