Atlantic Petroleum P/F — Earnings Release 2016

Aug 25, 2016

Atlantic Petroleum Announces Second Quarter 2016 Accounts

Atlantic Petroleum Announces Second Quarter 2016 Accounts

Tórshavn, Faroe Islands, 2016-08-25 07:34 CEST (GLOBE NEWSWIRE) --

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

NOK) today announces its results for the second quarter of 2016. This company

announcement should be read in conjunction with Atlantic Petroleum?s Condensed

Consolidated Interim Report attached to this announcement.

Highlights & Outlook

-- EBITDAX for 2Q was negative with DKK 1.5MM.

-- Gross profit in 2Q 2016, after certain reversal of previous asset

impairments and write-offs, was DKK 82.1MM.

-- Net Profit after tax for 2Q 2016 was DKK 77.8MM.

-- Cash and cash equivalents at end of 2Q 2016 was DKK 11.3MM

-- Net assets/share-holders equity has improved from negative DKK 134.2MM end

Q1 to negative DKK 59.7MM end Q2.

-- Bank debt excluding exploration finance facility was DKK 62.8MM.

Ben Arabo, CEO commented:

"Atlantic Petroleum has gone through a challenging period, but as the result

for Q2 show, things are improving. In the quarter we have signed an SPA on

Orlando securing a future revenue stream from the field. We have also settled

the terms of our exit from the Chestnut field which has improved our balance

sheet. We are now looking to the future and to delivering new opportunities

principally in Eastern Europe, Russia and the Eurasian Economic Union."

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P)

Group. Atlantic Petroleum participates in joint ventures with 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 550100

(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.16/2016

Issued 25-08-2016

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