Atlantic Petroleum P/F — Earnings Release 2016

May 25, 2016

Atlantic Petroleum Announces First Quarter 2016 Accounts

Atlantic Petroleum Announces First Quarter 2016 Accounts

Tórshavn, Faroe Islands, 2016-05-25 03:11 CEST (GLOBE NEWSWIRE) --

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

NOK) today announces its results for the first 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 1Q was negative with DKK 24.7MM.

-- Gross loss in 1Q 2016, after asset impairments and write-offs, was DKK

17.1MM.

-- Revenue for 1Q 2016 was DKK 10.9MM and this was impacted by the loss of

production from Chestnut due to the Atlantic Petroleum North Sea Limited?s

inability to resolve a default under the Chestnut Joint Operating Agreement

and lower oil price.

-- Net loss for 1Q 2016 was DKK 38.7MM.

-- Cash and cash equivalents at end of 1Q 2016 was DKK 17.6MM

-- Net assets/share-holders equity was negative DKK 134.2MM.

-- Bank debt excluding exploration finance facility was DKK 61.0MM.

Ben Arabo, CEO commented:

"Atlantic Petroleum has gone through a challenging period with sustained low

oil prices. The organisation and license portfolio have been rationalised and

future value is in the process of being secured from the remaining assets.

There are still challenges in the North Sea for Atlantic Petroleum, but the

company is trying to secure the best possible outcome and value through

commercial arrangements. We are very pleased with the loan agreement with

London Oil and Gas announced 25th May. It will strengthen the board and

management of Atlantic Petroleum and will secure funding to give us the

flexibility to add to our portfolio in the new focus area, being Eastern Europe

and the Eurasian Region, and we look forward to delivering on this over the

coming months."

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.13/2016

Issued 25-05-2016

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