Atlantic Petroleum P/F — Earnings Release 2016

Feb 5, 2016

Operations Update January 2016 & Market Update

Operations Update January 2016 & Market Update

Tórshavn, Faroe Islands, 2016-02-05 07:35 CET (GLOBE NEWSWIRE) --

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

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

produced a net total of 23,000 barrels of oil equivalents (boe). The average

daily production was 742 boe per day net to the Company. Atlantic Petroleum

North Sea Limited is now in default on the Chestnut Field and is reviewing its

options during the time period available to remedy the default.

Further to Atlantic Petroleum North Sea Limited?s default on the Ettrick and

Blackbird Fields announced 30th November 2015, Atlantic Petroleum North Sea

Limited is now liable to having its interest in the Ettrick and Blackbird

fields forfeited by the operator of these fields (acting on behalf of itself

and its co-venturers) which if such forfeiture proceeds is subject to certain

regulatory and contractual conditions. Atlantic Petroleum North Sea Limited?s

percentage interest is 8.27% in the Ettrick field and 9.4% in the Blackbird

field. Atlantic Petroleum North Sea Limited is involved in discussions with the

operator on the question of forfeiture.

Atlantic Petroleum is still in dialogue with a London based group regarding its

25% equity in the Orlando project and on potential solutions for the company.

The company is also continuing discussions with its key creditors and

stakeholders including the UK Oil & Gas Authority. The Company anticipates that

these discussions will continue further into February. There is no certainty

that a solution or a satisfactory outcome will be forthcoming for the Company

and failing that, it is likely that the Company will go into restructuring or

administration. The Company is continuing its planning for all outcomes.

Atlantic Petroleum in brief:

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

focused on North West Europe. 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 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.02/2016

Issued 05-02-2016

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