Atlantic Petroleum P/F — Earnings Release 2017

Nov 29, 2017

Atlantic Petroleum Announces Results for the Third Quarter of 2017

Atlantic Petroleum Announces Results for the Third Quarter of 2017

Tórshavn, Faroe Islands, 2017-11-29 23:31 CET (GLOBE NEWSWIRE) --

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

NOK) today announces its results for the third quarter of 2017. This company

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

Consolidated Interim Report attached to this announcement.

Highlights & Outlook

-- Gross profit for the first 9 months was DKK 6.6MM

-- Operating loss for the first 9 months was DKK 4.3MM

-- Net loss for the first 9 months was DKK 9.6MM

-- Bank debt was DKK 68.3MM at the end of the Q3. This has been reduced to DKK

51.6MM in Q4 2017.

-- Atlantic Petroleum expects to post a profit for the full year of 2017.

-- On the 22nd November 2017 it was announced that the company has appointed

Mr. Graeme Fawcett to the position of Interim CEO for Atlantic Petroleum

from 1st December 2017.

Statement from the Board:

"The focus for the board and the new Interim CEO is to evaluate the strategic

options Atlantic Petroleum has including M&A options or a sale of the

company. The board is encouraged by the improving market conditions and looks

forward to benefit from Graeme?s wealth of experience, and looks forward to

updating the market further when Graeme Fawcett takes up his position."

Atlantic Petroleum in brief:

Atlantic Petroleum participates in oil and gas joint ventures with reputable,

international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe

Islands, and the Company has subsidiaries in the UK, Ireland and Norway and an

office in London, UK. 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.16/2017

Issued 29-11-2017

P/F Atlantic Petroleum

Yviri við Strond 4

P.O. Box 1228

FO-110 Tórshavn

Faroe Islands

Telephone +44 203 397 6353

Website: www.petroleum.fo

E-mail: petroleum@petroleum.fo