Atlantic Petroleum P/F — M&A Activity 2014

Aug 28, 2014

Atlantic Petroleum acquirers interest in licences PL601 and PL602 located in the Norwegian Sea

Atlantic Petroleum acquirers interest in licences PL601 and PL602 located in the Norwegian Sea

Tórshavn, Faroe Islands, 2014-08-28 15:50 CEST (GLOBE NEWSWIRE) --

Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK)

is pleased to announce that Atlantic Petroleum Norge has acquired Ithaca

Petroleum Norge?s 10% interest in production licences PL601 and PL602 in the

Norwegian Sea. The agreements are subject to government approval.

The transaction is a result of Atlantic?s strategic focus in this area. With

the previously announced commercial agreement with Repsol Exploration Norge on

PL528 and the increased exposure in PL602 and PL601, Atlantic Petroleum reduces

risk while securing protection area surrounding PL528 where the Ivory well is

expected to spud in September.

Ben Arabo, CEO, commented:

?We are optimistic about the area surrounding the Asta Hansteen development.

The approach we are taking is securing us a bigger portion of the potential

upside in the area while limiting the downside risk.?

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 45 oil and gas

licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, 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

(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.35/2014

Issued 28-08-2014

P/F Atlantic Petroleum

Yviri við Strond 4

P.O. Box 1228

FO-110 Tórshavn

Faroe Islands

Telephone +298 350 100

Fax +298 350 101

Website: www.petroleum.fo

E-mail: petroleum@petroleum.fo