Atlantic Petroleum P/F — M&A Activity 2015

Aug 3, 2015

Atlantic Petroleum Announces Review of Strategic Alternatives

Atlantic Petroleum Announces Review of Strategic Alternatives

Tórshavn, Faroe Islands, 2015-08-03 06:05 CEST (GLOBE NEWSWIRE) --

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

ATLA NOK) ( ?Atlantic Petroleum?, ?Atlantic? or the "Company") announced today

that its Board of Directors has authorized the Company's management team to

explore a broad range of strategic alternatives to further enhance shareholder

value. Pareto Securities AS has been engaged as the Company's financial

advisors in this process.

As part of the strategic review. Atlantic Petroleum will consider a full range

of options in order to unlock the value underlying the Company's assets,

including:

-- A sale or merger of the Company;

-- A sale, joint venture or partnership in respect of the Company's activities

in the United Kingdom and/or Norway; or

-- Continuing to execute on the Company's strategy as an independent company.

"The initiation of a review of strategic alternatives will allow us to explore

options that can accelerate the realization of value for the benefit of our

shareholders," said Ben Arabo, Chief Executive Officer of Atlantic Petroleum.

There is no assurance that the review of strategic alternatives will result in

Atlantic Petroleum completing any such transaction as described above. In the

event a transaction is not completed, Atlantic will continue to execute on the

Company's strategy and operational plan as an independent company. Based on its

current portfolio and activities, including the completion of the Orlando field

development in the UK, Atlantic Petroleum is not financed for its planned

activities in 2016. In order to close such funding gap the company will

consider different ways of strengthening its financial position. This includes

raising new equity financing, new debt financing or asset sales or a

combination of these measures.

Atlantic does not expect to update the market with any further information on

the process unless and until its Board of Directors has approved a specific

transaction or otherwise deems disclosure appropriate or necessary.

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 around 34 oil

and gas licences in the UK, Norway, and Ireland, 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 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.25/2015

Issued 03-08-2015

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