Atlantic Petroleum P/F — M&A Activity 2016

Jun 6, 2016

Atlantic Petroleum sells Orlando for cash and a share of the sale proceeds from Orlando production

Atlantic Petroleum sells Orlando for cash and a share of the sale proceeds from Orlando production

Tórshavn, Faroe Islands, 2016-06-06 08:13 CEST (GLOBE NEWSWIRE) --

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

NOK) announces that it has entered into a Sale and Purchase Agreement with

Bridge Petroleum for its 25% interest in the Orlando development. The

consideration is a less than DKK 7MM in cash and a deferred consideration in

the form of a share of the sale proceeds from the Orlando production. The Sale

and Purchase Agreement is contingent on Bridge Petroleum acquiring Iona UK

Limited.

When the transaction completes Atlantic Petroleum will not be participating in

or funding the development of Orlando, and the only involvement for the company

will be receiving its share of the sale proceeds when the field starts

production.

Ben Arabo CEO said:

?We are very pleased with the agreement with Bridge Petroleum. The Orlando

development is a good project and we are very glad to see that there are plans

for it to be taken forward to production in 2017. We don?t expect any further

write down on Orlando. If the field performs as expected and the oil price

recovers, there can be significant upside to Atlantic Petroleum from the

Orlando sales proceeds."

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.14/2016

Issued 06-06-2016

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