Atlantic Petroleum P/F — Management Reports 2014

Oct 2, 2014

Operations update September 2014

Operations update September 2014

Tórshavn, Faroe Islands, 2014-10-02 09:18 CEST (GLOBE NEWSWIRE) --

P/F Atlantic Petroleum (OMX: FO-ATLA CSE & Oslo Børs: ATLA) today announces

that during the month of September, Atlantic Petroleum produced a net total of

60,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and

Blackbird fields. The average daily production was 2,000 boe per day net to the

Company. Production has improved significantly from August as the new Blackbird

PB2 well has now reached full production.

Well test preparation operations continue on the 43/13b-7 Pegasus West gas

well. The well is being completed so that it can be used for later production,

if the flowtest proves commerciality. Results from the tests are expected

before the end of October and an announcement with the flowrate and further

details will follow.

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.41/2014

Issued 02-10-2014

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