Atlantic Petroleum P/F — Regulatory Filings 2014

May 12, 2014

Operations commence on the re-entry of the 6104/21-2 Brugdan II exploration well on Faroes Licence 006

Operations commence on the re-entry of the 6104/21-2 Brugdan II exploration well on Faroes Licence 006

Tórshavn, Faroe Islands, 2014-05-12 15:52 CEST (GLOBE NEWSWIRE) --

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

announces that operations regarding the re-entry of the 6104/21-2 Brugdan II

exploration well on Faroes Licence 006 have commenced.

The Brugdan II 6104/21-2 well was drilled in 2012 and suspended in late

November that year as the weather was closing in. The well is being re-entered

using the West Hercules semi-submersible rig in a water depth of about 460m.

Brugdan is a large four-way dip closure in the Tertiary that was previously

drilled in 2006 by the 6104/21-1 well which was abandoned prior to reaching the

Vaila Sandstone target due to mechanical issues. The well is expected to take

over two months to complete.

The well is operated by Statoil who holds a 35% interest in the licence.

Atlantic Petroleum has 1% interest, with 49% held by ExxonMobil and 15% by OMV.

Ben Arabo, CEO, commented:

?We are very pleased to announce the re-entry of the high impact Brugdan II

well in the Faroe Islands. Although the well is both geologically and

technically challenging, it could, if successful, have a very big impact on

Atlantic Petroleum and on the Faroese shelf in general?

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 40 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.22/2014

Issued 12-05-2014

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