Operations Update October 2015

Tórshavn, Faroe Islands, 2015-11-03 11:38 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that during the month of October, Atlantic Petroleum produced a net total of 45,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and Blackbird fields. The average daily production was 1,452 boe per day net to the Company.

The Company now expects total net annual production for 2015 to be around 495,000 boe or 1,356 boe per day, down from its previous guidance of 520,000 boe or 1,420 boe per day.

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 37 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 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 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.31/2015

Issued 02-11-2015

         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