Discovery made on Blackbird, by 20/2a-8 exploration well, in UK Licence P.317

Tórshavn, Faroe Islands 14th August 2008 - Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, announces that it has made a
discovery on the Blackbird prospect, located on the UK North Sea Block 20/2a.
This discovery is six kilometres south of our Ettrick Field. The well
encountered 111 feet of net pay in multiple zones, was drill-stem tested and
flowed at an average restricted rate of 3,800 bopd through a 34/64 inch choke. 
Analysis indicates high quality crude oil in good quality reservoir sands. The
well has been suspended, for use as a production well, while work is ongoing to
fast track development as a sub-sea tie back to the Ettrick Field, given the
short distance to the Ettrick floating production, storage and offloading
vessel. 

Partners in the licence are Nexen (operator) 79.73%, Bow Valley 12% and
Atlantic Petroleum 8.27%. 

Commenting on the discovery, Wilhelm Petersen, Managing Director of P/F
Atlantic Petroleum said: 

“The Blackbird discovery and the successful test are very good news for
Atlantic Petroleum and its shareholders. We are looking forward to a fast track
development given the short distance to the Ettrick FPSO plus the partnerships
are the same in both the Ettrick Field and the Blackbird discovery.” 




Further Details
Further details can be obtained from Wilhelm Petersen, Managing Director, tel
+298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager,
tel +298 350 100 (teiturs@petroleum.fo). This announcement will be available,
together with other information about Atlantic Petroleum, on the Company's
website: www.petroleum.fo. 

                                                              

P/F Atlantic Petroleum	                                 Issued 14-08-2008
Gongin 9	
P.O. Box 1228	
FO-110 Tórshavn 
Faroe Islands
Telephone +298 350 100
Fax +298 350 101
Website: www.petroleum.fo