Tórshavn, Faroe Islands, 16th September 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, announces factual corrections to an analysis published by the financial periodical, Økonomisk Ugebrev (Economical Weekly). Atlantic Petroleum is aware that the article has led to certain misunderstandings in the market place, which the Company hereby seeks to correct. In respect of the conclusions from the analysis by Økonomisk Ugebrev, Atlantic Petroleum wishes to highlight that the analysis was made on the basis of Atlantic Petroleum's annual report and accounts for 2008, which do not include information regarding the refinancing of debt which the Company executed in June 2009 following an agreement with the Company's financing banks. The following should be pointed out in relation to the above-mentioned article: • Atlantic Petroleum's debt has been extended to 31st December 2010, not 31st December 2009 as mentioned in the article • Atlantic Petroleum is now cash-flow positive following continued production, since 2008, from the Chestnut field and production start up in August 2009 from the Ettrick field. Additionally, the oil price has increased from USD 36/bbl at the end of 2008 to approx USD 67/bbl today. Over future years, the Company expects to generate significant cash-flow from operations • Atlantic Petroleum has insignificant exploration commitments and generally faces only limited capital expenditures over the coming years • Atlantic Petroleum expects, as announced earlier, to conduct an offering of new shares during 2009 with a view to strengthen the Company's financial position and thereby establish a stronger financial basis for the future development of the Company Further details can be obtained from Wilhelm Petersen, CEO, 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. On the website, it is also possible to sign up for the Company e-mail newsletter. Announcement no 22/2009 Issued 16.09.2009, P/F Atlantic Petroleum Telephone +298 350 100 Gongin 9 Fax +298 350 101 P.O.Box 1228 petroleum@petroleum.fo FO-110 Tórshavn www.petroleum.fo Faroe Islands