Atlantic Petroleum agrees to farm out to Sosina on Hook Head discovery, Celtic Sea, Offshore Ireland

Tórshavn, Faroe Islands, 4th October 2010 - P/F Atlantic Petroleum
(OMX:FO-ATLA) announces that the Standard Exploration Licence (SEL) 2/07
licence partners Providence and Atlantic Petroleum have agreed to farm down up
to 50% equity interest in the Hook Head oil discovery to Sosina Exploration
Limited. 

An option has been agreed which provides Sosina with the right to acquire up to
a further 50% equity interest in the Hook Head oil discovery in return for the
drilling of an appraisal well in 2011. 

Pursuant to the agreement, Sosina has agreed to fund and carry out a number of
studies on potential appraisal drilling and development feasibility of the Hook
Head discovery for an additional 10% interest. Sosina will acquire an
additional 40% equity interest and the right to operate should it elect to
fully fund and drill an appraisal well on Hook Head by the end of 2011. 

Atlantic Petroleum currently holds 18.3% interest in Hook Head with operator
Providence (72.5%) and partner Sosina Exploration (9.2%). In the event that
Sosina exercises its option and drills a well, the participating interests
would be Sosina (59.17%), Providence (32.59%) and Atlantic Petroleum (8.24%).
The farm-out transaction is subject to Irish governmental approval. 

Ben Arabo, Atlantic Petroleum's CEO, stated: “Following our recent announcement
regarding the farmout of the Nemo discovery to Nautical, we are pleased that
further work is being carried out on discoveries to help unlock the potential
of the Celtic Sea.” 

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. 23/2010		                  Issued 04-10-2010

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