First stage of planned refinancing in place and proposed internationalisation of the Board of Directors

Tórshavn, Faroe Islands, 9th June 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, announces that the first stage
of the Company's planned refinancing is in place. The date for repayment of the
existing bridge loans has been extended from 31st July 2009 and 31st December
2009 to 31st December 2010 or earlier, subject to the completion of a proposed
share capital increase and/or the securing of a senior loan facility. 

As part of the terms of the loan extension, Føroya Banki P/F and Eik Banki P/F
have been granted third priority security in the shares in Atlantic Petroleum
UK Ltd. Furthermore, the members of the consortium of lenders can call in the
loan to Atlantic Petroleum for full repayment if, among other things, the
Company carries out certain investments without prior approval from the
lenders, or if the refinancing of the company has not made material progress
within 6 to 9 months and if the Company has not elected three new Board members
appointed by the banks of which one shall act as the Chairman. The lenders have
asked Sp/f 14 and Mortan Johannesen as shareholders to confirm to the lenders
that they will vote in favour hereof and they have accepted this.

In connection with the extension of the existing bridge loans, the company
plans to call for an extraordinary general meeting to be held before 1st July
2009, where it will propose to elect three new Board members for Mr. Kjartan
Hoydal, Mr. Óli Hammer and Mr. Petur Even Djurhuus. As of today Mr. Kjartan
Hoydal has resigned as Chairman of the Board and Board Member of P/F Atlantic
Petroleum. Mr. Poul Mohr will serve as Chairman of the Board in the mean time.
The change in the composition of the Board with three new Board members shall
reflect the new phase that the Company entered in September 2008 when it became
an oil producing company. The new Board members will supplement current
competences within Atlantic Petroleum and add further international expertise.

Wilhelm Petersen, CEO, commented:
“The extension of the existing bridge loans is excellent news for Atlantic
Petroleum and its shareholders as it gives the Company security whilst
finalising its planned refinancing process through a proposed share capital
increase and through a senior loan facility. It also assists in the further
expansion of the Company's current exploration and development activities,
leading to production of oil and gas.” 

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 11/2009                       	Issued 09.06.2009

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