Not to be distributed in the US, Canada, Australia or Japan 

Tórshavn, Faroe
Islands, 2nd October 2009 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the
international upstream oil and gas company, announces that with
reference to
stock exchange announcement no. 26 Thursday 1st October 2009,
Atlantic
Petroleum hereby publishes prospectus in connection with Rights Issue
to raise
Gross Proceeds of up to DKK 188 million. 

The Offering comprises up to
1,500,973 new shares with a nominal value of DKK
100 each (the “Offer
Shares”), offered at the ratio of 4:3, i.e. four new
shares for three
existing. Four Pre-emptive Rights are allocated for each
existing share held,
and for every 3 Pre-emptive Rights, the holder will be
entitled to subscribe
for 1 Offer Share at a subscription price of DKK 125 per
Offer Share. 

The
last day of trading of Existing Shares incl. Pre-emptive Rights will be
today,
2nd October 2009. 

Requests for copies of the prospectus containing detailed
information about
Atlantic Petroleum and the complete terms and conditions of
the Offering may be
addressed to: 

Handelsbanken Capital Markets

Havneholmen 29 
DK-1561 Copenhagen V 
Denmark 
Tel: +45 3341 8200 

P/F
Eik Banki 
Yviri við Strond 2 
100 Tórshavn 
Faroe Islands 
Tel: +298 348
000

The prospectus will also be available at the Company's registered office
in
Tórshavn, Faroe Islands. Subject to certain exceptions, the prospectus can
also
be downloaded from the Company's website: www.petroleum.fo. 


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. 

Restrictions applicable to the Offering

This announcement does not constitute an offer or an invitation to invest
in
the Company. Subscription for shares should only take place based on
the
published prospectus. 

Regardless of the above, Atlantic Petroleum
expects that due to restrictions
under applicable law and rules, some or all
investors residing in the United
States, Canada, Australia, Japan and other
jurisdictions outside Faroe Islands,
Denmark and Iceland may not have the
prospectus distributed to them and may not
be able to exercise their
Pre-emptive Rights or subscribe for the Offer Shares.
The prospectus does not
constitute an offer of or an invitation to purchase any
Pre-emptive Rights or
subscribe for any Offer Shares in any jurisdiction in
which such offer or
invitation would be unlawful. 

About Atlantic Petroleum 
Atlantic Petroleum
is a Faroese independent exploration and production (E&P)
company with oil and
gas interests in the North Sea, East Irish Sea and Celtic
Sea and on the
Faroese Continental Shelf. The Company has interests in 15
licences containing
around 30 fields, discoveries, prospects or leads.
Furthermore, Atlantic
Petroleum has partnerships with 17 international oil
companies operating in
North West Europe. The objective of Atlantic Petroleum
is to develop the
offshore oil and gas potential in North West Europe on a
commercial basis, and
presently the Company engages in activities ranging from
exploration, through
appraisal, to development and production. Atlantic
Petroleum's shares are
listed on both NASDAQ OMX Iceland and NASDAQ OMX 
Copenhagen.

Announcement 
no. 27/2009		                                Issued 02-10-2009

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 		 
                             Mail: petroleum@petroleum.fo
Faroe Islands