Tórshavn, Faroe Islands, 20th November 2009 - P/F Atlantic Petroleum
(OMX:
FO-ATLA) the international upstream oil and gas company, today announces
that
the current CEO, Wilhelm Petersen, will leave the Company. 

New
constituted CEO is Sigurð í Jákupsstovu, current COO and Technical
Manager.
Sigurð í Jákupsstovu holds a M.Sc. in mechanical engineering and a
Ph.D. in
reservoir modelling from the Technical University of Denmark. He
joined
Atlantic Petroleum in May 2008 and has previously worked as a drilling
and
petroleum engineer with Maersk Oil and Gas (1993-1998) and as Director
of
Jarðfeingi (Faroese Earth and Energy Directorate) (2003-2008). Further,
Sigurð
í Jákupsstovu worked with Atlantic Petroleum during the period 2001 to
2003. 

The changes in management follows a mutual agreement between Atlantic
Petroleum
and Wilhelm Petersen. Wilhelm Petersen will leave Atlantic Petroleum
with
immediate effect, but will be available for one year on a consulting
basis.
However, the change in management also reflects the Board of Directors‘
wish to
form a management team which is optimally geared to the new
operating
challenges facing Atlantic Petroleum which over the past fifteen
months has
transformed itself to an oil-producing Company. The Board of
Directors will
immediately initiate an external search for a new permanent
CEO, which in
parallel with the evaluation of internal candidates, is expected
to ensure a
timely decision regarding a new permanent CEO. 

Birgir Durhuus,
Chairman of the Board of Directors: “I would like to thank
Wilhelm Petersen
for his significant contributions to the development of
Atlantic Petroleum.
Under his tenure, the Company has developed to become an
international player
in the oil and gas industry with two oil fields already in
production, and two
further oil fields expected to come into production over
the coming two to
three years.“ 

Further Details
Further details can be obtained from Birgir
Durhuus, Chairman of the Board of
Directors, tel +45 25 42 43 37. 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. 


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 28 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 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. 47/2009		                             
Issued 20-11-2009


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 		                            E-mail:
petroleum@petroleum.fo
Faroe Islands