- Settlement of Atlantic Petroleum's previously announced farm into UK Licence P.1047, Block 20/3c, Marten discovery

Tórshavn, Faroe Islands, 1st November 2007 - Atlantic Petroleum (OMX: FO-ATLA),
the international upstream oil and gas company, is pleased to announce, with
reference to the announcement of 16th August 2007, the final settlement of the
farm into UK Licence P.1047. Atlantic Petroleum has received approval of the
farm in from the UK Department for Business, Enterprise and Regulatory Reform
and partner consent of the transaction. 

About the farm in
Atlantic Petroleum has purchased the 17.5% equity held by Enterprise Oil
Limited, an affiliate of Shell U.K. Limited, for a consideration of £1.2
million, plus a deferred payment of £200,000. The deferred consideration is
payable upon first production from the block, or upon Atlantic Petroleum's
transfer of interest of the block. The acquisition will be funded with cash. 

The licence contains the Marten discovery, in which well, 20/3-4 was drilled in
1984 by Amoco (U.K.) Exploration Co. The well discovered oil in Jurassic
Buzzard aged sands. The operator currently quotes total reserves in the order
of 9 MMBbls oil plus 8 BCF gas for the Marten structure. 

The licence covers Block 20/3c and is operated by Nexen Petroleum U.K. Limited.
It was awarded in the 20th Round in July 2002. After the farm in, the licence
partnership will consist of Nexen 40%, Bow Valley Petroleum (UK) Ltd 25%,
Summit UK Oil Limited 17.5% and Atlantic Petroleum 17.5%. 

The Block lies in the Moray Firth area of the North Sea, around 12km southeast
of the Ettrick Field, in which Atlantic Petroleum has an 8.27% equity. The
Ettrick Field is currently being developed with first oil expected in 2008. 

Development options are currently being investigated and include tying a number
of small sour discoveries, including Bright (also part of the Atlantic
Petroleum portfolio in Block 20/3a), Polecat and Marten, to the Ettrick FPSO or
Buzzard FPSO. 

The addition of the Marten discovery to the portfolio adds substantial reserves
to Atlantic Petroleum's Ettrick ‘core area'. Building on the strong
relationship with operator Nexen and the other partners, Atlantic Petroleum
looks forward to this discovery becoming a development within the next few
years. 

Further Details
Further details can be obtained from Wilhelm Petersen, Managing Director, 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.