Tórshavn, Faroe Islands 4th March 2008 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, today announced that the composition of the Board of Directors of its subsidiary company Atlantic Petroleum UK Limited has changed. The number of Board members of Atlantic Petroleum UK Limited has been reduced from seven to three. The reason for the reduction in the number of Board members of Atlantic Petroleum UK Limited is to enable Atlantic Petroleum UK Limited Board level decisions to be made more swiftly. Atlantic Petroleum UK Limited is a 100% owned subsidiary of P/F Atlantic Petroleum. The Board of Directors of Atlantic Petroleum UK Limited now consists of Wilhelm Petersen, Kjartan Hoydal and Richard Hardman. Óli Hammer, Mortan Johannesen, Petur Even Djurhuus and Poul R. Mohr have resigned as Directors of Atlantic Petroleum UK Limited, but each will continue as Board members of the parent company P/F Atlantic Petroleum. 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. Change in the Composition of the Board of Directors of the Subsidiary Company Atlantic Petroleum UK Limited Issued 04-03-2008 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 Faroe Islands
Change in the Composition of the Board of Directors of the Subsidiary Company Atlantic Petroleum UK Limited
| Source: Atlantic Petroleum P/F