Announcement from P/F Atlantic Petroleum (FO-ATLA) Result of Annual General Meeting 29th March 2008 (attached to this announcement is the presentation from the Annual General Meeting in faroese and english)) 1. Tormóður Djurhuus was elected as Chairman of the General Meeting. 2. The Chairman of the Board presented the Board of Directors' statement of the Company's activity during 2007. 3. The audited Annual Accounts were presentent and approved by the General Meeting. 4. It was decided to carry forward the loss from 2007 to next year. 5. Three of five Board Members were up for election for a period of two years: Kjartan Hoydal, Mortan Johannesen and Óli Hammer. They were re-elected. The Board of Directors decided that Kjartan Hoydal continues as Chairman of the Board. 6. As proposed it was decided to re-elect P/F Grannskoðaravirkið INPACT statsaut. revisorar, R. C. Effersøesgøta 26, 100 Tórshavn as auditors, for the period until the next Annual General Meeting. Due to changes in the law applicable for the Company, only one accountant is now prescribed by law. According to the Articles of Association of the Company §20, up to two accountants can be elected for the Company. 7. The proposed amendment to the Articles of Association of the Company was approved, § 3 sub-clause 2, item 7, is now as follows: “If an invitation is made to subscribe to new share capital in the Company, without pre-emptive rights to the present shareholders, the subscription shall be made at market value” Apart from this, § 3 remained unchanged. Further Details Further details can be obtained from Wilhelm Petersen, Managing Director, tel +298 350100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350100 (teiturs@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo Issued 29-03-2008 P/F Atlantic Petroleum Gongin 9 Telephone +298 350 100 Box 1228 Fax +298 350 101 FO-110 Tórshavn Website: www.petroleum.fo Faroe Islands