- Result for first half of 2008 was a loss of DKK -31 million and for the 2Q 2008 a profit of DKK 2.8 million

Extract from the announcement in full length attached together with the Interim
Financial Statement and a presentation of 2Q 2008. 

The Interim Consolidated Profit after taxation for first six months of 2008 was
a loss amounting to DKK -31,407,593 and for the 2Q 2008 a profit amounting to
DKK 2,813,237. 

Tórshavn, Faroe Islands 22nd August 2008 - Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, today announced results for the
second quarter ending 30th June 2008. 

2Q Highlights

P/F Atlantic Petroleum's consolidated result after taxation for the first six
months of 2008 amounted to DKK -31,407,593, compared to DKK -39,313,613 for the
first six months of 2007. The consolidated profit after taxation for 2Q of 2008
amounted to DKK 2,813,237, compared to a loss of DKK -35,211,531 for 2Q of
2007. The positive result in 2Q 2008 is primarily due to unrealised exchange
gain towards GBP. 

The consolidated result before taxation for the first six months of 2008 was
DKK -31,398,679, compared to DKK -39,313,613 for the first six months of 2007.
The consolidated result before taxation for 2Q of 2008 was DKK 2,822,151,
compared to DKK -35,211,531 for 2Q of 2007. 

The consolidated operating result for the first six months of 2008 was DKK
-9,558,867, compared to DKK -40,766,945 for the first six months of 2007. The
consolidated operating result for 2Q 2008 was DKK 
-4,607,411, compared to DKK -37,693,592 for 2Q of 2007.

The Company's consolidated total assets amounted to DKK 497,303,452 at the end
of June 2008, compared to DKK 410,859,512 at the year end 2007. 

The Company's total shareholders' equity amounted to DKK 199,883,549 at the end
of June 2008, compared to DKK 227,152,011 at the year end 2007. 

The financial result for 2Q of 2008 is in line with expectations taking into
account the delayed start-up of production from the Chestnut Field. 

Atlantic Petroleum still expects that production from the Chestnut Field will
commence in 3Q 2008. Production from the Ettrick Field is expected to start
late 2008 with a modest contribution to the 2008 production volumes. 

The overall outlook from the 1Q announcement can be repeated as the outlook for
the Group is still good. This is based on the fact that oil prices have
continued to be relatively high in 2Q of 2008 and that two of our oilfields
will start to produce later this year. Based on current oil prices these two
oilfields will generate substantial cash flow to the Group, which will be used
for further growth. Atlantic Petroleum has, as have other oil and gas
companies, faced delays and cost overruns on its projects due to the high
demand in the industry for services. Therefore, further delays and cost
overruns may occur. 

Due to the delay of first production from the Chestnut and Ettrick Fields, part
of the cash flow from these two fields is pushed into 2009 and subsequent
years. Consequently, the operating profit for 2008 is expected to be lower than
the previously announced DKK 35 million, before deduction of unsuccessful
exploration costs. 

Wilhelm Petersen, P/F Atlantic Petroleum's CEO stated: 
“The financial result from operating activities is in line with our
expectations taking into account the delay of start-up of production from the
Chestnut Field. On the operations side we are satisfied, as we have managed to
add substantial additional reserves to Atlantic Petroleum's total reserves by
drilling and testing the successful Blackbird exploration well. On the other
hand commissioning work on the Chestnut Field has taken longer than
anticipated, but we are quite confident that the Chestnut Field will commence
production in 3Q as previously announced. The Ettrick development is
progressing with first oil expected late 2008. The coming months will be very
exciting for Atlantic Petroleum with two fields commencing production and
further developments on these fields. In addition to this we expect to drill
four exploration/appraisal wells in the rest of this year and early 2009.” 

Presentation of the Result
A web cast will be available on the company's website www.petroleum.fo

Financial Statement and 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. On the website, it is also possible to sign up for
the Company e-mail newsletter.


P/F Atlantic Petroleum                                          Issued
22.08.2008 
Gongin 9                                  
P.O.Box 1228 
FO-110 Tórshavn                                         
Telephone +298 350 100                              
Fax +298 350 101                                       
www.petroleum.fo