Tórshavn, Faroe Islands 19th March 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, today announces that the second production well has now been connected to the subsea infrastructure and has increased production from the field to approximately 2150 barrels of oil equivalent per day (boepd) net to Atlantic Petroleum. From the strong well performance and the ongoing reservoir modelling work it is expected that the overall recovery from the field will be increased significantly compared to the previous estimate of 1.5 MMboe net to Atlantic Petroleum. Atlantic Petroleum holds a 15% working interest in the part block 22/2a containing the Chestnut field. The Chestnut field came on stream on 20th September 2008 with one production well and one water injector tied-in to the Hummingbird FPSO. A second Chestnut production well was sanctioned in May 2008, spudded in September and successfully tested in November last year. Investment in this second production well was sanctioned in May 2008 which means the well has been drilled and brought on stream in less than 10 months. Commenting on the news, Wilhelm Petersen, Managing Director said: “Chestnut was already delivering at the upper end of our expectations. By adding this second well the Chestnut field has proved to be a very important asset. We have sanctioned, drilled and brought this second well on stream in less than ten months which is a reflection of the group's innovative use of leading edge seismic techniques to identify further infill well opportunities. The robust field performance and additional reserves we have proved up validates our decision to develop Chestnut using the Hummingbird FPSO, the first deployment of a cylindrical FPSO in the UK offshore sector.” 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. Announcement no. 07/2009 P/F Atlantic Petroleum Issued 19-03-2009 Gongin 9 P.O. Box 1228 FO-110 Tórshavn Faroe Islands Telephone +298 350 100 Fax +298 350 101 Website: www.petroleum.fo Notes to Editors: Chestnut Field • The Chestnut field was discovered in 1986 • Chestnut lies approximately 180km east of Aberdeen in a water depth of 120m and is 13km south east of the Alba oil field • The Chestnut field partners are: o Venture Production plc (operator) - 69.875% o Bow Valley Petroleum (UK) Limited - 15.125% o Atlantic Petroleum UK Limited - 15.000% • Atlantic Petroleum acquired an 15.0% interest in Chestnut in 2003 • FDP approval for Chestnut was obtained in late 2005 for a single production well development with water injector support • The water injector well (22/2a-12) was drilled in mid-2006 and showed good pressure communication with the original production well • First oil from Chestnut was achieved on 20th September 2008 Sevan Hummingbird • The Hummingbird floating platform is a Sevan 300 FPSO with an oil storage capacity of 270,000 barrels • The unit can carry up to three risers and umbilicals and has oil processing capacity of 30,000 boepd and a water injection capacity of 20,000 barrels of water per day