Tórshavn, Faroe Islands, 11th June 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, responds to questions that have been raised related to announcement no/11 2009 issued 9th June 2009 as to whether the reported extensions of the bridge loans are final or conditional. The bridge loan extensions are final. As stated in announcement no/11 2009, the lenders can call in the loans for full repayment before 31st December 2010 if, among other things, the refinancing by new senior debt and new share capital is not carried through within 6 to 9 months, the Company carries out certain investments without prior approval from the lenders or the Company has not elected three new Board members prior to 1st July 2009. The new board members will be appointed by the lenders, one of which shall be the Chairman of the Board. The Company has, in announcement no/9 2009 issued 22nd May 2009, reported that a positive outcome of the refinancing activities was necessary for the Company's ability to continue as a going concern. The extension of the bridge loans reported in announcement no/11 2009, and also in this announcement, confirms the positive outcome of the refinancing activities previously described and thereby confirms the company's ability to continue as a going concern. Further details can be obtained from Wilhelm Petersen, CEO, 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. Announcement no 13/2009 Issued 11.06.2009, P/F Atlantic Petroleum Telephone +298 350 100 Gongin 9 Fax +298 350 101 P.O.Box 1228 petroleum@petroleum.fo FO-110 Tórshavn www.petroleum.fo Faroe Islands
Response to questions raised related to whether the extensions of the bridge loans are final or conditional. The extensions are final.
| Source: Atlantic Petroleum P/F