Atlantic Petroleum - Result from Annual General Meeting 17 March 2007

1.	Ingi Højgaard 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 2006.

3.	The audited Annual Accounts were presentent and approved by the General Meeting.

4.	It was decided to carry forward the result from 2006 to next year and pay no dividends.

5.	Two of five Board Members were up for election for a period of two years: Poul Mohr and Petur Even Djurhuus. They were re-elected. The Board of Directors decided that Kjartan Hoydal continues as Chairman of the Board.

6.	The two proposed accountants were re-elected: P/F Grannskoðaravirkið INPACT and SPEKT stataut. revisorar Sp/F.

7.	The proposed amendment to the Articles of Association of the Company was approved, clause 16, sub clause 4, is now as follows:

"The board members receive remuneration for the work on the Board of Directors and its size is to be determined by the Board of Directors, but the total board remuneration to all the board members for one year cannot exceed DKK 1,000,000 without approval from the Company's General Meeting." 



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