2007 - Presentation

The Interim Consolidated Profit after taxation for first six months of 2007 was
a loss amounting to DKK -39,313,613 and for the 2Q 2007 a loss amounting to DKK
-35,211,531. 


Tórshavn, Faroe Islands 24th August 2007 - Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, today announced results for the
second quarter ending 30th June 2007. 


2Q Highlights

P/F Atlantic Petroleum's consolidated profit after taxation for the first six
months of 2007 amounted to DKK -39,313,613, compared to DKK -6,380,768 for the
first six months of 2006. The consolidated profit after taxation for 2Q of 2007
amounted to DKK -35,211,531, compared to DKK -4,047,318 for 2Q of 2006. 

The consolidated result before taxation for the first six months of 2007 was
DKK -39,313,613, compared to DKK -6,359,503 for the first six months of 2006.
The consolidated result before taxation for 2Q of 2007 was DKK -35,211,531,
compared to DKK -4,026,053 for 2Q of 2006. 

The consolidated operating profit for the first six months of 2007 was DKK
-40,766,945, compared to DKK -5,154,458 for the first six months of 2006. The
consolidated operating profit for 2Q 2007 was DKK -37,693,592, compared to DKK
-4,027,254 for 2Q of 2006. 

The Company's consolidated total assets amounted to DKK 346,720,777 at the end
of June 2007, compared to DKK 361,416,965 at the year end 2006. 

The Company's total shareholders' equity amounted to DKK 258,899,329 at the end
of June 2007, compared to DKK 296,676,942 at the year end 2006. 

The financial result for 2Q of 2007 is as anticipated, before the deduction of
costs for the Balgownie well amounting to approx DKK 34 millions, which did not
encounter oil and gas in commercial quantities. This loss will be deducted from
future taxable income. 

The Chestnut and Ettrick Field developments are progressing as planned. First
oil from the Chestnut Field is forecast to be in late 2007 and from Ettrick in
first half of 2008. The previous announced investments in these fields are
expected to increase due to increases in industry costs. 

Expectations are unchanged for the 2007 results. We expect a positive result
for 2007, before deduction of any unsuccessful exploration/appraisal wells
drilled in 2007. This is however subject to uncertainties. Firstly, the exact
date in 4Q for first oil from the Chestnut Field is not yet finalised.
Secondly, unknown factors such as the oil price and exchange rates may have an
impact on the result. 

The result after deduction for unsuccessful exploration/appraisal wells drilled
in 2007 is also difficult to predict, as the results from the Hook Head well
currently being drilled and the Blackbird well, due to be drilled later this
year, are still unknown. The costs for these two wells, on a dry hole basis,
are approx DKK 27 million for Atlantic Petroleum's share. 

Wilhelm Petersen, P/F Atlantic Petroleum's CEO stated: 
“We are again proud to announce our achievements in connection with the
financial statements. In the second quarter of 2007 we have drilled one
exploration well, farmed into two exploration licences, farmed into the Martin
discovery and commenced the drilling of the Hook-Head appraisal well in
Ireland. Also we have signed a mandate letter of a US$50 million senior debt
facility with the Bank of Scotland, to finance the increased capital spending
associated with the company's growth.” 
 
Presentation of the Result
A web cast will be available on the company's website www.petroleum.

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.