LUNDIN PETROLEUM: LUNDIN PETROLEUM RESERVE REPLACEMENT RATIO OF 237 PERCENT

LUNDIN PETROLEUM: LUNDIN PETROLEUM RESERVE REPLACEMENT RATIO OF 237 PERCENT
Lundin Petroleum AB ("Lundin Petroleum") is pleased to announce that as at 1
January 2011 its net proven and probable working interest reserves are 186.7
million barrels of oil equivalent (MMboe) which equates to a 18 percent
increase to reserves and a reserve replacement ratio of 237 percent, when
compared to 1 January 2010. 
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The reserves are based upon a third party independent audit conducted by
Gaffney Cline and Associates ("GCA"). The proven and probable reserves have
been calculated using 2007 Petroleum Resources Management System (SPE PRMS)
Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum
Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society
of Petroleum Evaluation Engineers (SPEE). The reserves were calculated using an
oil price of USD 85 per barrel in 2011, with prices and costs escalating at 2
percent per annum. 

Oil accounts for 84 percent of the total reserves. In addition 98 percent of
the reserves are located in countries with a tax/royalty regime. The major
contribution to the reserve increase was from Norway where the Luno, Alvheim,
Nemo and Gaupe fields all contributed to the increase. 
In addition to its reserves Lundin Petroleum has further assets classified as
Contingent Resources with “Best Estimate” values (as defined by the SPE PRMS)
of 259 MMBoe in aggregate and oil accounts for 90 percent. The contingent
resources include contributions from the recent Avaldsnes and Apollo
discoveries in Norway. Contingent Resources reported have been audited by
GCA**. 

The 2010 production forecast is 32,700 barrels of oil equivalent per day
(boepd). The 2010 forecast net production includes production up to the date of
the sale from certain assets divested in 2010. Excluding divested assets the
2010 forecast net production is 28,400 boepd. The forecast 2011 net production
is between 28,000 and 33,000 boepd. 

Ashley Heppenstall President & CEO of Lundin Petroleum commented: "We have
again been successful in growing our reserve base through our exploration
driven strategy. This success has continued with the recent discovery in Norway
of the Avaldsnes and Apollo fields which I am confident will result in further
reserve increases in forthcoming years.” 
*As per industry standards the reserve replacement ratio is defined as the
ratio of reserve additions to production during the year, excluding
acquisitions/sales. The reserves increase is calculated as the ratio of the
1.1.2011 reserves additions over the 1.1.2010 reserves adjusted for sales and
production. 

** GCA advises that there is always a risk that accumulations containing
contingent resources might not be developed and achieve commercial production.
The Contingent Resources reported herein are “Unrisked” in this respect. 

Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets in
Europe, Russia, South East Asia and Africa. The Company is listed at the NASDAQ
OMX, Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable
reserves of 187 million barrels of oil equivalent (MMboe) as per 2011.01.01. 

For further information, please contact:

C. Ashley Heppenstall, 	
President and CEO 
Tel: +41 22 595 10 00 

Maria Hamilton
Head of Corporate Communications
Tel: +46 8 440 54 50

Visit our website: www.lundin-petroleum.com