LUNDIN PETROLEUM AWARDED BARENTS SEA ACREAGE IN NORWEGIAN LICENSING ROUND

<p>
	<strong>Lundin Petroleum AB (&#34;Lundin Petroleum&#34;) is pleased to
announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has
been awarded a new exploration license interest in the 21st Norwegian Licensing
Round. The awarded license, PL609 is located in the Barents Sea.</strong></p> 
<p>
	Lundin Norway will be the operator of PL609 with 40 percent interest. The
partnership comprises RWE Dea Norge AS and Idemitsu Petroleum Norge AS, each
with 30 percent interest.</p> 
<p>
	PL609 covers an area of 1,180 km2, and is located immediately east of license
PL532 where Statoil recently made a significant oil discovery on the Skrugard
prospect (7220/8-1).</p> 
<p>
	Lundin Norway AS has a strong acreage position in the area with four operated
licenses and one partner-operated license in addition to the new award. Lundin
Norway will drill a well on the Skalle prospect, well 7120/3-2, scheduled to be
spudded in the second quarter 2011.</p> 
<p>
	Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets in
Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ
OMX, Stockholm (ticker &#34;LUPE&#34;) and at the Toronto Stock Exchange (TSX)
(ticker &#8220;LUP&#8221;). Lundin Petroleum has proven and probable reserves
of 187 million barrels of oil equivalent (MMboe).</p> 
<p>
	&#160;</p>
<p>
	For further information, please contact:</p>
<p>
	C. Ashley Heppenstall, President and CEO Tel: +41 22&#160;595 10 00</p>
<p>
	or</p>
<p>
	Maria Hamilton Head of Corporate Communications maria.hamilton@lundin.ch Tel:
+41 22 595 10 00 Tel: +46 8 440 54 50</p> 
<p>
	&#160;</p>
<p>
	<strong>FORWARD-LOOKING STATEMENTS</strong></p>
<p>
	Certain statements made and information contained herein constitute
&#34;forward-looking information&#34; (within the meaning of applicable
Canadian securities legislation). Such statements and information (together,
&#34;forward looking statements&#34;) relate to future events, including the
Company&#39;s future performance, business prospects or opportunities.
Forward-looking statements include, but are not limited to, statements with
respect to estimates of reserves and or resources, future production levels,
future capital expenditures and their allocation to exploration and development
activities, future drilling and other exploration and development activities,
ultimate recovery of reserves or resources are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of
management.</p> 
<p>
	All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as &#34;seek&#34;,
&#34;anticipate&#34;, &#34;plan&#34;, &#34;continue&#34;, &#34;estimate&#34;,
&#34;expect&#34;, &#34;may&#34;, &#34;will&#34;, &#34;project&#34;,
&#34;predict&#34;, &#34;potential&#34;, &#34;targeting&#34;, &#34;intend&#34;,
&#34;could&#34;, &#34;might&#34;, &#34;should&#34;, &#34;believe&#34; and
similar expressions) are not statements of historical fact and may be
&#34;forward-looking statements&#34;. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. &#160;No assurance can be given that these
expectations and assumptions will prove to be correct and such forward-looking
statements should not be unduly relied upon. &#160;These statements speak only
as on the date of this news release and the Company does not intend, and does
not assume any obligation, to update these forward-looking statements, except
as required by applicable laws. These forward-looking statements involve risks
and uncertainties relating to, among other things, operational risks (including
exploration and development risks), productions costs, availability of drilling
equipment and access, reliance on key personnel, reserve estimates, health,
safety and environmental issues, legal risks and regulatory changes,
competition, geopolitical risk, financial risks. These risks and uncertainties
are described in more detail under the heading &#8220;Risk Factors&#8221; and
elsewhere in the Company&#8217;s 2009 annual report.&#160; Readers are
cautioned that the foregoing list of risk factors should not be construed as
exhaustive. Actual results may differ materially from those expressed or
implied by such forward-looking statements.&#160;&#160; Forward looking
statements included in this new release are expressly qualified by this
cautionary statement.</p>