Atlantic Petroleum announces that the stabilisation period has expired

Tórshavn, Faroe Islands, 9th December 2009 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the international upstream oil and gas company, today announces that
the stabilisation period has expired. 

With reference to announcement no. 42 of 29th October 2009 regarding the
completion of a rights issue, P/F Atlantic Petroleum hereby announces that the
stabilisation period has expired. 

Handelsbanken Capital Markets (Division of Svenska Handelsbanken AB (publ.))
was the Global Coordinator and the stabilisation agent in connection with the
rights issue. 

The Global Coordinator has informed the company that no stabilising measures
have been taken in P/F Atlantic Petroleum's shares within the stabilisation
period. 

Further Details
Further details can be obtained from Sigurð í Jákupsstovu, CEO, tel. +298
350100 (sigurdj@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's e-mail newsletter. 


Announcement no. 48/2009		                               Issued 09-12-2009

P/F Atlantic Petroleum 		                          Telephone +298 350 100
Gongin 9		                                                  Fax +298 350 101
P.O. Box 1228		                                 Website: www.petroleum.fo
FO-110 Tórshavn 		                            E-mail: petroleum@petroleum.fo
Faroe Islands