LUNDIN PETROLEUM: LUNDIN PETROLEUM DUAL LISTS ON THE TORONTO STOCK EXCHANGE

LUNDIN PETROLEUM: LUNDIN PETROLEUM DUAL LISTS ON THE TORONTO STOCK EXCHANGE
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its shares
will commence trading on Thursday, 24 March 2011 on the Toronto Stock Exchange
(“TSX”) under the symbol “LUP”. This follows the announcement regarding a
conditional listing made by Lundin Petroleum on 9 March 2011. 
Lundin Petroleum's shares will also continue to trade on the NASDAQ OMX,
Stockholm under the symbol “LUPE”. The Company will not issue any additional
shares in connection with the TSX listing. 

Ashley Heppenstall President and CEO of Lundin Petroleum comments: "We are very
pleased to be listing on the Toronto Stock Exchange. The dual listing on the
TSX gives Lundin Petroleum enhanced access to a market and investors
experienced and knowledgeable about the international oil and gas industry, and
will be an excellent complement to our well-established primary listing in
Sweden.” 


Information Note:  Lundin Petroleum's register of shareholders is maintained by
Euroclear Sweden AB, the Swedish Central Securities Depository (“Euroclear
Sweden”).  Shares that are beneficially owned and reflected in a shareholder
account held through participants (“CDS Participants”) in the Canadian
securities depository and clearing system maintained by CDS Clearing and
Depository Services Inc. (“CDS”) will be held in an individual securities
account established for CDS, as depository for its CDS Participants, by CDS's
Swedish custodian Skandinaviska Enskilda Banken AB (“SEB”) in the register of
shareholders maintained by Euroclear Sweden. CDS will be listed as beneficial
owner for the purposes of the nominee list of shareholders provided by SEB to
Euroclear Sweden. Should a beneficial shareholder wish to remove its shares
from the account held with a CDS Participant, it should request that its CDS
Participant arrange via CDS that such shares be removed from CDS's custodial
account at SEB and moved to the register of shareholders maintained by
Euroclear Sweden in the beneficial shareholder's name. 

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 "LUPE"). Lundin Petroleum has proven and probable
reserves of 187 million barrels of oil equivalent (MMboe). 

For further information, please contact:

C. Ashley Heppenstall, 
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
Tel: +46 8 440 54 50

Visit our website: www.lundin-petroleum.com


FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable Canadian
securities legislation). Such statements and information (together, "forward
looking statements") relate to future events, including the listing of the
Company's shares on the TSX, or the Company's future performance, business
prospects or opportunities. Forward-looking statements include, but are not
limited to, statements with respect to timing of the listing of the shares on
the TSX, 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. 

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 "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". 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.  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.  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 “Risk Factors” and elsewhere in the Company's 2009 annual
report.  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.   Forward looking
statements included in this new release are expressly qualified by this
cautionary statement.