Atlantic Petroleum P/F: Grant of Options

Tórshavn, Faroe Islands, 2013-04-29 23:55 CEST (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today announces the grant of nil-cost options over ordinary shares in the Company under the Atlantic Petroleum Long Term Incentive Plan which was adopted by the Company on 24th March 2012 (the "Plan").

The options are capable of vesting after a three year period subject to continued employment and meeting stretching corporate performance conditions.

The long-term incentive awards form part of the Company's remuneration strategy to provide a competitive remuneration package that rewards Directors and employees fairly and responsibly for their contributions and aims to deliver superior remuneration for superior performance.

We set out the two corporate performance conditions below:

Comparative Total Shareholder Return ("TSR"):

The Company's comparative TSR is compared to a comparator group of quoted oil and gas exploration and production companies and:

-- 25% of the option will vest for median performance against the comparator group; -- 100% of the option will vest for upper quartile performance against the comparator group; and -- The option will vest on a straight-line basis for TSR performance between these levels.

Share price multiplier:

The vesting level achieved under the comparative TSR element can be multiplied upwards if the Company achieves absolute share price growth of more than 15% p.a. over the three year performance period. A maximum multiplier of three times can be achieved for 45% p.a. absolute share price growth and awards vest on a straight-line basis between these share price performance levels.

The options granted to the participants are as follows:

Name Number of Plan Shares ----------------------------------------------------- Ben Arabo 5,871 ----------------------------------------------------- Key Employees & Management 15,933 -----------------------------------------------------

For the CEO, Ben Arabo, the options granted are equal to 67% of the annual base salary. The option was calculated by reference to a price of DKK 171.2 per share, being the three month average closing share price of the Company's shares to 25th April 2013 on the Nasdaq OMX Copenhagen. The number of shares shown above represents the figure that may be acquired by the participants, if the Company's TSR is in the upper quartile TSR of its comparator group. Where the Company's absolute share price growth is 45% p.a. or more over the performance period, the participants would be entitled to exercise their option in respect of three times as many shares as stated above.

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel [phone] ([e-mail]). 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. 20/2013

Issued 29-04-2013

P/F Atlantic Petroleum Yviri við Strond 4 P.O. Box 1228 FO-110 Tórshavn Faroe Islands

Telephone [phone] Fax [phone] Website: www.petroleum.fo E-mail: [e-mail]