Result for first six months of 2007 was a loss of DKK -39,313,613 and for 2Q 2007 a loss of DKK -35,211,531

Extract from the announcement attached. 

Interim Consolidated Financial Statements of P/F Atlantic Petroleum for first
six months of 2007 

Tórshavn, Faroe Islands 24th August 2007 - Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, today announced results for the
second quarter ending 30th June 2007. 

2Q Highlights

P/F Atlantic Petroleum's consolidated profit after taxation for the first six
months of 2007 amounted to DKK -39,313,613, compared to DKK -6,380,768 for the
first six months of 2006. The consolidated profit after taxation for 2Q of 2007
amounted to DKK -35,211,531, compared to DKK -4,047,318 for 2Q of 2006. 

The consolidated result before taxation for the first six months of 2007 was
DKK -39,313,613, compared to DKK -6,359,503 for the first six months of 2006.
The consolidated result before taxation for 2Q of 2007 was DKK -35,211,531,
compared to DKK -4,026,053 for 2Q of 2006. 

The consolidated operating profit for the first six months of 2007 was DKK
-40,766,945, compared to DKK -5,154,458 for the first six months of 2006. The
consolidated operating profit for 2Q 2007 was DKK 
-37,693,592, compared to DKK -4,027,254 for 2Q of 2006.

The Company's consolidated total assets amounted to DKK 346,720,777 at the end
of June 2007, compared to DKK 361,416,965 at the year end 2006. 

The Company's total shareholders' equity amounted to DKK 258,899,329 at the end
of June 2007, compared to DKK 296,676,942 at the year end 2006. 

The financial result for 2Q of 2007 is as anticipated, before the deduction of
costs for the Balgownie well amounting to approx DKK 34 millions, which did not
encounter oil and gas in commercial quantities. This loss will be deducted from
future taxable income. 

The Chestnut and Ettrick Field developments are progressing as planned. First
oil from the Chestnut Field is forecast to be in late 2007 and from Ettrick in
first half of 2008. The previous announced investments in these fields are
expected to increase due to increases in industry costs. 

Expectations are unchanged for the 2007 results. We expect a positive result
for 2007, before deduction of any unsuccessful exploration/appraisal wells
drilled in 2007. This is however subject to uncertainties. Firstly, the exact
date in 4Q for first oil from the Chestnut Field is not yet finalised.
Secondly, unknown factors such as the oil price and exchange rates may have an
impact on the result. 

The result after deduction for unsuccessful exploration/appraisal wells drilled
in 2007 is also difficult to predict, as the results from the Hook Head well
currently being drilled and the Blackbird well, due to be drilled later this
year, are still unknown. The costs for these two wells, on a dry hole basis,
are approx DKK 27 million for Atlantic Petroleum's share. 

	

Issued 24.08.2007

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