The Interim Consolidated profit after taxation for 1Q of 2007 was a loss amounting to DKK -4,102,082

Extract from the announcement attached 

The Interim Consolidated profit after taxation for 1Q of 2007 was a loss
amounting to DKK -4,102,082, compared to a loss of -2,333,450 for 1Q 2006. 

Tórshavn, Faroe Islands 18 May 2007 - Atlantic Petroleum (OMX: FO-ATLA) the
international upstream oil and gas company, today announced results for the
first quarter ending 31 march 2007. 

1Q Highlights

P/F Atlantic Petroleum's consolidated profit after taxation for 1Q of 2007
amounted to DKK -4,102,082, compared to DKK -2,333,450 for 1Q of 2006. 

The consolidated result before taxation for 1Q of 2007 was DKK -4,102,082,
compared to DKK -2,333,450 for 1Q of 2006. 

The consolidated operating profit 1Q of 2007 was DKK -3,073,353, compared to
DKK -1,127,204 for 1Q of 2006. 

The Company's consolidated total assets amounted to DKK 344,206,723 at the end
of 1Q 2007, compared to DKK 361,416,965 at the year end 2006. 

The Company's total shareholders' equity amounted to DKK 292,974,496 at the end
of 1Q 2007, compared to DKK 296,676,942 at the year-end 2006. 

The financial result for 1Q of 2007 is in line with the expectation.

The Chestnut and Ettrick Field developments are progressing as previously
announced. First oil from the Chestnut Field is forecast to be in 4Q 2007 and
from Ettrick during the first half of 2008. 

Expectations are unchanged for the 2007 results. We expect a positive result in
2007, before deduction for any unsuccessful exploration/appraisal wells drilled
in 2007. The final result, however, is uncertain, as a positive result is
dependent on oil price levels, date of commencement of oil production from the
Chestnut Field, USD/DKK exchange rate and other factors. 

Atlantic Petroleum's exploration and appraisal activities have increased
considerably in 2007 compared to previous years. The company has recently
spudded the 30/23b-4 exploration well on the Balgownie prospect. Later this
year Atlantic Petroleum will drill an exploration well on the Blackbird
prospect in the Ettrick licence and an appraisal well in the Celtic Sea on the
Hook Head Field. Atlantic Petroleum's exploration/appraisal costs in 2007 will
be in excess of DKK 65 millions following the farm-in to the Balgownie well.
The increase in exploration activities in 2007 is primarily driven by two
motives. The first to increase the company's reserves by discovering new fields
or successfully appraising fields, and the second to utilize the company's tax
position when the Company starts producing. 

Wilhelm Petersen, P/F Atlantic Petroleum's CEO: 
“We are very proud to announce the result and our achievements for 1st quarter
of 2007. The result for the period is as expected. The Company‘s main focus in
the last quarter has been on increasing the company's exploration activities.
We have succeeded with our main focus, as we now will participate in three
exploration/appraisal wells in 2007. Furthermore we have added several
discoveries and prospects to our portfolio. The forthcoming months will show
whether these additional opportunities will add proven reserves to our existing
portfolio.”