Summons for the Annual General Meeting of P/F Atlantic Petroleum

Summons for the Annual General Meeting of P/F Atlantic Petroleum



The Annual General Meeting of P/F Atlantic Petroleum is hereby called. The

meeting will be held at the premises of Hotel Hafnia, Áarvegur 4-10, 100

Tórshavn, Faroe Islands



on Saturday the 20th of March 2010 at 10.00 a.m.



with the following agenda:



1.  Election of Chairman of the Meeting.

2.  The Board of Director´s statement of the Company´s activity during the

previous accounting year.

3.  Presentation of audited Annual Accounts for approval

4.  Decision on how to use profit or cover loss according to the approved

Accounts and Annual report.

The Board of Directors recommends that the loss according to the approved

Accounts is carried forward to next year.



5.  Election of Board of Directors. Three Members of the Board are to be elected

for a period of two years. The three Board Members up for election are Mortan

Johannesen, Jan T. Evensen and Diana Leo. The Board proposes re-election of the

three Members up for election.

6.  Election of accountant, who will sit until the next Annual General Meeting

is held.

The present accountant of the Company is Sp/f Grannskoðaravirkið INPACT løggilt

grannskoðaravirki, R.C. Effersøesgøta 26, 100 Tórshavn. The Board proposes

re-election of the present accountant for the period until the next Annual

General Meeting.



7.  Proposal to changes in the Articles of Association of the Company.

The Board of Directors proposes changes in the Articles of Association of the

Company whereby the present § 3 is deleted and replaced by this new § 3:



Ҥ 3

Sub clause 1.

Until the 31st December 2014 the Company´s Board of Directors has authority -

in one or several rounds - to increase the Company´s share capital with up to

DKK 200,000,000 (DKK 200 million) in nominal value by subscription of new share

capital. The increase of the share capital can be made in cash or fully or

partially be made in other values than cash, this including

that   the Company in connection with the increase of share capital against

consideration in shares takes over other existing enterprise, activity or

company or shares in other company (merger)

that  the Company in connection with the increase of share capital without

consideration in shares accepts such other values.

Payment of increase in the share capital can further fully or partially be made

by way of debt conversion.



Sub clause 2.

For subscription of new share capital based on authority in this clause the

following conditions shall apply:

1.  The share capital will have the same rights in the Company as the existing

share capital

2.  the shares shall be made out to a named holder and are negotiable

3.  the shareholders are not obliged to redeem their shares

4.  The new shares are also encompassed by the following restriction on

ownership- and voting rights:

No shareholder can hold more than 20% of the company´s share capital, and no

one can vote at the general meeting with more than 20% of the votes. Legal

persons, who are mutually so closely connected that one of them has decisive

influence on the matters of the other, will be considered as one in connection

with this limitation of ownership- and voting right, so that these legal

persons together only can own and vote for not more than 20% of the share

capital.

As examples of close connection between legal persons which fall under this

clause are:

•  internal relationships between limited companies which according to the

regulations in section 2 of the Companies Act are regarded as belonging to the

same group

•  internal relationships between other legal persons and limited companies, in

which these other legal persons own more than, or can vote for more than 50% of

the limited company´s share capital

•  internal relationships between public institutions.

5  Subscription of new share capital can be made without pre-emptive rights of

subscription for existing shareholders.

6.  The shares have a nominal value of DKK 100 and multipla hereof.

7.  If an invitation is made to subscribe to new share capital in the Company,

without pre-emptive rights to the present shareholders, the subscription shall

be made at market value.

8.  In case of an oversubscription the Company´s Board of Directors is free to

decide how the share capital offered for subscription - which is not subscribed

as of pre-emption rights of subscription - shall be divided among those, who

have offered to subscribe.



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To be adopted the proposal to change the Articles of Association of the

Company, according to clause 30 sub-clause 3 and clause 78 sub-clause 1 of the

Public Companies Act, needs that at least 2/3 of the votes cast as well as of

the voting share capital represented at the General Meeting assent thereto.



8.  AOB

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Requisition of admission card and voting paper.

Requisition of admission cards and voting papers can be made on the website of

the Company www.petroleum.fo or at the office of the Company, Gongin 9, 100

Tórshavn, or on telephone no. +298 350 100 and/or fax no. +298 350 101.

Admission cards and voting papers should be required, at the latest, by Monday

15th March 2010 at 4.00 p.m.



If you can not participate in the General Meeting you can in writing give a

proxy to a third person to represent you at the meeting. Proxy - forms to be

used for this purpose are available on the website of the Company

www.petroleum.fo and at the office of the Company Gongin 9, 100 Tórshavn.



Annual Accounts 2009 and agenda for the meeting with the complete proposals to

be put forward.



The Annual Accounts 2009, with the auditors´ Report and the Annual Report and

the agenda and the complete proposals to be put forward will be available for

inspection at the office of the Company Gongin 9, 100 Tórshavn, at the latest

eight days before the General Meeting.



Share capital, voting rights and financial institute holding accounts on behalf

of the Company.



The share capital of the Company is DKK 262.670.300 divided