Faroe, Shell Complete Norwegian Package Transaction

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and undeveloped field opportunities in the Atlantic Margin, the North Sea and Norway, is pleased to announce the completion of the Norwegian package acquisition agreed with A/S Norske Shell agreed on 30th November 2007, involving:

--the acquisition of a 10% interest in the PL147 Trym undeveloped gas field; and

--the acquisition of a 10% interest in the PL381 Granat prospective exploration licence

The transaction, which is in line with the Company's stated strategy of diversifying the asset portfolio and enhancing capital efficiency, adds Trym to Faroe Petroleum's existing gas asset portfolio consisting of interests in the Schooner, Wissey, Minke, Orca, Breagh and Topaz. The transaction also adds an interest in the promising Norwegian exploration prospect, Granat.

Four kilometers to the south east of Trym, Faroe Petroleum will be drilling an exploration well scheduled for July, on the Marsvin prospect on license Pl 289 (Faroe 14 %). The well will be drilled by operator DONG with the Maersk Guardian.

Graham Stewart, Chief Executive of Faroe commented, "We are very pleased to be able to announce the completion of this value generating transaction with A/S Norske Shell, which adds another significant gas asset to our business and further de-risks our portfolio which now includes seven gas fields. We look forward to bringing you further news regarding the Trym and Granat license areas, as well as the Marsvin exploration well in the near term."

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