Faroe Notes Directorate Change

Faroe announced that Hanne Harlem (age 45) has been appointed to the Board as an Independent Non-Executive Director, effective immediately.

Ms. Harlem is a Norwegian citizen, and is a qualified lawyer with over twenty-five years of experience in the business, financial and political arenas in Norway. She has held senior posts at The Financial Supervisory Authority of Norway as Head Lawyer, was Deputy Chief Executive, Head of Power Trading and Power Markets at Norsk Hydro, and has held the position of non-executive director at Gaz de France Norge AS. In addition she has acted as Minister of Justice for the Norwegian Government and Managing Director of the University of Oslo.

She is currently Non-executive Chairman of Helse Sor-Ost RHF (Regional Healthcare System) and is a Non-executive Member of the Boards of Hafslund ASA (a hydro power producer) the BI Norwegian School of Management (Handelshoyskolen BI) and Aker ASA.

Ms Harlem brings to the Board considerable experience within the energy industry and a broad range of skills from her legal, political and management background, with particular emphasis on business in Norway.

John Bentley, chairman of Faroe Petroleum, commented, "We are delighted to welcome Hanne to the Board; her substantial experience in finance, management and law, coupled with her focus on the energy sector, make her an exceptionally strong addition to our Board of Directors.

"Given the scale of our business in and growth plans for Norway as well as other Nordic countries, Hanne's appointment as an independent non-executive director will be invaluable. Hanne joins us at an exciting time in our development, as we are very well placed to advance our growth plans, focused on delivering our fully funded drilling program."