Bahamas Petroleum Releases Interim Results

Bahamas Petroleum, the AIM quoted oil and gas exploration company with licences in The Commonwealth of The Bahamas, announces its interim results for the six months ended 30 June 2011.

Highlights:

· a period of significant progress for the business;

· successfully raised £45.6m through an equity placing;

· completed acquisition of 2D seismic in four southern licences and confirmed presence of multiple prospects;

· 3D seismic data shot by CGGVeritas and currently being evaluated;

· High resolution seabed survey undertaken by Fugro N.V.

· Post period end, appointment of Simon Potter as Chief Executive Officer

Alan Burns, Chairman of Bahamas Petroleum, commented:

“The first half of 2011 has been a period of significant change for the Company. We successfully shot 2D seismic and, following the evaluation of the results, engaged CGGVeritas to undertake a 3D seismic survey on our four southern licences. The results of this are currently being evaluated and we look forward to updating shareholders in due course.

“Post the period end, we announced my stepping down as Chairman and the appointment of Simon Potter as Chief Executive Officer. I am thrilled that Simon has agreed to join Bahamas Petroleum at such a critical stage in the Company’s development. I have known Simon for many years and we have worked together on numerous projects, most recently at Hardman Resources. Simon brings his invaluable experience and expertise to the Company as we move towards exploration drilling in 2012.”

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Source: Bahamas Petroleum, September 30, 2011