Lundin Petroleum to Release First Quarter 2012 Report on Wednesday 9 May 2012

STOCKHOLM, SWEDEN, May 04 (MARKET WIRE) --
Lundin Petroleum AB (Lundin Petroleum) (TSX:LUP)(OMX:LUPE) -

A live webcast presentation will be held on Wednesday, 9 May 2012 at
08.00 Central European Time (CET).

The first quarter 2012 report will be published at 07.00 CET.

Ashley Heppenstall, President and CEO, and Geoff Turbott, CFO, will
comment on the report and the latest developments in Lundin Petroleum.

Follow the presentation live on www.lundin-petroleum.com. The slides will
be available on the website prior to the presentation.

You can also dial in to listen to the presentation on the following
telephone numbers:

Sweden: +46-8 505 598 53

International: +44 203 043 24 36

International Toll Free Number: +1 866 458 40 87

Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets
primarily located in Europe and South East Asia. The Company is listed at
the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock
Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable
reserves of 211 million barrels of oil equivalent (MMboe).

This information has been made public in accordance with the Securities
Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act
(SFS 1991:980).

Forward-Looking Statements

Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable
securities legislation). Such statements and information (together,
"forward-looking statements") relate to future events, including the
Company's future performance, business prospects or opportunities.
Forward-looking statements include, but are not limited to, statements
with respect to estimates of reserves and/or resources, future production
levels, future capital expenditures and their allocation to exploration
and development activities, future drilling and other exploration and
development activities. Ultimate recovery of reserves or resources are
based on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management.

All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and probable
reserves and resource estimates may also be deemed to constitute
forward-looking statements and reflect conclusions that are based on
certain assumptions that the reserves and resources can be economically
exploited. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe"
and similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. No assurance can be given that these
expectations and assumptions will prove to be correct and such
forward-looking statements should not be relied upon. These statements
speak only as on the date of the information and the Company does not
intend, and does not assume any obligation, to update these
forward-looking statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating to,
among other things, operational risks (including exploration and
development risks), productions costs, availability of drilling
equipment, reliance on key personnel, reserve estimates, health, safety
and environmental issues, legal risks and regulatory changes,
competition, geopolitical risk, and financial risks. These risks and
uncertainties are described in more detail under the heading "Risks and
Risk Management" and elsewhere in the Company's annual report. Readers
are cautioned that the foregoing list of risk factors should not be
construed as exhaustive. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Forward-looking
statements are expressly qualified by this cautionary statement.

Reserves and Resources

Unless otherwise stated, Lundin Petroleum's reserve and resource
estimates are as at 31 December 2011, and have been prepared and audited
in accordance with National Instrument 51-101 Standards of Disclosure for
Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas
Evaluation Handbook ("COGE Handbook").

Contingent Resources

Contingent Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from known accumulations using
established technology or technology under development, but are not
currently considered to be commercially recoverable due to one or more
contingencies. Contingencies may include factors such as economic, legal,
environmental, political and regulatory matters or a lack of markets.
There is no certainty that it will be commercially viable for the Company
to produce any portion of the Contingent Resources.

Prospective Resources

Prospective Resources are those quantities of petroleum estimated, as of
a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects. Prospective
Resources have both a chance of discovery and a chance of development.
There is no certainty that any portion of the Prospective Resources will
be discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the Prospective Resources.

BOEs

BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.

Contacts:
Lundin Petroleum AB
C. Ashley Heppenstall
President and CEO
+41 22 595 10 00

Maria Hamilton
Head of Corporate Communications
+41 22 595 10 00 or +46 8 440 54 50
Mobile: +41 79 63 53 641
maria.hamilton@lundin.ch
www.lundin-petroleum.com

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