Addax Petroleum Announces Acquisition In Gabon

CALGARY, Canada, December 12 /PRNewswire/ --

- Additional 18.75 Per Cent Interest of Offshore Gryphon Marin License Area

Addax Petroleum Corporation (Addax Petroleum or the Corporation) (TSX:AXC and LSE:AXC), today announced that it has acquired an additional 18.75 per cent interest in the Gryphon Marin license area bringing its total interest in the license area to 68.75 per cent, prior to third party back-in options. Addax Petroleum is the operator of the Gryphon Marin license area.

Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: We are pleased to build on our position in this promising and vast license area. This additional interest in the Gryphon Marin license area enhances our first-class exploration portfolio in Gabon and demonstrates our commitment to strategic expansion in our core operating regions. We plan to commence our exploration activities in Gryphon Marin with the spudding of the Ajomba North and Pompano North prospect wells during the first half of 2009.

The Gryphon Marin license area covers a gross area of approximately 2,409,200 acres (9,750 km(2)) and lies immediately west of the Iris Marin and Ibekelia license areas, and immediately north of the Corporation's Etame Marin license, offshore Gabon. Addax Petroleum holds a 51.33 per cent interest in the Iris Marin license area and a 31.36 per cent interest in the Etame Marin license area. The Gryphon Marin license area is in an exploration period ending in November 2009 and carries a commitment to drill two wells. Addax Petroleum has budgeted to drill the Ajomba North and Pompano North prospects in the Gryphon Marin license area in the first half of 2009.

About Addax Petroleum

Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 134,000 bbl/d for the first nine months of 2008. Further information about Addax Petroleum is available at www.sedar.com, http://www.londonstockexchange.com or the Corporation's website, http://www.addaxpetroleum.com.

Legal Notice - Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as anticipate, believe, intend, expect, plan, estimate, budget, outlook, may, will, should, could, would or other similar wording. Forward- looking information in this news release includes, but is not limited to, third-party back-in options, drilling plans, reference to business strategy and goals, results of exploration activities and dates by which certain areas may be developed or may come on-stream. By its very nature, such forward- looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors and assumptions include, but are not limited to: risk of partner pre-emption, the results of exploration and development drilling and related activities; prices of oil and natural gas; general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.

Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

For further information: Mr. Craig Kelly, Investor Relations, Tel: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel: +1-416-934-8011, nick.cowling@cossette.com; Mr. James Henderson, Press Relations, Tel: +44(0)20-7743-6673, james.henderson@pelhampr.com; Mr. Alisdair Haythornthwaite, Press Relations, Tel: +44(0)20-7743-6676, alisdair.haythornthwaite@pelhampr.com

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