CALGARY, Canada, January 9 /PRNewswire/ --

- Successful Appraisal and Development Wells in Etame Marin License Area

Addax Petroleum Corporation (Addax Petroleum or the Corporation) (TSX:AXC and LSE:AXC) today announces the successful appraisal and development of the Ebouri field in the Etame Marin license area offshore Gabon. Addax Petroleum has a 31.36 per cent non-operated interest in the Etame Marin license area.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: We are very pleased with the successful results from the recently drilled Ebouri and North Ebouri wells as this campaign has continued to demonstrate the high quality of the Etame Marin acreage. We are equally encouraged to continue our Gabon exploration program and we plan additional drilling of the Gamba sandstone trend in the Etame Marin field and in the adjacent Gryphon Marin license area.

The Ebouri field was discovered in 2003 and is approximately 18 kilometres northwest of the Corporation's producing Etame field in the Etame Marin license area. Two pilot holes were drilled with the Adriatic VI jack-up rig in the main area of the Ebouri field, one to the south of the original Ebouri discovery and a second to the northwest, approximately 100 metres from the lease line of the Gryphon Marin license area, in which the Corporation holds a 68.75 per cent operated interest. Both pilot holes were successful in delineating the Gamba sandstone formation above the oil water contact, thereby expanding the areal extent of the Ebouri field. A horizontal development well on the same orientation as the second pilot hole is currently being completed, with initial production expected in early 2009. The Adriatic VI will then drill another pilot hole in the southern portion of the Ebouri field before continuing the Corporation's exploration program in the Gryphon Marin license area.

The North Ebouri appraisal well was drilled with the Pride Cabinda jack-up rig approximately 2.5 kilometres to the northeast of the Ebouri platform. The well encountered and successfully appraised a gross oil column of 21 feet in the Gamba formation. A deviated sidetrack well is currently being drilled to optimize the location for a potential second horizontal development well. The Pride Cabinda will then continue the Corporation's exploration program in the Etame Marin license area with the planned drilling of two exploration wells, targeting two newly mapped structures in North Etame and Southeast Etame respectively.

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 http://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, 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: 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

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