CALGARY, Canada, March 13 /PRNewswire/ --
- 59 per cent increase in Funds Flow From Operations to $1,319 Million
- 98 per cent increase in Net Income to $482 Million
- 40 per cent increase in Production to 125.9 Mbbl/d
- 26 per cent increase in Proved Plus Probable Reserves to 446.7 MMbbl
Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC), today announced its results for the year ended December 31, 2007. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars. In addition, the Corporation is announcing an increase to its 2008 capital expenditure budget.