Addax Petroleum Announces London and Toronto Capital Markets Days

CALGARY, Canada - Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (”Addax Petroleum” or
the “Corporation”) will host a management presentation to financial analysts
and investors on Monday, March 23, 2009 in London, U.K. and on Tuesday, March
24, 2009 in Toronto, Canada. The Corporation’s senior management team,
including Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr.
James Pearce, Chief Operating Officer, Mr. Michael Ebsary, Chief Financial
Officer, Mr. Jeff Schrull, General Manager Exploration, and Mr. Henry
Legarre, Technical Manager Middle East will discuss the Corporation’s most
recent operating results and expectations regarding future operations.

<<
Conference call / webcast details:
London Toronto
Date: Monday, March 23, 2009 Date: Tuesday, March 24, 2009
Time: 10:30 a.m. London, U.K. time Time: 10:00 a.m. Eastern Time

To listen to the conference calls, please call one of the following:

Toronto and International: +1-416-644-3414
Toll-free (Canada and the U.S): +1-800-733-7571
Toll-free (U.K.): 00-800-2288-3501
Toll-free (Switzerland): 00-800-2288-3501
>>

A replay of the London conference call will be available at
+1-416-640-1917 or +1-877-289-8525, passcode 21300638 followed by the number
sign until Thursday, April 23, 2009. A live webcast of the London
presentation will be available via the following link:

w.on24.com/r.htm?e=137992&s=1&k=3DAFF41278BAFFC2D19F4B5A419791E4

A replay of the Toronto conference call will be available at
+1-416-640-1917 or 877-289-8525, passcode 21296237 followed by the number
sign until Saturday April 25, 2009. A live webcast of the Toronto
presentation will be available via the following link:

w.on24.com/r.htm?e=133555&s=1&k=7C5D55890BAC734E90A78C395BCFC0FA

The Capital Markets Day presentation materials will be available on the
Corporation’s website at www.addaxpetroleum.com prior to the event.
Interested attendees are encouraged to contact any of the individuals listed
at the end of this announcement in order to register in advance.

About Addax Petroleum:

Addax Petroleum is an international oil and gas exploration and
production company with a strategic focus on West 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 8.8
Mbbl/d for 1998 to an average of 136.5 Mbbl/d for 2008. Further information
about Addax Petroleum is available at www.addaxpetroleum.com or at
www.sedar.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.comp; Mr. Nick Cowling, Press
Relations, Tel.: +1-416-934-8011, nick.cowling@cossette.com; Mr. Mark
Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com
(AXC. AXC)

Source: Addax Petroleum Corporation

For further information: Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly at addaxpetroleum.com; Mr. Chad O’Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o’hare at addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly at addaxpetroleum.comp; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-8011, nick.cowling at cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme at pelhampr.com