Addax Petroleum Announces Record Well Test in Taq Taq Appraisal Program

CALGARY, Canada - TT-10 Appraisal Well Generates Record Aggregate Rate of 44,240 Barrels
per day

Addax Petroleum Corporation (”Addax Petroleum” or the “Corporation”)
(TSX:AXC and LSE:AXC) today announced flow test results for the TT-10 well,
the seventh Cretaceous appraisal and development well drilled on the Taq Taq
field by Taq Taq Operating Company, the joint venture company formed by Genel
Enerji A.S. (”Genel”) and Addax Petroleum to carry out the petroleum
operations in the Taq Taq license area.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: “We are extremely pleased to have achieved record
aggregate test rates from the most recent Cretaceous appraisal well at Taq
Taq. Addax Petroleum continues to lead the development of this emerging oil
region through our highly successful appraisal program. The results from the
appraisal campaign have been incorporated into a full field development plan
which was recently submitted to the Kurdistan Regional Government for their
review and approval.”

Three Cretaceous reservoirs were tested separately and flowed at an
aggregate rate of 44,240 bbl/d of light oil, measured gravity of 48 degrees
API with low gas oil ratio. Two intervals in each of the Shiranish and
Kometan reservoirs were completed and tested independently due to the highly
varying character of each, as identified through the logs. The independent
testing allowed for further characterization of the flow behaviour of these
intervals in addition to assessing the most likely completion strategy for
future development wells. The Shiranish intervals tested were a 136 metre
completion in the upper section which flowed at a rate of 17,700 bbl/d and an
85 metre completion in the lower section which flowed at a rate of 13,780
bbl/d. The Kometan intervals tested were a 67 metre completion in the upper
section which flowed at a rate of 19,380 bbl/d and a 49 metre completion in
the lower section which flowed at a rate of 14,800 bbl/d. The Qamchuqa
interval tested was a 136 metre completion which flowed at a rate of 11,080
bbl/d. Oil flow rates from the above intervals were restricted by a two-inch
choke size. The aggregate rate of 44,240 bbl/d was compiled using the Lower
Shiranish, Upper Kometan and Qamchuqa intervals as these were deemed by the
Corporation to be more representative of previously announced test results.
Evaluation of these flow test results is ongoing.

The TT-10 well was drilled into the crest of the main Cretaceous
formations in the Taq Taq field, as identified on 3D seismic, where it
encountered a gross oil column of 530 metres. The TT-10 well was spudded by
the Kurdistan-1 rig in August and completed drilling in late December at a
total depth of 2,247 metres. Testing of the TT-10 well was delayed such that
the well could be hooked up to the early production system allowing for test
oil to be monetised at a later date. Interpretation of data acquired from the
TT-10 well, including wireline logging and core samples, confirmed the
presence of a significant and extensive fracture system in the tested
formations as observed in the previous Cretaceous appraisal wells. In
addition, the log analysis performed indicates that matrix porosity increases
towards the centre of the field.

The TT-10 well is the final well in the drilling and seismic appraisal
program by Addax Petroleum and Genel. The results of the drilling and seismic
appraisal program were integrated into a full field development plan for Taq
Taq which Addax Petroleum submitted to the Kurdistan Regional Government for
approval earlier this month. Addax Petroleum expects to formally present the
Taq Taq development plan to the Kurdistan Regional Government in Erbil in
April 2009. An early production system with capacity of 30 Mbbl/d has already
been completed with plans to expand capacity up to 60 Mbbl/d in mid 2009. The
Taq Taq Operating Company is currently selling crude oil from the Taq Taq
field on an intermittent basis into the local market where it is being
trucked to local refineries according to regional demand.

The Kurdistan-1 drilling rig was moved within the Taq Taq license area
and spudded the Kewa Chirmila exploration prospect in February 2009. The Kewa
Chirmila well is expected to take approximately 120 more days to drill with
potential testing of a discovery to follow.

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.

Reader Advisory Regarding Forward-Looking Information

Certain statements contained in this news release, including statements
related to drilling plans, development plans and schedules, future seismic
activity, production levels and sources of growth thereof, results of
exploration activities and dates that areas may come on-stream, future
capital expenditures, business strategy and goals, and statements that
contain words such as “may”, “will”, “would”, “could”, “should”,
“anticipate”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”,
“outlook”, “propose”, “project”, and statements relating to matters that are
not historical fact constitute forward-looking information within the meaning
of applicable Canadian securities legislation.

Forward-looking information is subject to known and unknown risks and
uncertainties attendant with oil and gas operations, and other factors, which
include, but are not limited to: imprecision of reserves and resources
estimates; ultimate recovery of reserves; commodity prices; general economic,
market and business conditions; industry capacity; competitive action by
other companies; refining and market margins; the ability to produce and
transport crude oil and natural gas to markets; weather and climate
conditions; results of exploration and development drilling and other related
activities; fluctuation in interest rates and foreign currency exchange
rates; 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;
international political events; and expected rates of return. More
specifically, production may be affected by 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.

In this news release the Corporation has made assumptions with respect to
the following:

- prices for oil sales;
- oil reserves and resource quantities and the discounted present value
of future net cash flows from these reserves and the ultimate
recoverability of reserves;
- timing and amount of future production, forecasts of capital
expenditures and the sources of financing thereof;
- the amount, nature, timing and effects of capital expenditures;
- plans for drilling wells and the timing and location thereof;
- expectations regarding the negotiation and performance of contractual
rights;
- operating and other costs;
- business strategies and plans of management;
- anticipated benefits and enhanced shareholder value resulting from
prospect development and acquisitions; and
- treatment under the fiscal terms of Production Sharing Contracts and
governmental regulatory regimes.

The Corporation’s actual results could differ materially from those
anticipated in these forward-looking statements if the assumptions underlying
them prove incorrect, or if one or more of the uncertainties or risks
described above materializes. Risk factors are discussed in greater detail in
filings made by Addax Petroleum with the Canadian provincial securities
commissions.

Readers are strongly cautioned that the above list of factors affecting
forward-looking information is not exhaustive. Further, forward-looking
statements are made as at the date they are given and, except as required by
applicable law, Addax Petroleum does not intend, and does not assume any
obligation, to update any forward-looking statements, whether as a result of
new information or otherwise. The forward-looking statements contained in
this new release are expressly qualified by this advisory.

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. Mark Antelme,
Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com.

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.com; 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.