Addax Petroleum Commences Exploration Campaign in Joint Development Zone

CALGARY, Canada -

- Drilling First Deepwater Well at Kina Prospect in JDZ Block 4 Licence Area

CALGARY, Canada, August 26 /PRNewswire/ –

Addax Petroleum Corporation (”Addax Petroleum” or the “Corporation”) (TSX:AXC and LSE:AXC) today announced receipt of Transocean’s Deepwater Pathfinder drillship and commencement of its exploration drilling campaign in the deepwater Gulf of Guinea with the spudding of the “Kina” prospect in Block 4 of the Nigeria Sao Tome and Principe Joint Development Zone (”JDZ”).

Commenting, Addax Petroleum’s Vice-Chairman, Jean Claude Gandur, said: “The commencement of Addax Petroleum’s deepwater exploration campaign is a very exciting time for our organization due to our extensive portfolio of prospects which, if successful, have the potential to significantly enhance the Corporation’s recoverable reserves. In addition, Addax Petroleum has recently acquired an additional 51% interest in Block 3 of the JDZ and will be the Operator. The acquisition of this additional interest in the JDZ intensifies our foothold in this world class exploration region and significantly enhances the economics of our position in JDZ Block 3 as it allows Addax Petroleum to aggressively explore this prolific region with a sustained drilling strategy.”

The Corporation plans to drill the “Kina” and “Lemba” prospects in JDZ Blocks 4 and 3, respectively, with the first two slots on the Deepwater Pathfinder drillship. In addition, Sinopec JDZ Block 2 Limited has notified the Nigeria Sao Tome and Principe Joint Development Authority of its intent to commence its exploration drilling in August 2009 on JDZ Block 2 where Addax Petroleum holds an interest.

Addax Petroleum has a deepwater exploration portfolio that consists of interests in five licence areas comprised of OPL291, offshore Nigeria, and Blocks 1, 2, 3 and 4 in the JDZ. As at December 31, 2008, total best estimate unrisked prospective oil resources for identified prospects in the deepwater Gulf of Guinea are 3,042 MMbbl (1,146 MMbbl risked), of which the Corporation’s working interest was 1,359 MMbbl (493 MMbbl risked). When adjusted for the additional 51% interest acquired in JDZ Block 3 the Corporation’s working interest increases to 1,498 MMbbl (538 MMbbl risked).

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. 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 timetables, business strategy and goals, development plans and schedules and dates that areas may come on-stream, government and partner approvals 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 in this news release 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 in resources estimates; discovery of prospective resources and their ultimate classification as reserves and recovery of said 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 to markets; weather and climate conditions; results of exploration and development drilling and other related activities; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; 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: - estimates of prospective oil resources; - 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; and - anticipated benefits and enhanced shareholder value resulting from prospect development.

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 news release are expressly qualified by this advisory.

Reader Advisory Regarding Prospective Oil Resources

Estimates of prospective oil resources in this news release are as at December 31, 2008, as set out in Addax Petroleum’s Annual Information Form dated March 4, 2009 (AIF) which can be found at www.sedar.com or www.addaxpetroleum.com. The adjusted figure for best estimate prospective oil resources is as at December 31, 2008, based on the increased working interest described above.

Prospective oil resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The prospective oil resources indicate exploration opportunities and development potential in the event a commercial discovery is made and should not be construed as reserves or contingent resources. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

All resource quantities disclosed in this news release are based on “best estimate”. Further information on high and low estimates for prospective resources can be found in Addax Petroleum’s AIF.

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

CALGARY, Canada, August 26 /PRNewswire/ –

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