Addax Petroleum Responds to Press Speculation

CALGARY, Canada - Addax Petroleum Corporation (”Addax Petroleum” or the “Corporation”) (TSX: AXC and LSE: AXC) has been made aware of press speculation involving the Corporation and the interest in it by third parties with respect to a possible acquisition or business combination. In response to that press speculation, Addax Petroleum acknowledges that it has held preliminary discussions with third parties expressing an interest in a potential transaction with the Corporation. While such preliminary discussions are ongoing, no assurance can be given that a transaction will be completed. Addax Petroleum does not intend to make further comment unless or until there is a transaction to announce.

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 134.7 Mbbl/d for the first quarter of 2009. 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 constitute forward-looking information within the meaning of applicable Canadian securities legislation. Such statements are generally identifiable by 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.

Forward-looking information is subject to known and unknown risks and uncertainties attendant with oil and gas operations, assumptions and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements 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. 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.

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)20-7337-1500, 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)20-7337-1500, mark.antelme at pelhampr.com