Addax Petroleum Secures Fifth Generation Drillship to Commence Deepwater Exploration in 2009

CALGARY, Canada - << Deepwater Exploration Campaign Expected to Commence in the Fourth
Quarter of 2009 >>

Addax Petroleum Corporation (”Addax Petroleum” or the “Corporation”)
(TSX:AXC and LSE:AXC), today announces that it has signed an agreement with a
subsidiary of Transocean (”Transocean”) for the provision and operation of
the Deepwater Pathfinder drillship to commence its deepwater exploration
drilling campaign. Addax Petroleum expects to receive delivery of the
Deepwater Pathfinder at the end of the third quarter 2009 and intends,
subject to Joint Development Authority approval, to commence the drilling of
the Kina prospect in Block 4 of the Joint Development Zone shortly
thereafter.

Commenting, Addax Petroleum’s President and Chief Executive Officer, Jean
Claude Gandur, said: “We are extremely pleased to have resourced one of the
premium drilling rigs available on the market today for our deepwater
exploration campaign. The Deepwater Pathfinder has proven that it is
exceptionally capable and has drilled efficiently for other operators in the
deepwater Gulf of Guinea. Commencing Addax Petroleum’s deepwater exploration
campaign will be a very exciting time for our organization and shareholders
given that our deepwater inventory consists of numerous sizeable prospects
which, if successful, have the potential to significantly enhance the
Corporation’s recoverable reserves.”

The Deepwater Pathfinder is a fifth generation dynamically positioned
deepwater drilling rig capable of drilling in water depths up to 3,048
metres. The contract with Transocean requires the Deepwater Pathfinder to
drill four wells in total with a minimum commitment of 120 days. The
Transocean contract anticipates that the Deepwater Pathfinder will start
drilling operations in the fourth quarter of 2009 once it has completed a
drilling campaign for a third party operator in Nigeria. Payments under the
contract are based on a day rate charging structure and a day rate of
$600,000 to be allocated pro rata to Addax Petroleum and its applicable
co-contractor parties. Addax Petroleum has a deepwater exploration portfolio
that consists of interests in five license areas comprised of OPL291,
offshore Nigeria, and Blocks 1, 2, 3 and 4 in the Joint Development Zone
(”JDZ”) between Nigeria and the Republic of Sao Tome and Principe. Addax
Petroleum operates JDZ Block 4 and OPL291 while Chevron, Sinopec and Anadarko
operate JDZ Blocks 1, 2 and 3, respectively. As at December 31, 2008,
Netherland, Sewell & Associates Inc., independent oil and natural gas
reservoir engineers (”NSAI”), estimates the Corporation’s working interest
best estimate unrisked prospective oil resources for its deepwater portfolio
to be 1,359 MMbbl (493 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.
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, resources estimates, business strategy and goals,
development plans and schedules, results of exploration activities and dates
that areas may come on-stream, 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 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:

- Prospective oil resources quantities;
- 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

All 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.

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
resources 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

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