CALGARY, Canada, September 2 /PRNewswire/ --

<< 50 Per Cent Interest and Operator of Gryphon Marin License Area, Adjacent to Existing Operations Offshore Gabon >>

Canada Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC), today announced that it has acquired a 50 per cent interest in the Gryphon Marin license area subject to final Government of Gabon approval. Addax Petroleum will become operator of the Gryphon Marin license area which is immediately west of the Corporation's Iris Marin and Ibekelia license areas and immediately north of the Corporation's Etame Marin license, offshore Gabon.

Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "We are pleased to acquire a significant interest in this vast license area which increases the total net acreage held by Addax Petroleum by almost fifty per cent. The addition of the Gryphon Marin license area to our first-class exploration portfolio in Gabon is consistent with our strategy of expanding our existing properties and operating infrastructure. We believe that our exploration activity at Gryphon Marin will be integrated effectively with the activities on our adjoining license areas and provide for continued momentum in our ongoing development and exploration program in Gabon."

The Gryphon Marin license area is subject to two separate options held by a third party to obtain a 53 per cent interest in two specified areas in the central and northern end of the Gryphon Marin license covering 1,550 km(2) and 2,725 km(2), respectively. In order to exercise their options, the third party is required to fund and acquire 3D seismic covering the option area and participate pro rata in the drilling of an exploration well within the option area. If the options are exercised by the third party Addax Petroleum's interest in the respective option areas would be reduced to 23.5 per cent, although the Corporation would continue as operator of the respective option area through the exploration phase. The Gryphon Marin license area is also subject to a 10 per cent back-in right held by the Government of Gabon for any development areas.

The Gryphon Marin license area covers a gross area of approximately 2,409,200 acres (9,750 km(2)) and lies immediately west of the Iris Marin and Ibekelia license areas, and immediately north of the Corporation's Etame Marin license, offshore Gabon. Addax Petroleum holds a 51.33 per cent interest in the Iris Marin license area and a 31.36 per cent interest in the Etame Marin license area. The Gryphon Marin license area is in an exploration period ending in November 2009 and carries a commitment to drill two wells. As part of the acquisition, the Corporation is inheriting a full suite of seismic data including approximately 3,900 km(2) of modern 3D seismic and 2,100 km of 2D seismic.

About Addax Petroleum

Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on 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 8,800 bbl/d for 1998 to an average of approximately 136,000 bbl/d for the first half of 2008. Further information about Addax Petroleum is available at http://www.sedar.com, www.londonstockexchange.com or the Corporation's website, http://www.addaxpetroleum.com.

Legal Notice - Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "may", "will", "should", "could", "would" or other similar wording. Forward-looking information in this news release includes, but is not limited to, change in operatorship of the subject license area, reference to business strategy and goals, future capital and other expenditures, including payment and carry terms, drilling plans, the submission of development plans, seismic activity, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, expiration of the third party options, royalties payable, financing and capital activities and government approvals. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors include, but are not limited to: risk of partner pre-emption, prices of oil and natural gas; general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; the results of exploration and development drilling and related activities; fluctuation in interest rates and foreign currency exchange rates; the 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; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as 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. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.

Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

For further information: Mr. Patrick Spollen, Investor Relations, Tel: +41(0)22-702-95-47, patrick.spollen@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel: +41(0)22-702-95-68, craig.kelly@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. James Henderson, Press Relations, Tel: +44(0)20-7743-6673, james.henderson@pelhampr.com; Mr. Alisdair Haythornthwaite, Press Relations, Tel: +44(0)20-7743-6676, alisdair.haythornthwaite@pelhampr.com

For further information: Mr. Patrick Spollen, Investor Relations, Tel: +41(0)22-702-95-47, patrick.spollen@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel: +41(0)22-702-95-68, craig.kelly@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. James Henderson, Press Relations, Tel: +44(0)20-7743-6673, james.henderson@pelhampr.com; Mr. Alisdair Haythornthwaite, Press Relations, Tel: +44(0)20-7743-6676, alisdair.haythornthwaite@pelhampr.com