CALGARY, Canada, November 6 /PRNewswire/ --

- Successful Tertiary Aged Pila Spi Formation Appraisal Well

Addax Petroleum Corporation (Addax Petroleum or the Corporation) (TSX:AXC and LSE:AXC) today announces the successful appraisal of the Eocene Pila Spi formation in the Taq Taq field with the TT-11 appraisal and development well. The TT-11 well was recently drilled by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. and Addax Petroleum to carry out petroleum operations in the Taq Taq license area.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: We are encouraged with the successful results from our first appraisal of the Tertiary aged Pila Spi formation in the Taq Taq field. We believe that the TT-11 well has demonstrated that the Pila Spi formation is a viable reservoir substantiating further appraisal activity. Pending additional appraisal work on the Pila Spi formation, Addax Petroleum is looking to develop this part of the Taq Taq field primarily to supply demand from the local markets in the Kurdistan Region of Iraq.

The TT-11 well was planned as a dedicated Tertiary appraisal and development well with the primary target as the Eocene Pila Spi formation at a total depth of approximately 1,000 metres. The TT-11 well encountered a gross oil column of 52 metres in the Pila Spi formation and was flow tested at 470 bbl/d of 23 degrees API oil with no water. The flow test was restricted by a 1/2 choke size. Subsequent analysis by the Corporation has demonstrated that the TT-11 well has a high productivity index due to the fractured nature of the Pila Spi formation which should enable flow rates to be increased substantially with artificial lift. Two secondary Tertiary targets, the Khurmala and Sinjar formations, encountered minor oil shows and were confirmed to be water bearing.

The TT-11 well is the second dedicated Pila Spi well in the Taq Taq field. The first is the TT-02 production well which was drilled in the late 1970's. The TT-11 well is located 1.2 kilometres north-northwest of TT-02, was spudded by the IRI-900 drilling rig in early September 2008 and reached total depth of 1,000 metres in early October 2008. The oil gravity from the TT-11 flow test is the same as is seen in the TT-02 well and the oil water contact was the same as had been established in the TT-02 well.

The Corporation's appraisal work at the Taq Taq field continues with current drilling of the TT-10 appraisal well, which is targeting the previously tested Cretaceous reservoirs: Shiranish, Kometan and Qamcheuqa. The TT-10 well was spudded with the Kurdistan-1 rig in late August and is expected to reach total depth of approximately 2,500 metres in November 2008. After testing the TT-10 well, the Corporation plans to move the Kurdistan-1 rig to drill the Kewa Chirmila exploration well in the Taq Taq license area.

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, http://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 includes, but is not limited to, field development and marketing of production to local markets, drilling plans, production levels and the sources of growth thereof, project development schedules and results, and results of exploration activities and dates by which certain areas may be developed or may come on-stream. 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: imprecision of reserves and resources estimates; ultimate recovery of reserves; prices of oil and natural gas; general economic, market and business conditions; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil 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. 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. 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: +1-416-934-80-11, 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. 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: +1-416-934-80-11, 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