Addax Petroleum Receives Notification For International Exports From The Kurdistan Region Of Iraq

CALGARY, May 11 /PRNewswire/ --

- KRG Authorises Commencement of Crude Oil Exports From the Taq Taq Field

Addax Petroleum Corporation (Addax Petroleum or the Corporation) (TSX:AXC and LSE:AXC) today announced that it has received formal notification from the Kurdistan Regional Government (KRG) of its decision to commence the export of crude oil. The notification requests that Addax Petroleum and Genel Energy International Ltd (Genel Energy) prepare to truck oil from the Taq Taq field to the Khurmala export station on or soon after June 1, 2009. The crude oil will be marketed by the State Oil Marketing Organization (SOMO) and revenues will be directed to Addax Petroleum and Genel Energy through the coordination of the KRG on terms to be agreed under the framework of the production sharing contract. Crude oil delivered to the Khurmala station will be exported via the Iraq-Turkey main export pipeline to the Mediterranean port city of Ceyhan.

Earlier in 2009, Addax Petroleum and Genel Energy submitted a full field development plan for the Taq Taq field to the KRG which contemplates peak production of up to 180,000 bbl/d. Existing facilities at the Taq Taq field provide for production capacity of up to 40,000 bbl/d and the Corporation is in the process of expanding the facilities to 70,000 bbl/d of capacity. Following successful exports by truck, a pipeline is expected to be constructed in support of the full field development.

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 http://www.sedar.com.

Reader Advisory Regarding Forward-Looking Information

Certain statements contained in this news release, including statements related to commencement of international export of crude oil, plans to truck oil to the Khurmala export station, export routing and marketing, approval of full field development plan, completion of additional facilities, pipeline construction, dates that areas will come on stream and expected production therefrom, development plans and schedules, future capital expenditures, business strategy and goals, 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 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 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.

In this news release the Corporation has made assumptions with respect to the following:

- prices for oil sales; - oil reserves and resource quantities and the discounted present value of future net cash flows from these reserves and the ultimate recoverability of reserves; - 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; - anticipated benefits and enhanced shareholder value resulting from prospect development and acquisitions; and - treatment under the fiscal terms of Production Sharing Contracts and governmental regulatory regimes.

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 new 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)20-3178-6242, mark.antelme@pelhampr.com

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