Addax Petroleum Corporation
01 May 2008


           ADDAX PETROLEUM ANNOUNCES SUCCESSFUL OIL AND GAS APPRAISAL
                                OFFSHORE NIGERIA


            Successful appraisal in OML137 extends Ofrima North discovery


May 1, 2008 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the
"Corporation") (TSX:AXC and LSE:AXC) announced today the successful appraisal of
the Ofrima North discovery in OML137, offshore Nigeria.


Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax
Petroleum said: "Our continued exploration success on OML137 is tremendous for
Addax Petroleum. We have already booked a considerable amount of oil reserves
for Ofrima North at the end of 2007 and we believe that the most recent
discoveries give us the critical mass required to develop a successful new
standalone oil production hub. In addition, the further dry and liquids-rich gas
discoveries continue to substantiate the potential of an integrated oil, liquids
and gas development with significant future gas exports from OML137."


The Corporation has recently completed appraisal drilling in the West and Main
fault blocks of the Ofrima North discovery with the drilling of the Ofrima-3 and
Ofrima-3A wells. As previously announced on July 6, 2007, Addax Petroleum
discovered Ofrima North with the Ofrima-2 well, which was drilled into the Main
fault block. The Ofrima-2 well encountered a 170 feet gross oil bearing interval
in the H42 reservoir and three gas bearing intervals with individual gross gas
columns of 29, 43 and 158 feet at shallower and deeper depths relative to the
oil bearing interval.


The Ofrima-3 well was drilled 1.5 kilometers to the west of the Ofrima-2 well in
the West fault block. Although the H42 reservoir was water-bearing in the
Ofrima-3 well, the well encountered three hydrocarbon intervals in deeper
reservoir intervals hitherto undrilled at Ofrima North. The three intervals are
a gross hydrocarbon column of 72 feet comprising 30 feet of light oil overlain
by 42 feet of rich gas, a gross liquids-rich gas column of 50 feet and a gross
light oil column of 32 feet. These intervals were not flow tested but wireline
log and static pressure data indicate the presence of light oil and liquids-rich
gas in reservoirs of good quality.


Immediately thereafter, Addax Petroleum drilled the Ofrima-3A well, successfully
appraising the H42 oil reservoir in the Main fault block. The Ofrima-3A well
confirmed, within the Main fault block, the western continuity of the H42 oil
reservoir and a common oil water contact with the Ofrima-2 well, located
approximately 1 kilometer east from the Ofrima-3A well.


The Corporation believes that the combination of oil discoveries at Ofrima North
are sufficient to provide for a standalone development with an FPSO and subsea
tiebacks and intend to work closely with relevant Nigerian government agencies
on plans for an expeditious development with potential production as early as
late 2009. The Corporation also plans additional exploration and appraisal
drilling at Ofrima North and the surrounding area.


The Ofrima-3 and Ofrima-3A wells were drilled using Saipem's Scarabeo-3
semi-submersible drilling rig in water depths of approximately 75 metres.
Following the Ofrima North appraisal campaign the Scarabeo-3 returned to the
Okwori and Nda fields' area to commence the 2008 development drilling campaign
on those fields.


Ofrima North lies in OML137, is located approximately 80 kilometers west of
Addax Petroleum's Okwori and Nda fields and approximately 15 kilometers south
from the Agip-operated Agbara field. In addition, OML137 lies approximately 50
kilometers south of the Nigeria shoreline where the Nigeria LNG terminal and
planned Brass LNG terminal are located.


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 8,800 bbl/d for 1998 to an
average of approximately 126,000 bbl/d for 2007. Further information about Addax
Petroleum is available at www.addaxpetroleum.com or at www.sedar.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, reference to business strategy and
goals, future capital and other expenditures, reserves and resources estimates,
drilling plans, construction and repair activities, the submission of
development plans, seismic activity, production levels and the sources of growth
thereof, project development schedules and results, results of exploration
activities and dates by which certain areas may be developed or may come
on-stream, royalties payable, financing and capital activities, contingent
liabilities, environmental matters 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: imprecision of reserves and resources
estimates; ultimate recovery of reserves; 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
ability to market and sell natural gas under its production sharing contracts;
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 additional information, please contact:

Mr. Patrick Spollen                       Mr. Nick Cowling
Investor Relations                        Press Relations
Tel.: +41 (0) 22 702 95 47                Tel.: +1 (416) 934 80 11
patrick.spollen@addaxpetroleum.com        nick.cowling@cossette.com

Mr. Craig Kelly                           Mr. James Henderson
Investor Relations                        Press Relations
Tel.: +41 (0) 22 702 95 68                Tel.: +44 (0) 20 7743 6673
craig.kelly@addaxpetroleum.com            james.henderson@pelhampr.com

Ms. Marie-Gabrielle Cajoly                Mr. Alisdair Haythornthwaite
Press Relations                           Press Relations
Tel.: +41 (0) 22 702 94 44                Tel.: +44 (0) 20 7743 6676
marie-gabrielle.cajoly@addaxpetroleum.com alisdair.haythornthwaite@pelhampr.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange

• News Channel