Addax Petroleum Corporation
06 May 2008


                                        



                        ADDAX PETROLEUM ANNOUNCES RECORD
                           FIRST QUARTER 2008 RESULTS


   • 78 per cent increase in Funds Flow From Operations to $469 million
   • 204 per cent increase in Net Income to $240 million
   • 20 per cent increase in Production to 139.1 Mbbl/d

Calgary, May 6, 2008 - /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or
the "Corporation") (TSX:AXC and LSE:AXC), today announced its results for the
quarter ended March 31, 2008. The financial results are prepared in accordance
with Canadian GAAP and the reporting currency is US dollars.

This announcement coincides with the filing with the Canadian and U.K.
securities regulatory authorities of Addax Petroleum's Audited Consolidated
Financial Statements for the quarter ended March 31, 2008 and related
Management's Discussion and Analysis. Copies of these documents may be obtained
via www.sedar.com, www.londonstockexchange.com and the Corporation's website,
www.addaxpetroleum.com.

A conference call will be held for analysts and investors today Tuesday, May 6,
2008 at 11.00 a.m. Eastern Time / 4.00 p.m. London, U.K. Time. Full details can
be found at the end of this announcement.

CEO's Comment

Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean
Claude Gandur, said: "I am pleased to report that Addax Petroleum's performance
in the first three months of 2008 continues to build upon our track record for
delivering robust results, strong operational performance and excellent
netbacks. Exploration and appraisal activity this year has been very encouraging
and we are pleased to add further to our exploration portfolio through the
acquisition of the Iroko exploration license in Cameroon. In the Kurdistan
Region of Iraq, we are integrating the promising results of the two most recent
step-out appraisal wells into a full field development plan and have commenced
construction of an early production facility. Lastly, we have significantly
expanded our ability to fund additional future growth through our first senior
unsecured credit facility obtained successfully despite the difficult credit
markets, which is a demonstration of the support for Addax Petroleum's strategy
and growth potential in the financial community."

Selected Financial Highlights

   • Petroleum sales before royalties in the first quarter of 2008 amounted
    to $1,154 million, an increase of 84 per cent over petroleum sales before
    royalties of $627 million in the first quarter of 2007. The increase in
    petroleum sales before royalties was primarily driven by a 66 per cent
    increase in the average crude oil sales price in the first quarter of 2008
    to $96.03 per barrel (/bbl) as compared to $57.86/bbl realized in the first
    quarter of 2007 and a 12 per cent increase in sales volumes between the same
    periods. Noteworthy in the first quarter of 2008 is that oil production
    exceeded sales volumes by 0.64 MMbbl, or the equivalent of approximately 7
    Mbbl/d, resulting in a large build of oil in inventory.

   • Funds Flow From Operations for the first quarter of 2008 increased 78
    per cent to $469 million ($3.02 per basic share) compared to $263 million
    ($1.70 per basic share) in the first quarter of 2007.

   • Net income in the first quarter of 2008 increased 204% to $240 million
    ($1.54 per basic share) compared to $79 million ($0.51 per basic share) in
    the corresponding period in 2007.

   • Capital expenditures increased by 57 per cent to $340 million in the
    first quarter of 2008 from $216 million in the first quarter of 2007.
    Development capital expenditures totaled $246 million in the first quarter,
    an increase of 68 per cent over development capital expenditure of $146
    million in the first quarter of 2007. Exploration and appraisal capital
    expenditures increased to $94 million in the quarter, an increase of 34 per
    cent over exploration and appraisal capital expenditures of $70 million in
    the first quarter of 2007.

   • At the end of the first quarter 2008, bank debt totaled $1,125 million,
    an increase of $150 million over the corresponding quarter in 2007. Bank
    debt is currently drawn under a 5-year, $1.6 billion senior secured term
    facility, with 4 years remaining.

   • In late April 2008, the Corporation expanded its borrowing capacity and
    entered into a 2-year, $450 million senior unsecured bank loan facility.
    This loan facility is currently undrawn, but is intended to provide funding
    for future growth opportunities through potential acceleration of or
    increase in capital expenditure projects and/or other acquisition
    opportunities.

The following table summarizes the selected financial highlights:

--------------------------------                           ----------------
Selected financial highlights                               Quarter ended
                                                               March 31
$ million unless otherwise stated                       2008     2007     Change
--------------------------------                       -------   ------  -------

Petroleum sales before royalties                       1,154      627       84%
Average crude oil sales price, $/bbl                   96.03    57.86       66%

Funds Flow From Operations                               469      263       78%
Net income                                               240       79      204%

Weighted average common shares outstanding (basic,       156      155        0%
millions)
Funds Flow From Operations per share ($/basic share)    3.02     1.70       78%
Earnings per share ($/basic share)                      1.54     0.51      202%

Weighted average common shares outstanding (diluted,
millions)                                                162      155        5%
Funds Flow From Operations per share ($/diluted         2.86     1.70       68%
share)
Earnings per share ($/diluted share)                    1.51     0.51      196%

Total assets                                           4,178    3,113       34%
Long-term debt, excluding convertible bonds            1,125      975       15%
Capital Expenditures - by Region
Nigeria (excluding deepwater) & Cameroon                 261      165       58%
Gabon                                                     66       31      113%
Kurdistan Region of Iraq                                   7       15      -53%
Deepwater Nigeria & JDZ                                    3        3        0%
Corporate                                                  3        2       50%
                                              Total      340      216       57%

Capital Expenditures - by Type
-------------------------------                        -------   ------  -------
Development                                              246      146       68%
Exploration & appraisal                                   94       70       34%
                                              Total      340      216       57%
                      -------------------------------  -------   ------  -------

Selected New Business Highlights

   • During the first quarter of 2008, the Corporation renegotiated an
    amended production sharing contract for the Taq Taq license area in the
    Kurdistan Region of Iraq, keeping the Corporation's economic and operational
    interest materially unchanged. Early in the second quarter of 2008, Addax
    Petroleum concluded one strategic acquisition which increased the
    Corporation's exploration portfolio, offshore Cameroon.

   • New business highlights to date in 2008 include:

Kurdistan Region of Iraq

As previously announced in February 2008, the Corporation signed an
agreement with the Kurdistan Regional Government amending the production sharing
contract it holds together with Genel Enerji in respect of the Taq Taq license
area in the Kurdistan Region of Iraq. The purpose of the amendments was to bring
the terms of the Taq Taq production sharing contract into conformity with
recently enacted oil and gas legislation in the Kurdistan Region of Iraq.

Cameroon

As previously announced in April 2008, Addax Petroleum acquired a 100%
working interest in the Iroko exploration license area, offshore Cameroon. The
Societe Nationale des Hydrocarbures, the national oil company of Cameroon, holds
a back-in right of 30 per cent in case of a development. The Corporation is
obligated to pay a signature bonus of $3 million and undertake a minimum work
program valued at $18 million. There are no wells drilled on Iroko but there is
oil production nearby from the Pecten (Shell)-operated Mokoko-Abana field
complex. The Corporation is presently undertaking an exploration program on the
Ngosso license area offshore Cameroon, after which it plans to start exploration
drilling on the Iroko license area.

Selected Exploration and Appraisal Highlights

   • During the first quarter of 2008, Addax Petroleum had significant
    exploration and appraisal success in its program offshore Nigeria and in the
    Kurdistan Region of Iraq and also commenced its exploration program offshore
    Cameroon. The Corporation also progressed its exploration and appraisal
    portfolio in Gabon and the Joint Development Zone and is planning for
    exploration and appraisal activities later in the year.

   • Exploration and appraisal highlights to date in 2008 include:

Gulf of Guinea Shallow Water (Nigeria and Cameroon)

In OML137, two successful appraisal wells were drilled on the Ofrima
North discovery. The Ofrima-3A well confirmed the western extension of the H42
oil reservoir discovered by the Ofrima-2 well drilled in 2007 and the Ofrima-3
well discovered 62 feet of oil and 92 feet of liquids-rich gas in deeper
horizons. Development planning studies for Ofrima North are currently underway;

In OML123, two wells were successfully appraised at the Kita Marine and
Oron West fields, the results of which are presently being incorporated into
field development options. The ORW-C1AST well successfully appraised an
extension to the producing Oron West field and the KTM-6 well discovery in March
2008 encountered an aggregate gross oil column of 173 feet over four zones. The
Kita Marine discoveries lie in the northern part of the prolific OML123 block
offshore Nigeria in an area which has not previously had production; and

In Cameroon, the Corporation started its first exploration drilling
campaign. The campaign comprises drilling up to three exploration wells in the
Ngosso license area followed by an exploration well in the recently-awarded
Iroko license area. The 2008 Cameroon exploration drilling campaign is planned
to be completed during the second quarter.

Gulf of Guinea Deep Water (Nigeria and JDZ)

The Corporation continued its evaluation of drilling locations in the
JDZ license areas and its efforts to secure a rig of opportunity to commence
drilling operations in the second half of 2008. In OPL291, the Corporation is
planning to acquire 3D seismic survey also in the second half of 2008.

Gabon

The Corporation participated in the unsuccessful THAM-1 exploration
well drilled by Sterling Energy to test the Admiral prospect on the Themis Marin
offshore license area. The Themis Marin license was subsequently relinquished
with all work commitments completed. Onshore Gabon, the Corporation acquired
development and exploration seismic data in its operated Remboue license area.

Kurdistan Region of Iraq

In January 2008, the Corporation tested the TT-09 step-out appraisal
and development well on the Taq Taq field in the Kurdistan Region of Iraq. The
TT-09 well tested at an aggregate oil rate of 16,170 bbl/d from two separate
zones.

In March 2008, the Corporation tested the TT-08 step-out appraisal and
development well on the Taq Taq field in the Kurdistan Region of Iraq. The TT-08
well tested at an aggregate oil rate of 35,750 bbl/d from two separate zones.

Selected Operational Highlights

   • Average gross working interest oil production in the first quarter of
    2008 was 139,100 barrels per day (bbl/d) representing an increase of
    approximately 20 per cent over the 2007 average production of 116,090 bbl/d.
    Average oil production in the first quarter of 2008 included 109,700 bbl/d
    from Nigeria and 29,400 bbl/d from Gabon compared to a 2007 first quarter
    average production level of 97,880 bbl/d and 18,210 bbl/d, respectively.

   • Development project highlights in the first quarter of 2008 include:

Nigeria

Drilled three new development wells which included one oil production
well and one water injection well in OML123 and one oil production well in
OML124;

Placed a total of two new oil production wells on production in the
quarter which were the two wells drilled in the quarter;

In OML123, the Oron West South platform was installed while the first
of two platform substructures were installed on the Adanga North Horst field and
water injection pipelines were laid and facilities commissioned;

Gabon

Drilled seven new development wells onshore of which five, comprising
four oil production wells and one gas injection well, were in the Addax
Petroleum operated Tsiengui field in the Maghena license area and a further two
oil development were wells in the Shell-operated Koula field in the Awoun
license area;

Placed a total of five new oil production wells on production in the
Tsiengui field in the quarter of which two were drilled in the quarter and three
were drilled in the previous quarter;

Continued ongoing surface facilities development at the onshore Addax
Petroleum operated Tsiengui and Obangue fields and the Shell-operated Koula
field, including the extension of the Corporation's onshore oil export pipeline
system, and at the offshore non-operated Ebouri field;

Kurdistan

Commenced construction of an early production facility; and

Started trial production from the Taq Taq field at reduced rates with
intermittent local sales. The Corporation is targeting to commence commercial
oil production attributable to its working interest in the second half of 2008.

   • Operating netbacks in the first quarter of 2008 increased 72 per cent to
    $72.49/bbl compared to $42.05/bbl in the first quarter of 2007. Unit
    operating expenses in the first quarter of 2008 increased to $8.09/bbl, an
    increase of 3 per cent over the 2007 level of $7.84/bbl as the Corporation
    continues to face cost inflation pressures for the provision of services.

The following table summarizes selected operational information:
------------------------------                      -----------------
Selected operational highlights                       Quarter ended
                                                         March 31
                                              2008          2007          Change
           ------------------------------    -------        ------       -------
Quarter average gross working interest oil production (Mbbl/d)
Nigeria (offshore)                           102.3          92.1            11%
Nigeria (onshore)                              7.4           5.8            28%
Nigeria sub-total                            109.7          97.9            12%

Gabon (offshore)                               7.0           6.3            11%
Gabon (onshore)                               22.4          11.9            88%
Gabon sub-total                               29.4          18.2            62%

                                  Total      139.1         116.1            20%

Prices, expenses and netbacks ($/bbl)
------------------------------               -------        ------       -------
Average realized price                       96.03         57.86            66%
Operating expense                             8.09          7.84             3%
Operating netback                            72.49         42.05            72%
------------------------------               -------        ------       -------

Dividend

During the first quarter of 2008, the Corporation paid a dividend of CDN$0.10
per share. The Board of Directors of the Corporation declared a dividend of
CDN$0.10 per share on May 2, 2008 which is payable on June 12, 2008 to
shareholders of record on May 29, 2008. In accordance with Canada Revenue Agency
Guidelines, dividends paid by the Corporation during the period are eligible
dividends.

Recent Developments

Since the end of the first quarter of 2008, the Corporation made the following
announcements:

   • on April 3, 2008, the Corporation announced the acquisition of a 100 per
    cent interest in and operatorship of the Iroko exploration license area,
    offshore Cameroon;

   • on May 1, 2008, the Corporation announced the successful appraisal of
    the Ofrima North discovery in OML137 offshore Nigeria.

In addition, during April 2008, a new two year loan facility was signed and
underwritten for an amount of $450 million, which may increase to $500 million
after syndication. This loan facility will be used to provide funding in
relation to the acceleration of or increase in capital expenditure projects and/
or other acquisition opportunities.

Outlook

The Corporation's production outlook for 2008 is in line with guidance provided
to date. Addax Petroleum expects annual average working interest gross oil
production for 2008 to be approximately 140,000 to 145,000 bbl/d from its
Nigeria and Gabon operations.

Links to Documents Associated with this Release

1)      Management's Discussion & Analysis for the Quarter ended March 31, 2008:

http://www.rns-pdf.londonstockexchange.com/rns/7568t_1-2008-5-6.pdf


2)      Consolidated Financial Statements for the Quarter ended March 31, 2008:

http://www.rns-pdf.londonstockexchange.com/rns/7568t_2-2008-5-6.pdf

Analyst Conference Call

Financial analysts are invited to participate in a conference call today
Tuesday, May 6, at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time with
Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. Michael
Ebsary, Chief Financial Officer and Mr. James Pearce, Chief Operating Officer.
The media and shareholders may participate on a listen only basis. To
participate in the conference call, please dial one of the following:

Toronto: 416 644 3424
Toll-free (Canada and the US): 1 800 732 6179
Toll-free (UK): 00 800 2288 3501
Toll-free (Switzerland): 00 800 2288 3501

A replay of the call will be available at (416) 640 1917 or (877) 289 8525,
passcode 21269672# until Tuesday, May 20, 2008.

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, government approvals and syndication of new
financing. 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;
fluctuations 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.

Non-GAAP Measures

Addax Petroleum defines "Funds Flow From Operations" or "FFFO" as net cash from
operating activities before changes in non-cash working capital. Management
believes that in addition to net income, FFFO is a useful measure as it
demonstrates Addax Petroleum's ability to generate the cash necessary to repay
debt or fund future growth through capital investment. Addax Petroleum also
assesses its performance utilizing Operating Netbacks which it defines as the
per barrel pre-tax profit margin associated with the production and sale of
crude oil and is calculated as the average realized sales price less royalties
and operating expenses, on a per barrel basis. FFFO and Operating Netback are
not recognized measures under Canadian GAAP. Readers are cautioned that these
measures should not be construed as an alternative to net income or cash flow
from operating activities determined in accordance with Canadian GAAP or as an
indication of Addax Petroleum's performance. Addax Petroleum's method of
calculating this measure may differ from other companies and accordingly, it may
not be comparable to measures used by other companies.

For additional information, please contact:
Mr. Michael Ebsary                        Mr. Nick Cowling
Chief Financial Officer                   Press Relations
Tel.: +41 (0) 22 702 94 03                Tel.: +1 (416) 934 8011
michael.ebsary@addaxpetroleum.com         nick.cowling@cossette.com

Ms. Marie-Gabrielle Cajoly                Mr. James Henderson
Press Relations                           Press Relations
Tel.: +41 (0) 22 702 94 44                Tel.: +44 (0) 20 7743 6673
marie-gabrielle.cajoly@addaxpetroleum.com james.henderson@pelhampr.com

Mr. Patrick Spollen                       Mr. Alisdair Haythornthwaite
Investor Relations                        Press Relations
Tel.: +41 (0) 22 702 95 47                Tel.: +44 (0) 20 7743 6676
patrick.spollen@addaxpetroleum.com        alisdair.haythornthwaite@pelhampr.com

Mr. Craig Kelly
Investor Relations
Tel.: +41 (0) 22 702 95 68
craig.kelly@addaxpetroleum.com




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