ADDAX PETROLEUM ACQUIRES SHALLOW WATER
EXPLORATION LICENSE IN NIGERIA

Acquires 40 per cent interest in OPL227 offshore Nigeria

Calgary, June 11, 2008 /CNW/ - Addax Petroleum Corporation (TSX: AXC and LSE: AXC) ("Addax Petroleum" or the "Corporation") announces today that it has been awarded a 40 per cent interest in Oil Prospecting License ("OPL") 227, offshore Nigeria.  Addax Petroleum's co-participants in the OPL227 license area are Express Petroleum & Gas Company Limited ("Express") and Petroleum Prospects International Limited ("PPI"), both of which are indigenous Nigerian oil companies.  The OPL227 license area is located in the shallow water offshore of the western Niger Delta Basin, one of the most prolific petroleum basins in the world.

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "Addax Petroleum continues to demonstrate its commitment to Nigeria and add to its extensive exploration portfolio with this acquisition.  Exploration in our core area of Nigeria is a cornerstone to Addax Petroleum's growth strategy and we are excited to be acquiring a substantial interest in a license that is in a highly prospective area but has seen very little modern exploration activity to date. We are also pleased that Addax Petroleum has been selected by Express and PPI to be their partner of choice for OPL227 and we look forward to working more closely with both organizations."  

The OPL227 license area covers approximately 851 km2 (210,300 acres) and is adjacent to and to the north-east of the Shell-operated OML79 license area.  OML79 contains Shell's EA field development which is reported to have commenced production in 2002 and to contain approximately 350 MMbbl of remaining recoverable oil.  There have been four wells drilled in the OPL227 license area, all between 1974 and 1988, all of which encountered hydrocarbons in non-commercial quantities or shows.  In addition, there has been minimal 2D seismic and no 3D seismic data acquired on OPL227 to date.  

Under the terms of the award, Addax Petroleum received a 40 per cent interest in OPL227 while Express and PPI received interests of 39 per cent and 21 per cent, respectively. Express is the operator while Addax Petroleum will conduct technical operations in its capacity as technical advisor. In return, Addax Petroleum has paid a farm-in fee to Express and PPI and a signature bonus to the Federal Government of Nigeria, and is obligated to fund 80 per cent of a work program comprising a minimum of 500 km2 of 3D seismic acquisition during the exploration period, while Express will fund the remaining 20%. Addax Petroleum will also initially fund 80 per cent of all capital and operating costs on OPL227, with Express funding the remaining 20 per cent, and will be entitled to a higher than pro-rata share of the net production from OPL227 until all capital costs have been recovered after which all parties will be entitled to their pro rata share of production.

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 139,100 bbl/d for the first quarter of 2008. Further information about Addax Petroleum is available at www.sedar.com, www.londonstockexchange.com or the Corporation's website, www.addaxpetroleum.com.

Legal Notice - Forward-Looking Statements

Certain statements in this news 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, reference to statements with respect to the proposed transaction, the anticipated benefit of the transaction on the Corporation's business strategy and goals, future capital and other expenditures, reserves and resources estimates, 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, financing and capital activities, contingent liabilities 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: the risks associated with the finalisation of a Joint Operating Agreement and Technical Services Agreement, the risk that any applicable conditions of the proposed acquisition may not be satisfied, imprecision of reserves and resources estimates; ultimate recovery of reserves; volatility of prices of oil and natural gas; general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; he 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 news release is made as of the date of this news 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 news release is expressly qualified by this cautionary statement.

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