Founded in 1994, Addax Petroleum, majority-owned by the Addax & Oryx Group, is an international oil and gas exploration and production company focused on Africa and the Middle East. Addax Petroleum has rapidly grown to become the largest independent oil producer in Nigeria, one of the most prolific oil and gas regions in the world.

Addax Petroleum has grown by acquiring under-developed properties in established basins and has increased its production by utilizing advanced and proven technologies. Addax Petroleum believes that its demonstrated operational and technical expertise, combined with its excellent reputation and strong community relationships throughout Africa and the Middle East, make it well positioned to continue to grow its reserves and production.

Addax Petroleum has a high quality asset base consisting of a number of producing properties in Nigeria and exploration and development properties and new venture opportunities in West Africa and the Kurdistan Region of Iraq.

Addax Petroleum employs a staff of 344 as of December 31, 2005, of whom 245 were in Nigeria. Additional information relating to Addax Petroleum is available through the internet on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com.