Addax Petroleum and Genel Energy commence international export from Kurdistan Region of Iraq



    Crude oil from Taq Taq license area exported to international markets

    CALGARY, June 1 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or
the "Corporation") (TSX: AXC and LSE: AXC) today announced that, together with
partner Genel Energy International Ltd. ("Genel Energy"), it has commenced the
international export of oil from the Taq Taq license area. The crude oil is
being trucked to the Khurmala station and is then exported to international
markets via the Iraq-Turkey main export pipeline which runs to the
Mediterranean port city of Ceyhan.
    Commenting, Addax Petroleum's President and Chief Executive Officer, Jean
Claude Gandur, said: "The international export of oil from the Taq Taq field
is an important achievement for Addax Petroleum and a significant occasion for
the Kurdistan Region and all of Iraq. Since our entry into the Kurdistan
Region of Iraq four short years ago, we have been confident that crude oil
exports would ultimately flow into world markets. We are very pleased to have
commenced export as this area is poised to be a sizeable contributor to
production and reserve growth for Addax Petroleum."
    Earlier in 2009, the Kurdistan Regional Government approved a full field
development plan submitted by Addax Petroleum and Genel Energy for the Taq Taq
field 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 the 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 134.7 Mbbl/d for the first quarter of 2009. Further
information about Addax Petroleum is available at www.addaxpetroleum.com or at
www.sedar.com.

    Reader Advisory Regarding Forward-Looking Information

    Certain statements contained in this news release, including statements
related to business strategy and goals, development plans and schedules and
dates that areas may come on-stream, government and partner approvals 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 in this news release 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 in resources
estimates; discovery of prospective resources and their ultimate
classification as reserves and recovery of said 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 to markets; weather and climate
conditions; results of exploration and development drilling and other related
activities; the ability of suppliers to meet commitments; actions by
governmental authorities, including increases in taxes; 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:
    
    -  estimates of prospective oil resources;
    -  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; and
    -  anticipated benefits and enhanced shareholder value resulting from
       prospect development.
    

    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
news release are expressly qualified by this advisory.





For further information:

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.: (416) 934-8011, nick.cowling@cossette.com; Mr. Mark Antelme, Press
Relations, Tel.: +44 (0) 20 7337 1500, mark.antelme@pelhampr.com

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