Addax Petroleum Announces successful syndication and increase in senior unsecured credit facility



    Senior credit facility oversubscribed and increased to US$500 million

    CALGARY, Sept. 9 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX: AXC and LSE: AXC) announces today that it has
entered into a two-year, US$500 million senior unsecured revolving credit
facility arranged by Calyon, Standard Chartered Bank and BNP Paribas. The
facility was set in the second quarter of 2008 at an original amount of
US$450 million and has been increased to US$500 million as a result of
oversubscription by participating financial institutions during the
syndication process. The facility increases Addax Petroleum's borrowing
capacity under existing credit facilities to a total of US$1.8 billion and may
be used to provide additional funding capacity for acceleration or increase of
capital expenditure projects and for future acquisition opportunities.
    Commenting today, Addax Petroleum's President and Chief Executive
Officer, Jean Claude Gandur, said: "We are very pleased with the continued
confidence that the banking community has shown in our business and future
prospects. This is Addax Petroleum's first unsecured corporate credit facility
and we were able to successfully complete it at a time when the bank lending
market has contracted significantly. We believe this is a very positive
indication from the financial community of the high quality and credit
worthiness of our business."

    About Addax Petroleum

    Addax Petroleum is an international oil and gas exploration and
production company with a strategic focus on 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 136,000 bbl/d for the first half 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 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 in this news release includes, but is not limited to, reference to
business strategy and goals, future capital and other expenditures and
financing and capital activities. 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: general economic, market and business
conditions; fluctuation in interest rates and foreign currency exchange rates
and other factors, many of which are beyond the control of Addax Petroleum.
More specifically, 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 further information:

For further information: Mr. Patrick Spollen, Investor Relations, Tel.:
+41 (0) 22 702 95 47, patrick.spollen@addaxpetroleum.com; Mr. Craig Kelly,
Investor Relations, Tel.: +41 (0) 22 702 95 68,
craig.kelly@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. James Henderson, Press Relations, Tel.: +44 (0)
20 7743 6673, james.henderson@pelhampr.com; Mr. Alisdair Haythornthwaite,
Press Relations, Tel.: +44 (0) 20 7743 6676,
alisdair.haythornthwaite@pelhampr.com

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ADDAX PETROLEUM CORPORATION

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