Addax Petroleum announces successful syndication and increase to senior debt facility


    Facility increased to $1.6 billion

    CALGARY, April 30 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX: AXC) announces today the successful syndication of
its previously announced 5-year senior secured reducing revolving debt
facility. Due to the high level of interest from participating financial
institutions and continuing growth of Addax Petroleum, the facility size was
increased from $1.5 billion to $1.6 billion. The syndicate was led by BNP
Paribas, Natixis and Standard Chartered Bank and consists of 25 international
financial institutions.
    Commenting on this successful syndication, Addax Petroleum's President
and Chief Executive Officer, Jean Claude Gandur, said: "We are pleased with
the confidence that the banking community has shown in our business and future
prospects. By increasing the loan size and syndicating to such a large group,
we are delighted to see the broad level of support for our company within the
banking community".

    First Quarter 2007 Financial Results

    Addax Petroleum is planning on announcing the financial results for the
quarter ended March 31, 2007 prior to TSX market open on May 8, 2007.
    Except as otherwise indicated, references to "$" and to "dollars" refer
to the currency of the United States of America.

    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 108,000 bbl/d for the fourth quarter of
2006. Further information about Addax Petroleum is available at or at

    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" 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, and environmental
matters. 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 effects of
weather and climate conditions; the 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 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

For further information:

For further information: please contact: Addax Petroleum: Mr. Patrick
Spollen, Investor Relations, Tel.: +41 (0) 22 702 95 47,; Mr. Craig Kelly, Investor Relations, Tel.:
+41 (0) 22 702 95 68,; Mr. Mac Penney, Press
Relations, Tel.: (416) 934-8011,; Ms. Marie-Gabrielle
Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44,

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