Addax Petroleum announces the Regulatory Filing of the C$52.80 per share cash offer by Sinopec International Petroleum Exploration and Production Corporation

    CALGARY, June 25 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum"
or the "Corporation") (TSX: AXC and LSE: AXC) announced today that the
definitive agreement (the "Acquisition Agreement") with Sinopec International
Petroleum Exploration and Production Corporation ("SIPC") pursuant to which
SIPC has agreed, subject to the terms of the Acquisition Agreement, to make an
offer to acquire all of the outstanding common shares of Addax Petroleum by
way of a negotiated take-over bid for C$52.80 per common share has been filed
with the Canadian and U.K. securities regulatory authorities. A copy of this
document may be obtained via and

    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 or at

    Reader Advisory Regarding Forward-Looking Information

    Certain statements contained in this news release, including 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 is subject to known and unknown risks and
uncertainties attendant with oil and gas operations, assumptions and other
factors which may cause actual results, levels of activity and achievements to
differ materially from those expressed or implied by such statements which
include, but are not limited to: risks associated with the ability to obtain
approvals, waivers, consents, court orders and other requirements necessary or
desirable to permit or to facilitate the proposed transaction, including
regulatory and shareholder approvals; risks that the applicable conditions of
the proposed transaction may not be satisfied; imprecision of reserves and
resources estimates; ultimate recovery of reserves; volatility of and
assumptions in respect of commodity prices and general economic, market and
business conditions; assumptions in or relevant to Addax Petroleum's current
corporate guidance; industry capacity; competitive action by other companies;
refining and market margins; the ability to produce and transport crude oil
and natural gas to markets; the ability to access external sources of debt and
equity capital; weather and climate conditions; results of exploration and
development drilling and other related activities; fluctuation in interest
rates and foreign currency exchange rates; 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; 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.
    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
    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,; Mr. Chad O'Hare, Investor
Relations, Tel.: +41 (0) 22 702 94 10, chad.o'; Ms.
Marie-Gabrielle Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44,; Mr. Nick Cowling, Press Relations,
Tel.: (416) 934-8011,; Mr. Mark Antelme, Press
Relations, Tel.: +44 (0) 20 7337 1500,

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