Addax Petroleum declares and increases dividend

    CALGARY, Feb. 19 /CNW/ - Addax Petroleum Corporation (TSX: AXC and LSE:
AXC) ("Addax Petroleum") announces that the Board of Directors of the
Corporation has declared a dividend of CDN$0.10 per share for the fourth
quarter of 2007. The dividend is an increase over the CDN$0.05 per share
dividend that the Corporation has paid for the previous five quarters. The
dividend is payable on March 20th, 2008 to Addax Petroleum shareholders of
record on March 6th, 2008.
    Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "In response to the significant growth and success
achieved by Addax Petroleum over the last two years, your board is pleased to
announce a considerable increase in the quarterly dividend. Solid operational
results combined with a robust oil price environment have provided strong cash
flow and allowed us to double the size of our quarterly dividend while
maintaining our ability to fund an aggressive capital expenditure program
budgeted to be $1.5 billion in 2008."
    The Corporation expects to release its financial results for the fourth
quarter and year ended December 31, 2007 on March 13, 2008.

    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 126,000 bbl/d for 2007. 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", "may",
"will", "should", "could", "would" or other similar wording. 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.
    Readers are cautioned that 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,; Mr. Craig Kelly,
Investor Relations, Tel.: +41 (0) 22 702 95 68,; Ms. Marie-Gabrielle Cajoly, Press Relations,
Tel.: +41 (0) 22 702 94 44,; Mr.
Nick Cowling, Press Relations, Tel.: (416) 934-8011,; Mr. James Henderson, Press Relations, Tel.: +44 (0)
20 7743 6673,; Mr. Alisdair Haythornthwaite,
Press Relations, Tel.: +44 (0) 20 7743 6676,

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