Addax Petroleum responds to press speculation

    CALGARY, June 8 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or
the "Corporation") (TSX: AXC and LSE: AXC) has been made aware of press
speculation involving the Corporation and the interest in it by third parties
with respect to a possible acquisition or business combination. In response to
that press speculation, Addax Petroleum acknowledges that it has held
preliminary discussions with third parties expressing an interest in a
potential transaction with the Corporation. While such preliminary discussions
are ongoing, no assurance can be given that a transaction will be completed.
Addax Petroleum does not intend to make further comment unless or until there
is a transaction to announce.

    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 constitute
forward-looking information within the meaning of applicable Canadian
securities legislation. Such statements are generally identifiable by 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.

    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: imprecision of reserves and resources
estimates; ultimate recovery of 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 and natural gas to markets; 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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