Addax Petroleum statement

    CALGARY, July 29 /CNW/ - Addax Petroleum Corporation (TSX: AXC and LSE:
AXC) ("Addax Petroleum" or the "Corporation") today made the following
    The Corporation is aware of certain reports from the recent proceedings
of the Ad Hoc Committee of the House of Representatives on the investigation
of the activities and operations of the Nigerian National Petroleum
Corporation which repeat allegations of corporate misconduct by a subsidiary
of Addax Petroleum which acquired an interest in a Nigerian Oil Prospecting
Licence ("OPL") 291 in 2006. The Corporation regards these allegations as
without foundation and is taking all available steps to defend itself against
them. The award of OPL291 to the Corporation's partner, Starcrest Nigeria
Energy Limited ("Starcrest"), has previously been upheld by the appropriate
authorities in Nigeria and the terms of the Corporation's acquisition of its
interest in OPL291 from Starcrest were arms length, commercial, transparent
and fully disclosed at the time.

    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 139,100 bbl/d for the first quarter of
2008. Further information about Addax Petroleum is available at, or the Corporation's website,

    Legal Notice - Forward-Looking Statements

    Certain statements in this news 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. These factors are discussed in greater detail in filings
made by Addax Petroleum with the Canadian provincial securities commissions.
    Readers are cautioned that the forward-looking information contained in
this news release is made as of the date of this news 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 news 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 80 11,; 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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