CALGARY, Canada, July 29 /EMWNews/ -- Addax Petroleum

Corporation (TSX: AXC and LSE:AXC) ("Addax Petroleum" or the "Corporation")

today made the following announcement.



    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 http://www.sedar.com, http://www.londonstockexchange.com or the

Corporation's website, http://www.addaxpetroleum.com.



    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: Mr. Patrick Spollen, Investor Relations, Tel:

+41(0)22-702-95-47, [email protected]; Mr. Craig Kelly,

Investor Relations, Tel: +41(0)22-702-95-68,

[email protected]; Ms. Marie-Gabrielle Cajoly, Press

Relations, Tel: +41(0)22-702-94-44,

[email protected]; Mr. Nick Cowling, Press

Relations, Tel: +1-416-934-80-11, [email protected]; Mr. James

Henderson, Press Relations, Tel: +44(0)20-7743-6673,

[email protected]; Mr. Alisdair Haythornthwaite, Press

Relations, Tel: +44(0)20-7743-6676, [email protected]