Addax Petroleum Corporation has accepted a reserve report prepared by Netherland, Sewell & Associates Inc., independent oil and natural gas reservoir engineers that evaluates all of the Corporation’s petroleum reserves and certain resources. As at December 31, 2007, NSAI estimates gross working interest proved plus probable reserves for the Corporation to be 446.7 MMbbl, representing an increase of approximately 26 per cent over the quantities estimated by NSAI at the prior year-end.

In addition, the Corporation produced an average of 125,940 bbl/d of oil during 2007, representing an increase of approximately 40 per cent over 2006 and close to the 2007 target of 127,000 bbl/day. Average oil production for 2007 included 104,510 bbl/d from Nigeria and 21,430 bbl/d from Gabon.

This announcement coincides with the filing of a material change report by the Corporation which can be accessed through the Corporation’s website at www.addaxpetroleum.com and through www.sedar.com. The reserve estimates in this release are based on forecast prices and costs. Except as otherwise indicated, references to “$” and to “dollars” refer to the currency of the United States of America.

Addax Petroleum’s President and Chief Executive Officer, Jean Claude Gandur, said: “I am pleased to report very strong operational results for 2007. Our production performance was outstanding, delivering 40 per cent growth over 2006. Strong production growth, combined with a favourable oil price environment, has allowed us to continue to invest in the growth of our reserves and resources base. I believe we have invested well and have delivered strong reserves growth in each of our operations areas, as laid out in our reserves disclosure. Growth in production and reserves has been complimented and balanced with increases in our prospective oil resources and contingent gas resources, providing a platform for continued future growth. I believe our 2007 success in growing our production and adding to our reserves and resources base represents a major accomplishment that Addax Petroleum has achieved for its shareholders and stakeholders.”

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