Addax Petroleum says that its Board of Directors has accepted a reserve report prepared by Netherland, Sewell & Associates Inc., independent oil and natural gas reservoir engineers (NSAI), that evaluates all of the Corporation’s petroleum reserves and certain resources (the “NSAI Report”). As at December 31, 2008, NSAI estimates gross working interest proved plus probable reserves for the Corporation to be 536.7 MMbbl, representing an increase of 20 per cent over the quantities estimated by NSAI at December 31, 2007 and a reserves replacement ratio of 281 per cent.

In addition, the Corporation produced an average of 136.5 thousand barrels per day (“Mbbl/d”) of oil during 2008, representing an increase of 8 per cent over 2007 and in line with previous guidance. Production for the fourth quarter of 2008 averaged 142.5 Mbbl/d.

Addax Petroleum’s President and Chief Executive Officer, Jean Claude Gandur, said: “I am very pleased to report excellent operational results for a tenth consecutive year. Our accomplishments in 2008 continue Addax Petroleum’s successful track record of simultaneously growing both production and reserves. During 2008, we met our revised targets for production levels and exceeded our expectations for reserves growth by adding close to three times the amount we produced during the year, primarily through new discoveries and extensions of previous discoveries. We also significantly increased our prospective oil resource inventory despite having drilled thirteen exploration and appraisal wells during the year. Further, we continue to invest wisely to develop our existing fields while expanding our reserves and resources base with a dynamic exploration program. We are proud of the success we have delivered in 2008 to Addax Petroleum’s shareholders and stakeholders and look forward to continuing this successful trend this year and beyond.”

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