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Addax Petroleum announces the Regulatory Filing of the C$52.80 per share cash offer by Sinopec International Petroleum Exploration and Production Corporation

Posted on: Thursday, 25 June 2009, 17:09 CDT

CALGARY, June 25 /PRNewswire-FirstCall/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC and LSE: AXC) announced today that the definitive agreement (the "Acquisition Agreement") with Sinopec International Petroleum Exploration and Production Corporation ("SIPC") pursuant to which SIPC has agreed, subject to the terms of the Acquisition Agreement, to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated take-over bid for C$52.80 per common share has been filed with the Canadian and U.K. securities regulatory authorities. A copy of this document may be obtained via www.sedar.com and www.londonstockexchange.com.

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 www.addaxpetroleum.com or at www.sedar.com.

Reader Advisory Regarding Forward-Looking Information

Certain statements contained in this news release, including statements that contain 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 constitute forward-looking information within the meaning of applicable Canadian securities legislation.

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: risks associated with the ability to obtain approvals, waivers, consents, court orders and other requirements necessary or desirable to permit or to facilitate the proposed transaction, including regulatory and shareholder approvals; risks that the applicable conditions of the proposed transaction may not be satisfied; imprecision of reserves and resources estimates; ultimate recovery of reserves; volatility of and assumptions in respect of commodity prices and general economic, market and business conditions; assumptions in or relevant to Addax Petroleum's current corporate guidance; industry capacity; competitive action by other companies; refining and market margins; the ability to produce and transport crude oil and natural gas to markets; the ability to access external sources of debt and equity capital; 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 commissions.

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.

SOURCE Addax Petroleum Corporation

Source: PR Newswire

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