2009-04-30-2009-04-30-2009-04-30

Bought various WI in seven blocks in Ethiopia, Kenya.

Africa Oil Corp., Vancouver, (Toronto Venture: AOI) has acquired a large portfolio of East African projects from Lundin Petroleum AB, Stockholm, (Stockholm: LUPE) for US$27 million. The projects include an 85% working interest in blocks 2, 6, 7 and 8 and a 50% working interest in the Adigala Block in Ethiopia plus a 100% interest in Block 10A and a 30% interest in Block 9 in Kenya. Africa Oil will assume operatorship of these projects, excluding Block 9 in Kenya. The new acreage is complementary to and consolidates Africa Oil's existing holdings, and its land package is now more than 200,000 square kilometers. Africa Oil has an aggressive exploration program planned during the next two years, including seismic and drilling in both Ethiopia and Kenya. Africa Oil president Rick Schmitt says, "This transaction launches Africa Oil as a major participant in the East African play fairway. We look forward to commencing our exploration on this exciting acreage." Africa Oil funded the acquisition through a convertible loan from Lundin Petroleum due 2011.