2009-08-15-2009-01-01-2009-01-01

Acquired additional 18.75% interest in Gryphon Marin license offshore Gabon.

Addax Petroleum Corp., Calgary, (Toronto, London: AXC) has acquired an additional 18.75% interest in the Gryphon Marin license area offshore Gabon. Addax now has a total interest of 68.75% prior to third party back-in options. Addax is operator. The Gryphon Marin area covers approximately 2.4 million gross acres (9,750 square kilometers) and lies immediately north of Addax's Etame Marin license (31.36% interest). The Gryphon Marin license is in an exploration period ending in November 2009 and carries a commitment to drill two wells. Addax president and chief executive Jean Claude Gandur says, "We are pleased to build on our position in this promising and vast license area. This additional interest in the Gryphon Marin license area enhances our first-class exploration portfolio in Gabon and demonstrates our commitment to strategic expansion in our core operating regions. We plan to commence our exploration activities in Gryphon Marin with the spudding of the Ajomba North and Pompano North prospect wells during the first half of 2009." Addax Petroleum has oil and gas assets in Africa and the Middle East.