2009-08-19-2007-05-01-2007-05-01

WI

Addax Petroleum Corp., Calgary, (Toronto: AXC) has entered an agreement to acquire a 50% interest in the Epaemeno license area in Gabon from BowLeven Plc, London, (London: BLVN) for US$10 million in exploration costs and a further US$8 million in the event of a commercial development. The assets are north of Addax's Maghena and Awoun license areas and cover approximately 331,100 gross acres. BowLeven will retain a 50% interest, and Addax will become operator. Addax Petroleum president and chief executive Jean Claude Gandur says, "The addition of the Epaemeno license area to our exploration portfolio in Gabon is in line with our strategy of building out from our existing properties and operating infrastructure. We are delighted to partner with BowLeven and, as the intended operator of Epaemeno, believe that exploration activity can be integrated effectively with our ongoing development and exploration activities in Gabon."