Addax acquires additional Gryphon Marin license interest

Addax Petroleum has acquired an additional 18.75% interest in the Gryphon Marin license offshore Gabon.

Offshore staff

CALGARY, Canada -- Addax Petroleum has acquired an additional 18.75% interest in the Gryphon Marin license offshore Gabon. This brings the company's total interest in the license area to 68.75%, prior to third party back-in options. Addax Petroleum is the operator of the Gryphon Marin license area.

The Gryphon Marin license area covers a gross area of approximately 9,750 sq km (3,764 sq mi) and lies immediately west of the Iris Marin and Ibekelia license areas, and immediately north of the company's Etame Marin license, offshore Gabon.

Addax Petroleum holds a 51.33% interest in the Iris Marin license area and a 31.36% interest in the Etame Marin license area. The Gryphon Marin license area is in an exploration period ending in November 2009 and carries a commitment to drill two wells.

Addax Petroleum is scheduled to drill the Ajomba North and Pompano North prospects in the Gryphon Marin license area in the first half of 2009.

12/15/2008

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