CALGARY, Canada, September 25 /PRNewswire/ --

- To Acquire a 40 Per Cent Working Interest in JDZ Block 1

Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation")
(TSX: AXC and LSE:AXC), today announces that it has agreed to acquire Esso
Exploration and Production Nigeria-Sao Tome (One) Limited's 40 per cent
working interest in Block 1 of the Joint Development Zone (the "JDZ"). The
JDZ lies in the deepwater between Nigeria and Sao Tome and Principe in the
Gulf of Guinea which is one of the most prolific petroleum regions in the
world.

Commenting today, Addax Petroleum's President and Chief Executive
Officer, Jean Claude Gandur, said: "This acquisition will expand and
consolidate our leading position in this world class exploration region.
The addition of Block 1 to our existing interests in JDZ Blocks 2, 3 and 4
is consistent with our strategy that a focused, JDZ-wide exploration
campaign will demonstrate the full potential of the region and bring about
its earliest development. In that respect, Block 1 is particularly
important as it already contains a well which encountered hydrocarbons and
has several further prospects. I believe this acquisition to be an
important building block in our broader deepwater Gulf of Guinea portfolio
that will deliver value to our shareholders and stakeholders."

Addax Petroleum and Esso Exploration and Production Nigeria-Sao Tome 
(One) Limited have entered into a sale and purchase agreement whereby Addax
Petroleum has agreed to acquire Esso Exploration and Production Nigeria-Sao
Tome (One) Limited's 40 per cent working interest in Block 1 and, as
consideration, to pay US$77.6 million and 2 per cent of Addax Petroleum's
share of profit oil produced from Block 1. Completion of the sale and
purchase agreement is subject to the approval of the Joint Development
Authority of the JDZ.

Block 1 is operated by Chevron, which holds a 45.9 per cent working
interest. Block 1 is located approximately 300 kilometres offshore Nigeria
in water depths ranging from 1,600 to 1,900 metres, directly west of JDZ
Block 2 and directly north of JDZ Blocks 3 and 4. Block 1 contains the only
well drilled to date in the JDZ, Obo-1, which is significant because it
encountered hydrocarbons when drilled in 2006. There are no further
exploration commitments on Block 1 during the current exploration period.

Addax Petroleum continues to hold the largest acreage position in the
    JDZ, as tabulated below.
    
    -------------------------------------------------------
                   Addax Petroleum's working interest
    -------------------------------------------------------
    Block            %            Acres            Operator
    -------------------------------------------------------
    Block 1        40.00%        69,600             Chevron
    Block 2        14.33%        24,500             Sinopec
    Block 3        15.00%        24,700            Anadarko
    Block 4        38.30%        81,100     Addax Petroleum
    -------------------------------------------------------
    Total                       199,900
    -------------------------------------------------------



The oil prospectivity of Blocks 2, 3 and 4, but not Block 1, as
announced by Addax Petroleum on May 22, 2007, was previously assessed by
the Corporation's independent reservoir engineers, Netherland, Sewell and
Associates ("NSAI"). NSAI reviewed 18 prospects on Blocks 2, 3 and 4 and
estimated unrisked and risked prospective oil resources respectively to be
286 MMbbl and 225 MMbbl attributable to Addax Petroleum's working interest
as at December 31, 2006.

The Corporation, along with Sinopec, has contracted the Aban Abraham
deepwater drillship to drill up to ten exploration and appraisal wells,
commencing during the fourth quarter of 2008, in the JDZ and at OPL291, the
Corporation's other deepwater Gulf of Guinea license area.

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
,800 bbl/d for 1998 to an average of approximately 123,000 bbl/d for the
second quarter of 2007. Further information about Addax Petroleum is
available at http://www.addaxpetroleum.com or at http://www.sedar.com.

Legal Notice - Forward-Looking Statements

Certain statements in this press release constitute forward-looking
statements under applicable securities legislation. Such statements are
generally identifiable by the terminology used, such as "anticipate,
"believe", "intend", "expect", "plan", "estimate", "budget", "outlook",
"may", "could", "should", "would" or other similar wording. Forward-looking
information includes, but is not limited to, reference to business strategy
and goals, future capital and other expenditures, reserves and resources
estimates, drilling plans, construction and repair activities, the
submission of development plans, seismic activity, production levels and
the sources of growth thereof, project development schedules and results,
results of exploration activities and dates by which certain areas may be
developed or may come on-stream, royalties payable, financing and capital
activities, contingent liabilities, environmental matters, the ability to
consolidate a JDZ-wide exploration position, the prospectivity of JDZ Block
1 and the ability to satisfy all of the conditions of the JDZ Block 1,
including the approval of the Joint Development Authority. By its very
nature, such forward-looking information requires Addax Petroleum to make
assumptions that may not materialize or that may not be accurate. This
forward-looking information is subject to known and unknown risks and
uncertainties and other factors, which may cause actual results, levels of
activity and achievements to differ materially from those expressed or
implied by such information. Such factors include, but are not limited to:
imprecision of reserves and resources estimates, ultimate recovery of
reserves, prices of oil and natural gas, general economic, market and
business conditions; industry capacity; competitive action by other
companies; fluctuations in oil prices; refining and marketing margins; the
ability to produce and transport crude oil and natural gas to markets; the
effects of weather and climate conditions; the results of exploration and
development drilling and related activities; fluctuation in interest rates
and foreign currency exchange rates; the 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; risks attendant with oil and gas
operations, both domestic and international; international political events
; expected rates of return; and other factors, many of which are beyond the
control of Addax Petroleum. More specifically, production may be affected
by such factors as 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. These factors are discussed in greater
detail in filings made by Addax Petroleum with the Canadian provincial
securities commissions.

Readers are cautioned that the foregoing list of important factors
affecting forward-looking information is not exhaustive. Furthermore, the
forward-looking information contained in this press release is made as of
the date of this press release and, except as required by applicable law,
Addax Petroleum does not undertake any obligation to update publicly or to
revise any of the included forward-looking information, whether as a result
of new information, future events or otherwise. The forward-looking
information contained in this press release is expressly qualified by this
cautionary statement.