Addax Petroleum Declares and Increases Dividend
Calgary, Alberta, February 19th, 2008 – Addax Petroleum Corporation (TSX: AXC and LSE: AXC) (“Addax Petroleum”) announces that the Board of Directors of the Corporation has declared a dividend of CDN$0.10 per share for the fourth quarter of 2007. The dividend is an increase over the CDN$0.05 per share dividend that the Corporation has paid for the previous five quarters. The dividend is payable on March 20th, 2008 to Addax Petroleum shareholders of record on March 6th, 2008.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: “In response to the significant growth and success achieved by Addax Petroleum over the last two years, your board is pleased to announce a considerable increase in the quarterly dividend. Solid operational results combined with a robust oil price environment have provided strong cash flow and allowed us to double the size of our quarterly dividend while maintaining our ability to fund an aggressive capital expenditure program budgeted to be $1.5 billion in 2008.”
The Corporation expects to release its financial results for the fourth quarter and year ended December 31, 2007 on March 13, 2008.
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 126,000 bbl/d for 2007. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at 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”, “will”, “should”, “could” , “would” or other similar wording. 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.
Readers are cautioned that 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.
For additional information, please contact:
Mr. Patrick Spollen
Investor Relations
Tel.: +41 (0) 22 702 95 47
patrick.spollen@addaxpetroleum.com
Mr. Craig Kelly
Investor Relations
Tel.: +41 (0) 22 702 95 68
craig.kelly@addaxpetroleum.com
Ms. Marie-Gabrielle Cajoly
Press Relations
Tel.: +41(0) 22 702 94 44
marie-gabrielle.cajoly@addaxpetroleum.com
Mr. Nick Cowling
Press Relations
Tel.: +1 (416) 934 80 11
nick.cowling@cossette.com
Mr. James Henderson
Press Relations
Tel.: +44 (0) 20 7743 6673
james.henderson@pelhampr.com
Mr. Alisdair Haythornthwaite
Press Relations
Tel.: +44 (0) 20 7743 6676
alisdair.haythornthwaite@pelhampr.com
This announcement does not constitute an offer of, or the solicitation of an offer to buy or subscribe for, common shares of Addax Petroleum to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful and, in particular, is not for release, publication or distribution in or into the United States, Australia or Japan.
The offer and sale of the common shares has not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States unless registered under the Securities Act or an exemption from such registration is available. No public offering of common shares of Addax Petroleum is being made in the United States.
Certain statements in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties described in the Prospectus that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements.