Petroleum Africa
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Friday, May 19, 2006
PRESS RELEASE–CALGARY, May 18 – Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC – News), today announced the launch of its new website at, http://www.addaxpetroleum.com. The new site is designed to reflect Addax Petroleum’s identity as a dynamic, entrepreneurial, growth-oriented international company and to demonstrate the Corporation’s commitment to be accountable and transparent to its shareholders and other stakeholders.
The new site features information of special interest to investors and potential investors in the Corporation including detailed descriptions on the Corporation’s assets, financial reports and management presentations. Visitors to the site will also find answers to frequently asked questions about the Corporation and its business, the latest news from the Corporation and detailed information on the Corporation’s policies, management and governance.
Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum, said on the launch of the new website: "This is another important step in Addax Petroleum’s development as a public company. We will use the new website to expand the distribution of information and to provide timely access to current and accurate information about the Corporation and its business. I encourage all our stakeholders to visit the site as it is for Addax Petroleum an additional way to engage in dialogue."
The May 16, 2006 management presentation to analysts is included on the web site.
About Addax Petroleum:
Addax Petroleum is an international oil and gas company focused on Africa and the Middle East. Addax Petroleum is the largest independent oil producer in Nigeria and has increased its crude oil production from an average of 8,000 barrels per day in 1998 to an average to date of 80,000 barrels per day in 2006. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
This press release contains forward-looking statements. These statements are based on current expectation that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks associated with the oil and gas industry (e.g. operational risks in development,
exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and risk associated with international activity. Due to the risks, uncertainties and
assumptions inherent in forward-looking statements, prospective investors in the Corporation’s securities should not place undue reliance on these forward- looking statements.
For further information
Please contact: Investor Relations, Mr. Patrick Spollen, Tel.: +41 (0) 22 702 95 47, [email protected]
Press Relations, Ms. Marie-Gabrielle Cajoly, Addax Petroleum, Tel.: +41(0) 22 702 94 44, [email protected]
Mr. Mac Penney, Optimum Public Relations, Tel.: (416) 934-8011, [email protected]
Source: Addax Petroleum
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