Addax Petroleum Corporation reported 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.
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