Africa Oil Closes Second Tranche of Private Placement

Africa Oil has closed the second tranche of the previously announced private placement. The second tranche amounted to 1,686,790 subscription receipts for gross proceeds of Cdn $1,602,450. The underlying common shares of the subscription receipts issued in the second tranche are subject to a four month hold period expiring on August 31, 2009.

With tranche one and tranche two combined, the Company has issued in total an aggregate of 37,421,018 subscription receipts for total gross proceeds of Cdn $35,549,966.

The net proceeds of the private placement will be used to finance the operations of the portfolio of East African oil exploration projects recently acquired from Lundin Petroleum as well as for general working capital purposes. A 5% finder's fee is payable on all or a portion of the private placement.
 

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