Addax Declares Dividend

The board of Addax Petroleum Corp. has declared a dividend of CDN$0.05 per share for the fourth quarter of 2006. The dividend is payable on March 15th, 2007 to Addax shareholders of record on March 1st, 2007.

Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on Africa and the Middle East. It 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 90,000 bbl/d for 2006.