Africa Oil Corp.
TSX VENTURE : AOI

Africa Oil Corp.

August 06, 2008 14:54 ET

Africa Oil Announces $12 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2008) - Arica Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) reports that it has agreed to sell on a non-brokered, private placement basis, an aggregate of up to 2.4 million common shares of the Company at a price of Cdn $5 per share for gross proceeds of up to Cdn $12 million. A 5% finder's fee may be payable on a portion of the private placement. Net proceeds of the private placement will be used towards ongoing work at the Company's Nogal and Dharoor oil and gas concessions in Puntland, Somalia as well as for general working capital purposes. Shares issued pursuant to the private placement will be subject to a four month hold period.

The private placement is subject to regulatory approval.

ON BEHALF OF THE BOARD

Rick Schmitt, President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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