Africa Oil Corp.

Africa Oil Corp.

September 15, 2009 15:27 ET

Africa Oil Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2009) - Africa Oil Corp. (TSX VENTURE:AOI) ("Africa Oil" or "the Company") is pleased to announce the appointment of the following new board members and senior officers:

Ian Gibbs, Chief Financial Officer

Ian Gibbs is a Canadian Chartered Accountant and a graduate of the University of Calgary where he obtained a bachelor of commerce degree. Ian Gibbs has held a variety of prominent positions within the Lundin Group of Companies; most recently as CFO of Tanganyika Oil where he played a pivotal role in the recent $2 billion acquisition by Sinopec International Petroleum. Prior to Tanganyika Oil, Mr. Gibbs was CFO of Valkyries Petroleum which was the subject of an $800 million takeover.

James Phillips, Vice President Exploration

Before joining Africa Oil, Mr. Phillips was Vice President Exploration Africa and Middle East for Lundin Petroleum AB. Mr. Phillips is a graduate of the University of California, Berkeley and San Diego State University where he obtained BS and MS degrees, both in Geology. He has over 24 years of experience in the oil industry including senior technical and managerial positions with Shell Oil Company and Occidental including heading up Oxy's African exploration new ventures.

John Craig, Director

Mr. Craig practices in the area of securities law with a focus on equity financings for both underwriters and issuers, with an emphasis on resource companies, TSX listings, dealings with TSX and OSC for listed public companies, takeover bids and issuer bids and going-private transactions. His mergers and acquisitions experience involves mergers of public companies, both listed and unlisted, and acquisitions of listed companies by unlisted and private concerns. Mr. Craig is also involved with international resources in negotiation and drafting of mining, oil and gas concession agreements, joint venture agreements, operating agreements and farm-in agreements in a variety of countries. Mr. Craig holds a Bachelor of Arts (Economics) and Bachelor of Laws from the University of Western Ontario, Canada.

Mr. Darren Moulds has resigned as CFO of the Company to pursue other endeavours. The Company would like to thank Mr. Moulds for his contribution and wish him all the best in the future.

In summary, the board of directors and senior management of the Company are as follows:


Cameron Bailey
John Craig
Gary Guidry
Keith Hill
Rick Schmitt


Rick Schmitt, President
Keith Hill, CEO
Ian Gibbs, Chief Financial Officer
Jim Phillips, Vice President Exploration
Kevin Hisko, Corporate Secretary

In addition, the Company reports that it has granted an aggregate total of 600,000 incentive stock options to certain directors, officers and eligible persons of the Company. Options in the amount of 200,000 are exercisable, subject to vesting provisions, over a period of three years at a price of $1.05 per share and the balance of 400,000 are exercisable, subject to vesting provisions, over a period of three years at a price of $0.89 per share.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Somalia and Ethiopia. Africa Oil's East African holdings are in what is considered a truly world-class exploration play fairway. The Company's total gross land package in this prolific region is in excess of 200,000 square kilometers - an area roughly the size of Great Britain. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Heritage/Tullow Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange under the symbol "AOI".


Rick Schmitt, President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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