Africa Oil Corp.
TSX VENTURE : AOI

Africa Oil Corp.

October 31, 2007 14:23 ET

Africa Oil Corp.: Corporate and Operations Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) reports that it has granted 250,000 incentive stock options to a director of the Company. The stock options are exercisable at a price of $5.26 per share over a period of three years and are subject to vesting provisions.

The Company holds an 80% interest in two licenses encompassing the highly prospective Dharoor and Nogal Valleys in the state of Puntland in northern Somalia. Both blocks are considered world-class exploration plays with petroleum systems geologically similar to and formerly contiguous with those in the prolific oil producing Republic of Yemen.

A comprehensive seismic reprocessing program, including review and integration of all geophysical and geological data, has been successfully completed on the Nogal Block. The Company expects to mobilize a drill rig into the area in late 2007/early 2008 with the anticipation of spudding the first of two back-to-backs wells in the first quarter of 2008.

A drill program is also being planned for the Dharoor Block to follow the drill campaign at Nogal. The Company is scheduling a major seismic acquisition program over the Dharoor area and expects a seismic crew to be mobilized in early 2008.

The Company has added another key member to its technical team. Mr. Paul Colyer has joined the Company as Drilling Manager. Mr. Colyer, considered one of the top drilling managers in the industry, brings over 35 years of experience to the Company. Mr. Colyer has spent the greater part of his career at Occidental Petroleum and has drilled and managed drill programs in both Yemen and Somalia.

Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as political risk, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management.

ON BEHALF OF THE BOARD

Rick Schmitt, President

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

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