Africa Oil Corp.
TSX VENTURE : AOI
OMX : AOI

Africa Oil Corp.

December 30, 2010 09:00 ET

Africa Oil: Accelerated Warrant Exercise Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 30, 2010) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or "the Company") reports that 99.5% of the Company's share purchase warrants that were issued pursuant to a private placement in April 2009 were exercised as of the expiry date of December 23, 2010. The warrant exercise resulted in gross proceeds to the Company of approximately CDN$55.8 million.

The December 23, 2010 expiry date was an accelerated expiry as announced on November 22, 2010. The closing price of the Company's common shares on the TSX Venture Exchange on November 19, 2010 was CDN$2.01. This marked the 20th consecutive trading day that the closing price of the Company's common shares exceeded CDN$2.00. Accordingly, the Company elected to exercise its rights to accelerate the expiry date of the warrants and provided notice of the same to the warrant holders. Each warrant entitled the holder to acquire one common share of Africa Oil at a price of CDN$1.50 per share on or before 5:00 p.m. (Vancouver time) on December 23, 2010. 

ON BEHALF OF THE BOARD

Keith C. Hill, President and CEO

Africa Oil's Certified Advisor on First North is E. Öhman J:or Fondkommission AB.

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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