Africa Oil Corp.
TSX VENTURE : AOI
OMX : AOI

Africa Oil Corp.

September 23, 2011 21:05 ET

Africa Oil Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2011) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or "the Company") announced on September 20, 2011 that it received 27,777,778 post-consolidation common shares of Horn Petroleum Corporation ("Horn") (formerly capital pool company Denovo Capital Corp.) in connection with a share exchange agreement whereby Horn acquired all of the issued and outstanding shares of Canmex Holdings (Bermuda) I Ltd., formerly a wholly owned subsidiary of Africa Oil. The Company also acquired 11,111,111 post-consolidation common shares of Horn upon the conversion of 11,111,111 previously issued Subscription Receipts ("Subscription Receipts"). The Subscription Receipts were issued in a private placement at a price of CAD$0.90 per Subscription Receipt. Each Subscription Receipt was converted into one post-consolidation common share and one post-consolidation share purchase warrant of Horn.

Africa Oil now owns and has control over a total of 38,888,889 common shares or approximately 51.4% of Horn's current issued and outstanding share capital.

Africa Oil relied upon the exemption provided for in Section 2.42 of National Instrument 45-106 in connection with the issuance of the 11,111,111 common shares and Section 2.13 of National Instrument 45-106 in connection with the issuance of the 27,777,778 common shares.

Africa Oil acquired the securities in Horn for investment purposes only and may, in the ordinary course of their business, acquire additional securities of Horn depending on market and other conditions.

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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