Africa Oil Corp.
TSX VENTURE : AOI

Africa Oil Corp.

September 08, 2008 15:46 ET

Africa Oil Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2008) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) reports that an insider of the Company has agreed to provide a loan to Africa Oil in the amount of Cdn $4 million at an interest rate of prime plus 2% for short term working capital purposes. As a condition of the loan, the lender will receive a bonus payment of 188,679 shares of Africa Oil, subject to regulatory approval. These shares will be subject to a four month and one day hold period.

The loan has an initial term of 6 months and may be re-paid in part or full at anytime without penalty.

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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