Africa Oil Corp. TSX VENTURE : AOI

May 12, 2009 15:27 ET

Africa Oil Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2009) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) reports that the Company's existing Cdn $6 million loan (plus accrued interest in the amount of $195,520.55) from a shareholder of the Company has now been converted to 6,521,601 units of the Company on the basis of Cdn $0.95 per unit. Each unit comprises one common share and one share purchase warrant. Each warrant is exercisable into one common share at a price of $1.50 per share over a period of three years. In the event that Africa Oil trades at or above Cdn $2.00 for a period of 20 consecutive days, a forced exercise provision will come into effect. The underlying common shares of the units are subject to a hold period expiring on September 9, 2009.

ON BEHALF OF THE BOARD

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.