Africa Oil Corp.
TSX VENTURE : AOI

Africa Oil Corp.

April 15, 2009 18:51 ET

Africa Oil Increases Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 15, 2009) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) reports that it has agreed to increase the size of its previously announced private placement from Cdn $30 million to Cdn $35.5 million. The Company will now sell, on a non-brokered, private placement basis, an aggregate of up to 37,368,421 million subscription receipts, at $0.95 per receipt, for gross proceeds of up to Cdn $35.5 million. The terms of the subscription receipts, as amended on March 30, 2009, remain the same.

The net proceeds of the private placement will be used to finance the operations of the portfolio of East African oil exploration projects to be acquired from Lundin Petroleum as well as for general working capital purposes. If the acquisition is not completed on or before June 15, 2009, the subscription receipts shall be automatically redeemed by the Company at a price equal to the price paid by the holder plus accrued interest.

A 5% finder's fee may be payable on all or a portion of the private placement. The foregoing transactions are subject to all requisite regulatory, government and shareholder approval as required.

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.

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