Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) announced today that the definitive agreement (the “Acquisition Agreement”) with Sinopec International Petroleum Exploration and Production Corporation (“SIPC”) pursuant to which SIPC has agreed, subject to the terms of the Acquisition Agreement, to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated take-over bid for C$52.80 per common share has been filed with the Canadian and U.K. securities regulatory authorities.