Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.
Dec 20, 2010

Africa Oil Corp.: Accelerated Warrant Exercise Expires December 23, 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2010) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI)(OMX:AOI) provides a reminder that any of the Company's share purchase warrants that were issued pursuant to a private placement in April 2009, and that remain unexercised on December 23, 2010, will be cancelled without further notice of the holders thereof. Each warrant entitles the holder to acquire one common share of Africa Oil at a price of C$1.50 per share on or before 5:00 p.m. (Vancouver time) on December 23, 2010. 

The December 23, 2010 expiry date is an accelerated expiry as announced on November 22, 2010. The closing price of the Company's common shares on the TSX Venture Exchange on November 19, 2010 was C$2.01. This marked the 20th consecutive trading day that the closing price of the Company's common shares exceeded C$2.00. Accordingly, the Company elected to exercise its rights to accelerate the expiry date of the warrants and provided notice of the same to the warrant holders.

ON BEHALF OF THE BOARD

Keith C. Hill, President and CEO

Africa Oil's Certified Advisor on First North is E. Öhman J:or Fondkommission AB.





FOR FURTHER INFORMATION PLEASE CONTACT:

Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com