Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.
Nov 22, 2010

Africa Oil Corp.: Expiry Date of Warrants Accelerated

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2010) - Africa Oil Corp. (TSX VENTURE:AOI) ("Africa Oil" or "the Company") announces that 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 has elected to exercise its rights to accelerate the expiry date of certain of its outstanding warrants to purchase common shares of Africa Oil.

In April 2009, the Company issued an aggregate of 37,421,018 common share purchase warrants in connection with a non-brokered private placement of 37,421,018 subscription receipts at $0.95 per receipt. As at November 22, a total of 34,507,061 common share purchase warrants (the "Certificated Warrants") are outstanding, after giving effect to the voluntary exercise of 2,913,957 warrants to-date. On November 22, 2010, the Company gave notice to the holders of the remaining Certificated Warrants accelerating the expiry date of those warrants to December 23, 2010. As a result, each Certificated 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 Company also has 1,500,000 common share purchase warrants outstanding that were issued on September 9, 2010 (the "Additional Warrants"). On November 22, 2010, the Company gave notice to the holder of the Additional Warrants accelerating the expiry date of those warrants to May 22, 2011. As a result, each Additional 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 May 22, 2011.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Puntland (Somalia). Africa Oil's East African holdings are in what is considered a truly world-class exploration play fairway. The Company's total gross land package in this prolific region is approaching 250,000 square kilometers - an area roughly the size of Great Britain. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Tullow Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".

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