Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.
Sep 8, 2008

Africa Oil Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2008) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) reports that an insider of the Company has agreed to provide a loan to Africa Oil in the amount of Cdn $4 million at an interest rate of prime plus 2% for short term working capital purposes. As a condition of the loan, the lender will receive a bonus payment of 188,679 shares of Africa Oil, subject to regulatory approval. These shares will be subject to a four month and one day hold period.

The loan has an initial term of 6 months and may be re-paid in part or full at anytime without penalty.

ON BEHALF OF THE BOARD

Rick Schmitt, President and CEO



FOR FURTHER INFORMATION PLEASE CONTACT:

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