Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.
May 12, 2009

Africa Oil Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2009) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) reports that the Company's existing Cdn $6 million loan (plus accrued interest in the amount of $195,520.55) from a shareholder of the Company has now been converted to 6,521,601 units of the Company on the basis of Cdn $0.95 per unit. Each unit comprises one common share and one share purchase warrant. Each warrant is exercisable into one common share at a price of $1.50 per share over a period of three years. In the event that Africa Oil trades at or above Cdn $2.00 for a period of 20 consecutive days, a forced exercise provision will come into effect. The underlying common shares of the units are subject to a hold period expiring on September 9, 2009.

ON BEHALF OF THE BOARD

Rick Schmitt, President



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