Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.
May 8, 2012

Africa Oil Annual Meeting Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2012) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Corporation") announces that further to the news release dated April 10, 2012, the Annual General Meeting of Africa Oil will be held at the Rosewood Hotel Georgia, 801 West Georgia Street, Vancouver, B.C., on Thursday, May 31, 2012 at 10:00 a.m. Vancouver time for the following purposes:

  1. To receive the consolidated audited financial statements of the Corporation for the year ended December 31, 2011, together with the report of the auditors thereon;
  2. To fix the number of directors at five (5);
  3. To elect directors to hold office until the next Annual General Meeting of the Corporation;
  4. To appoint PricewaterhouseCoopers, LLP as auditor of the Corporation to hold office until the next Annual General Meeting, at a remuneration to be fixed by the directors of the Corporation;
  5. To consider and, if thought fit, approve an ordinary resolution ratifying and confirming the Corporation's existing 10% Rolling Stock Option Plan, and related matters;
  6. To consider amendments to or variations of any matter identified in this Notice of Meeting; and
  7. To transact such other business as may properly be brought before the meeting.

The record date for the Annual General Meeting is April 26, 2012.

Mr. Keith Hill, President and CEO, will present an update on the Corporation's operations and be available to answer any questions.

About Africa Oil

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its 51% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 300,000 square kilometers. 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 Albert Graben oil discovery in neighbouring Uganda. 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 NASDAQ OMX First North is Pareto Öhman AB.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.





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