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While Toronto is Addax's trading home, all the action is overseas. How did Addax leap out of the shadows to become one of West Africa's most prolific producers?

Mr. Gandur says making nice with the locals helped. "In Africa," he said, "people like to talk to company builders. The CEOs of [the multinationals] probably never go to Africa. If you want successes there, you must create friendships, they must like you." Maintaining relationships means he spends about 200 days a year travelling, and doing so without the convenience of a company jet.

Indeed the relationship between Nigeria and the majors such as Exxon Mobil, Shell and Total seems to be souring, though they remain significant producers in that part of the world. In November. Tony Chukwueke, head of Nigeria's Petroleum Resources Department, was quoted in a Bloomberg story as saying the government is "tired" of dealing with the multinationals and wants smaller players to bid for exploration and operating rights. Addax couldn't be happier.

Connections seemed to have worked wonders for Addax, but you have to wonder just how deep the connections went. Take Dan Etete, who was Nigeria's oil minister between 1993 and 1998. He served under the late Nigerian dictator Sani Abacha, who was widely considered one of the most corrupt and debauched strongmen in African history (he allegedly looted $3-billion from state coffers and died in the presence of two prostitutes, possibly from a Viagra overdose). Mr. Etete is to stand trial in France for suspected money laundering as part of probe into alleged kickbacks paid by the oil companies for contracts in Nigeria. Addax's man in Nigeria until 2000, Richard Granier-Deferre, is being tried as an alleged accessory.

For his part, Mr. Gandur said: "Addax Petroleum never paid a bribe to anyone. The allegations against Richard Granier-Deferre have nothing to do with the company. The company has always and will continue to conduct its business only in accordance with the law and the highest ethical standards."

Addax began business in 1995 by reviving a small abandoned field off Ivory Coast. Its first big break came in 1998 when an American oil company called Ashland decided to sell four offshore Nigerian oil properties. The Nigerian government threatened to repossess the assets. Addax convinced Mr. Etete that repossession would send a bad signal to the oil world. Mr. Etete agreed and allowed Addax to buy the Ashland properties, then producing 8,000 barrels a day. It nailed them for the equivalent of pocket change. Today, after a $1-billion investment program, they form the heart of the company, with production of more than 100,000 barrels a day.

Since then, Addax has been in constant motion, both onshore and offshore, in Nigeria, Cameroon and Gabon. In the spring of 2006, the company signed production-sharing contracts in an offshore region, known as the Joint Development Zone, shared by Nigeria and the tiny island republic of Sao Tome and Principe. One of Addax's partners in the region is a company associated with wealthy Nigerian business tycoon Emeka Offor, who is said to be close to Olusegun Obasanjo, Nigeria's president until last year. The Nigerian government is reportedly investigating the awarding of an offshore Nigerian block known as OPL 291, which was eventually landed by Mr. Offor's company and Addax. Mr. Gandur and the analysts say they are unaware of any probe.

Later in the year, Addax bought TSX-listed Pan Ocean Energy for $1.6-billion (Canadian), its biggest acquisition. Pan Ocean gave Addax promising production and exploration properties in Gabon.

Mr. Gandur has some advice about investing in Nigerian oil: Don't believe all the headlines. He says the political risks, at least against his company, are not as elevated as you might believe. Yes, civil unrest has disrupted Shell's Nigerian production, but not Addax's. Addax has lost only one employee, apparently in a botched kidnapping in 2006. Furthermore, Nigeria has never broken an Addax contract. "I've been in there 30 years and never had any problems," he said. Mr. Pearce, the chief operating officer, attributes Addax's relatively hassle-free existence to "great community relations."

Mr. Stanton, the RBC analyst, said Addax "is not an acquisition target today, but it will become one because it's a growth story." He and the Addax executives think Asian buyers, perhaps the Chinese, are the logical suitors. Why the Chinese? Because they have a voracious appetite for oil, are highly tolerant of political risk and know how to win the hearts and minds of the leaders of poor countries. They do so by funding big local infrastructure investments.

Mr. Gandur has one other goal: Buy more antiquities with his Addax profits. "Money in the bank is no fun," he said.